If you’re a parent, you’ve probably asked yourself, “Do I need life insurance?”
The short answer is yes. Life insurance gives your family financial security if the worst happens. And when you have children, that safety net becomes more important than ever.
Here’s what you need to know.
WhWhy parents should think about life insurance
When you have kids, you’re no longer just responsible for yourself. You’re raising a tiny human who depends on you for everything.
If you died suddenly, life insurance could help with:
- Paying the mortgage or rent
- Covering everyday bills and expenses
- Childcare and school costs
- Future expenses like university
- Giving your partner breathing space to grieve without financial stress
It’s not just for the breadwinner
Even if you’re not the primary earner, life insurance can still be helpful. If you’re a stay-at-home parent, think about the cost of replacing what you do:
- Childcare
- School runs
- Cooking, cleaning and managing the home
These are real costs that your partner may need help covering if you’re not around.
How much life insurance do parents need?
It depends on:
- Your income
- Number of children
- Age of your children
- Whether you have a mortgage or debts
- Whether you want to help with future costs like university fees
A common approach is to choose a policy that would cover 10 to 15 times your annual income.
What type of life insurance is best for parents?
There are two main options:
Level term life insurance
Pays out a set amount if you die within a chosen term. Suitable for covering living costs and general support for your family.
Decreasing term life insurance
The payout reduces over time. It’s usually cheaper and works well for covering things like a repayment mortgage.
You can also opt for joint life insurance if you wish to be insured together as a couple.
FAQs
Can I get life insurance while pregnant?
Yes. You can apply at any time, although your health and lifestyle will still be assessed.
What if I already have life insurance through work?
That’s a good start, but check the amount. It may not be enough on its own, and it stops if you change jobs.
Is life insurance expensive?
Not usually. For young, healthy parents, life insurance can cost less than your monthly Netflix subscription.
What happens if I don’t get life insurance?
Your family may struggle financially without your income or support. Life insurance offers peace of mind that they’d be looked after.
Final thoughts
Should parents get life insurance?
Yes. It’s one of the smartest and kindest financial decisions you can make for your children.
It doesn’t need to be expensive or complicated. A quick chat with one of our specialists can help you find the right cover, based on your family’s needs.
Your kids depend on you. Life insurance helps make sure they’re still protected, even if you’re no longer here.
