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27.08.2024

Life insurance for new parents

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

Life insurance for new parents

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Life insurance before your baby arrives

  • If you're pregnant and expecting your first or second baby, be assured that applying for life insurance will be no different than at any other time. Your premiums will be unaffected by your pregnancy.

Do I need to change my life insurance when my baby is born?

  • A new baby means you’ll have greater financial responsibilities from childcare costs to clothes and nappies so you might find that your previous life insurance cover amount is insufficient for your needs, which you may want to review.

Can you get life insurance for a baby?

  • Your baby can’t have their own life insurance policy, as policyholders must be over the age of 18 and life insurance is designed to be taken out by adults with financial dependents. However, that doesn’t mean that parents shouldn’t think about getting life insurance to financially protect their baby or older children in hard times.

When should parents get life insurance?

  • There are certain milestone moments when people tend to buy life insurance and considering things before having a baby is one of them. That’s because life insurance helps you protect those who rely on your income whether that’s a partner or a new baby. Understandably, it’s hard to imagine not being around for your children but getting life insurance can financially protect your young family if you die during the length of your policy.

The importance of life insurance for parents?

  • As a parent you’ll face plenty of ongoing costs that your loved ones might not be able to cover without you:

Mortgage, rent and bills – Your life insurance could mean your loved ones will still have a roof over their heads if you’re no longer around.

Education costs – From nursery and school fees to funding university, a life insurance payout can support your children as they grow up.

Hobbies – Your life cover can protect any funds that support your children’s favourite pastimes, from swimming to horse riding.

Looking after the kids – Being a stay-at-home parent takes time, energy and money and life insurance for parents is not just for the breadwinner.

  • Critical illness cover
  • Family and Children
  • children cover
  • payout
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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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