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5 Questions Mothers Have About Life Insurance And How To Make The Best Choice

Life Insurance for Mums

If you are expecting a baby, you are naturally planning the future of your family. And part of these plans is having life insurance, especially as a mother. Evaluating your insurance needs should be part of the process of starting a family. Getting the best insurance helps protect your growing family's financial stability.

If this is your first time looking for coverage, you likely have questions. In this post from Bequest, we will address the most common five questions mothers ask about life insurance.

1. What type of life insurance coverage is best for mothers?

What is better - a permanent or term life insurance for mothers? Before deciding what kind of coverage you need, you first have to calculate the benefit you need to protect your family. You can easily do that online, using one of the free calculators on the websites of insurance providers.

You can select the more suitable kind of coverage—term or permanent—based on the one that better meets your needs. Term life insurance costs less than permanent and that can be a benefit since welcoming a new member to your family already puts some strain on your finances. It is affordable for young mothers that may not have a lot of disposable income, but need the coverage. Permanent insurance, on the other hand, provides lifelong coverage and a cash accumulation feature.

A combination of term and permanent insurance is another possibility. You can use the term policy for the extra coverage during the first years of your child and pass onto the permanent policy offering lifelong coverage later.

2. What is the best life insurance coverage for stay-at-home mums?

Both working and stay-at-home mums need a policy for the protection it brings to their families. A stay-at-home mum doesn't get paid for her work but if something were to happen to her, her family would struggle to hire someone to do all those things she does. A recent study from Salary.com determined stay-at-home-mums clock an average of 94 hours a week—from childcare to home care to cooking, cleaning and other day-to-day chores. Childcare alone would cost at least £26,000 per year.

A working mother contributes an income, which may be critical to the family financially. For this reason the insurance coverage needs to factor in replacing that income in a worst-case scenario.

3. Is company life insurance coverage enough for working mums?

Group insurance that companies typically provide is a great benefit to have, but it's also limited in a number of ways. The coverage is often a lump sum or it may be one to two times your salary. If you do the calculations, you will see that money won't last long.

Another thing to keep in mind is that when you leave your job, you lose that coverage. Group coverage offered through an employer is not a proper insurance plan for working mums. An individual policy that you own, on the other hand, offers an extra layer of protection.

4. Are there any policy restrictions for expecting mothers?

Getting a policy early on in your pregnancy is best as you can discuss pre-existing conditions and options for coverage. If you're farther along and you start experiencing medical issues, it may difficult to obtain insurance. Some companies might even want to wait until after your child is born. That's why it is best to get the coverage as soon as you learn you are pregnant if you don't already have one.

5. How much should you pay for life insurance?

The premiums for insurance are based on a number of things but most importantly age and health. So, it depends on how old and how healthy you are. Depending on the type of policy, your lifestyle, medical history and the amount of cover you need, you can find coverage for as little £8 per month.

Talking with an agent can help you navigate the complex landscape of selecting the best cover for you as a mother.

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