Life Insurance Guide for New Mums
I never thought about life insurance before my 3-year-old arrived in my life. Now, I'm proud to be the grown-up Mummy that she needs.
Somehow, I managed to get to the age of 27 without ever properly growing up. I was a girl who was still living like I was at university and I can honestly say that adult concerns like life insurance were far from my mind.
Every day was about working hard and playing hard. I didn't have the highest salary but what I did have mostly went on nights out and holidays with the girls. I just about kept up with rent and bills but that was as good as it got.
Everything changed in the space of a few weeks when an unplanned pregnancy smacked me in the face and left me completely distraught. I'm not going to lie, the panic was my only real companion at the time and I was clueless about what I was going to do. I wasn't ready to be a grown-up. But I definitely couldn't rely on the father to get life insurance.
I had just about reached the point of complete denial when I came across an advert for a local support group for mothers and expectant mothers, pinned up in the newsagent. As a person who lives for tech, I still find it weird that something so basic changed my life.
Getting life insurance as a new mum
In the middle of all the great support I got from the mums and mums to be at the group was the suggestion from my new friend Cam that I get some cover organised - specifically insurance for mums. When I say suggestion, she pretty much hounded me until I did it and I'm glad she did.
By the time I filled in the application form, I had a new housemate to think of; my daughter Ruby had arrived. If I'm honest, it was probably her presence as much as Cam's persistence that made me determined to get the protection I needed. I wasn't a kid anymore and it was time to do the adulting thing that I'd avoided for so long.
I remember filling in the application form, with Cam looking over my shoulder just to make sure. It was actually an easier process than I expected. I had a medical but it was nothing after going through childbirth. I was also surprised at how affordable the insurance was. I got £250,000 worth of cover for £15.00 a month. I didn't realise how much getting everything sorted out meant to me until I sat sobbing my heart out when I knew the policy was in place. Of course, it probably didn't help that my hormones were doing somersaults at the time either.
Quick note: It's super important to make sure your provider is regulated by the financial conduct authority to ensure you don't get caught out.
Still relieved to have life insurance protection
A lot has changed since my first experience of dealing with life insurance. Ruby is now a chatty three-year-old who isn't afraid to express her opinion. I can't believe some of the conversations we have.
And now we have someone else in our lives. Jay isn't my teenage idea of the perfect guy but he is definitely the man for me. He's great with Ruby and he makes me laugh until I can't breathe. He wasn't onboard with the idea of life insurance though, until I talked him into taking out a policy, now that we're moving in together. He understands how important it is to protect our little unit.
This came into focus even more for us only a couple of months back when I got a call from Cam. She was hysterical. They found a tumour on her husband's brain and he wasn't going to survive long-term. I spoke to her a couple of days ago and they're making best use of their remaining time. She's still devastated but at least she knows that their policy means that her and the kids will be okay financially after Andy isn't here anymore.
The comfort of level term life insurance
I can't tell you how relieved I am that I took out that level term life insurance policy three
years ago, especially when I look at what's happening to Cam and her family.
At the time I was completely clueless about how to choose a policy. Once I got the advice I needed about whole life and level term life insurance policies, I knew that level term insurance was the best choice. I didn't need a permanent policy at the time. I needed a term policy that protected Ruby for as long as it took for her to grow up and graduate. I chose a 30 year policy with Cam as the beneficiary, so that she could make sure that Ruby was looked after if I wasn't around.
I've now changed the beneficiary to Jay, but everything else is the same. The relief I felt when I first got the policy is also still there. In fact, I value the policy even more now that my family looks set to grow. The protection from my policy is needed more than ever.
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