Starting a family is one of life’s biggest milestones. It also raises an important financial question, should I get insurance before having kids or after? The simple answer is that the best time to arrange life insurance is as soon as possible. By acting early, you lock in lower premiums and guarantee that your new family is protected. Acting early and getting cover before the arrival of any children allows you to get the best price rather than waiting to take a policy out after having kids and paying a higher price.
Why it pays to arrange cover early
Life insurance premiums are based on age and health. The younger and healthier you are, the less you pay. Waiting until after you have children can mean higher monthly costs, and if health issues develop in the meantime, cover could become more expensive or harder to arrange.
Arranging cover before having children gives you:
- Lower premiums that remain fixed for the length of your policy
- Immediate peace of mind knowing your partner and dependants are financially secure
- Benefits that can be used from when you take out
The reasons why you need insurance
Once children arrive, your financial responsibilities expand. Raising a child in the UK is estimated to cost more than £260,000 from birth to age 18 (Child Poverty Action Group, 2024). Without your income, your family may struggle to meet everyday costs such as:
- Mortgage or rent
- Childcare and school fees
- Food, bills, and clothing
- Future education costs
Life insurance ensures your children’s needs are covered no matter what happens.
The smart approach: protect now while low cost
The best strategy is to:
- Arrange life insurance before having kids to secure low premiums and early protection.
- Review your policy after children are born to check if the level of cover still matches your new commitments. You may want to increase the payout, add critical illness cover, or arrange a second policy for your partner.
Pros of arranging insurance before kids
- Lock in affordable rates while you are young and healthy
- Protection in place for your partner or family immediately
- Flexible to adapt as your circumstances change
Cons of waiting until after kids
- Higher premiums due to increased age
- Risk of health changes making cover more expensive or unavailable
- Period where your family may be left unprotected
Why act now
The earlier you put a policy in place, the more affordable it will be. As a life insurance broker, IGotCover specialists can compare policies from leading UK insurers and find the best option for you. Speak to one of our specialists today, get your free quote and take the first step towards protecting your family’s financial security.
