Guide to life insurance for mums

This content was reviewed and approved by Geoff Eaton and Fiona Robson.

The information on this page should not be considered as financial advice. If you are unsure what’s right for you, please make sure you speak to a financial adviser.

Becoming a mum brings joy and responsibility. With a new dependent in your life, you’ll want to ensure they’re financially protected should anything happen to you.

Whether you’re a single mother, stay at home parent, or the main breadwinner, life insurance for mums provides financial security for the family when you’re no longer around.

What is life insurance for mums?

Just like dads, mums can benefit from life insurance. Anyone with children or financial dependents could protect their loved ones with this type of cover.

In the UK, one parent dies every 20 minutes. Could those you leave behind cover the mortgage, bills, loans and everyday expenses when your income stops?

Raising a child to 18 in the UK costs approximately £260,000 for a couple and £290,000 for a lone parent. With that kind of financial responsibility, life insurance for mums offers peace of mind that your family will be looked after, no matter what happens.

What’s covered by life insurance for mums?

As a mother, how would your loved ones survive financially without your income and support? If they’d struggle to get by, life insurance for mums could be a good idea.

Should you pass away during the term of the policy and a valid claim is made, a life insurance payout would give your dependents a vital lifeline. From financial security to covering funeral expenses, life insurance for mums could be used for many things such as:

Life insurance for mums is both accessible and affordable. LV= life insurance premiums start from as little as £5 per month. If you’re considering life insurance for mums, getting a quote couldn’t be easier.

Do I need life insurance for mums?

Only you can answer that question based on your circumstances. If you’re unsure, it’s important to seek professional financial advice to explore your options.

But life insurance for mums could be a smart financial decision in the following situations:

You’re a single mum

Like life insurance for dads, single mums can also obtain financial security with life insurance cover. If your family depend on you to pay the bills and keep a roof over their heads, a life insurance policy could be a good idea.

You’re a working mum

As a working mum, you may have financial dependents other than your children who rely on your income. Life insurance for mums offers a vital safety net should you pass away while covered.

You have a mortgage

A typical reason for taking out life insurance is to cover the mortgage. If you’re a mum, a payout could help towards paying off the mortgage and so keep your loved ones in the family home without having to worry about those outgoings and bills when you’re gone.

Are there different types of life insurance for mums?

There are several life insurance options for mums. From level cover to decreasing cover, life insurance for mums includes:

Level term life insurance for mums

If you pass away while covered, level term life insurance pays out a cash lump sum. Life insurance coverage typically lasts for between five and 50 years, depending on your age and when you start the policy. Both the payout value and monthly premiums are fixed throughout the policy term, hence the term ‘level.’ But bear in mind that because of inflation what you could buy today with that lump sum of money, you’ll be able to buy less with in in the future.

Decreasing term life insurance for mums

Decreasing term life insurance is designed specifically to cover the reducing amount owed on a repayment mortgage or loan. As your mortgage decreases, so does the amount of payout you’ll receive if you pass away. Like level term policies, decreasing cover typically lasts for between 5 and 50 years depending on your age and when you take the policy out. You’ll always pay a fixed amount for your cover, and decreasing term can be cheaper than other life insurance. This is because the payout value reduces over time until it reaches zero, there is no more mortgage to pay, and the policy ends. However, if you are looking for cover to provide money for something other than repaying a capital and interest mortgage this type of cover is unlikely to be suitable for you.

Increasing cover life insurance for mums

Unlike decreasing cover, the value of an increasing cover payout goes up each year, either by a fixed amount or when inflation rises. The cover is set for a specified term, and the aim is to help protect your policy against rising inflation or living costs. This means your dependents receive a payout suitable for current living standards. With this type of policy, your premiums also go up as your cover increases, potentially at a higher rate than inflation itself.

Note: LV= only offers increasing cover life insurance through financial advisers.

Whole of life insurance for mums

Whole of life insurance protects you for your entire life if you keep up with your monthly premiums. There is no set policy term, and cover ends when you die, upon which your beneficiaries receive an agreed payout. Whole of life insurance monthly premiums are almost mostly fixed, but they can vary the older you get.

Note: LV= no longer offers whole of life insurance policies.

What policy will I need when buying life insurance for mums?

As a mum, you can take out life insurance either as a joint policy or a single policy. A joint life insurance policy covers two people, usually you and your partner. It pays out when one named person on the policy dies, after which the policy ends, and the remaining partner is no longer covered. The surviving person would need to buy a new life insurance policy in their name to protect their children or any dependents, if they still needed life insurance cover.

Joint life insurance policies for mums

Joint life insurance policies are mostly used by couples with children or dependents. The length of cover is fixed, and the payout from a policy provides your beneficiaries with financial security. The money could be used to pay off a jointly held mortgage or to cover other expenses when you’re gone.

Single life insurance policies for mums

Single life insurance policies only cover you. They pay out if a valid claim is made while you’re covered. If the person being insured dies, cover ends. It’s possible to buy single life policies as a couple, by each buying a separate policy, but each policy only covers the named person. If a valid claim is made on your death, your plan will pay out and the other person’s policy continues for the remainder of the term as long as you keep up with the monthly premiums.

Can single mums get life insurance?

Yes, single mums can buy life insurance. Everyone wants to protect their family, whether they’re in a relationship or not.

If you’re a single mum, life insurance can provide vital financial support to those you leave behind. From paying the mortgage to covering funeral expenses, it ensures your children are financially taken care of in any event.

Like any parent with financial dependents, life insurance for mums gives your loved ones financial security when they need it most.

Can older mums get life insurance?

Yes, life insurance is available to older mums. However, premiums are generally cheaper the younger and healthier you are.

If you’re an older mum and a permanent UK resident, you can apply for a life insurance policy with LV= between the ages of 17 and 84, although cover must end before you reach your 90th birthday. You may also want to add critical illness cover for added peace of mind. If so, with LV= you must be aged between 17 and 64 when your policy starts, and your cover must end before you reach the age of 80. In both cases, your policy term must last at least 5 years, but no longer than 50 years.

If you’re considering life insurance, changing your lifestyle can bring down the cost of your premiums, whether giving up smoking or drinking less alcohol. Given the life expectancy of UK women is 82.6 years, many older mums consider life insurance and the financial security it can provide for children and families.

Does life insurance for mums cover maternity?

By the nature of life insurance, products are designed to pay out if you die during the term of the policy. Therefore, life insurance would not provide any financial support specifically when you go on maternity leave. But if you were to pass away the policy would still pay out.

What about pregnancy?

Yes, you can apply for life insurance when pregnant. In fact, it’s no different to applying at any other time. You’ll be asked the same health and lifestyle questions as anyone else applying for cover.

If you’re pregnant and considering life insurance, your insurer should not use pregnancy alone as a reason for charging you more for your cover or rejecting your application.

Are you considering life insurance for mums?

We believe nobody should have money concerns when they lose a loved one. If you’re a mum, life insurance gives your children and dependents the financial protection they deserve when you pass away.

If you’re a new mum, single mum or the sole breadwinner, and are unsure what’s right for you, it’s worth speaking to a financial adviser to discuss your options in more detail.

Our friends at LifeSearch offer independent professional advice and can recommend life insurance cover that best suits your needs as a mum.