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Guide

Life insurance for parents


Life insurance for parents includes a variety of policies that mean your loved ones will be covered if you die. Read our guide for new parents.

Becoming a parent is an exciting time which comes with many responsibilities. With so many things to think about and new things to learn, life insurance for parents might not be top of your 'to do' list. But, it is worth considering.

If anything happened to you, a life insurance policy would mean that any dependents would be supported. Dependents meaning your child, children or those you are legally responsible for.

This guide to life insurance for mums and dads will give you an overview of what cover is available and how it works.

Do you need life insurance when you have a baby?

There is no obligation for you to take out life insurance for parents. But it provides many benefits. Your dependents would receive either a lump sum or monthly payments from the insurer. That could help cover things like:

  • Housing: The policy could continue to pay your mortgage, rent and bills
  • Educations costs: Life insurance for parents could pay school or university fees
  • Hobbies: A life insurance policy would let your little ones keep doing hobbies like horse riding, swimming or tennis
  • Childcare: Many life insurance policies would pay out for childcare, nurseries and nannies
  • Income: The policy could provide support to loved ones with a monthly income.

When should parents get life insurance?

Unfortunately, illness and accidents can happen at any time. If life insurance is right for you, buying it sooner rather than later is worth it. This is because premiums tend to cost less the younger you are.

It's also good to know that you can get life insurance when pregnant - so you don't have to wait until you've given birth.

That said, you can get life insurance for parents at any time - sometimes people only choose to get cover later in life.

Can I get life insurance when pregnant?

Yes. If this is your first pregnancy, you may not have thought about getting life insurance for mums and dads before. Or, if you already have life insurance, now is a good time to let your insurer know that your household is growing.

Applying for life insurance while pregnant is no different to applying at any other time. It should not cost any more than if you were not pregnant. Medical problems related to your pregnancy may affect this.

Do I need to tell my life insurance provider I'm pregnant?

Yes, if you become pregnant it is important to tell your existing life insurer of the news. This is because being pregnant may affect your level of risk. Also, since your household will soon be bigger, this will affect the amount of cover you would need.

If you don't tell your life insurer you are pregnant and later make a claim, failing to tell them could invalidate your policy.

How much parental life cover do I need?

Everyone's needs are different. The amount of life insurance for dads and mums that you take out depends on your circumstances.

Here are some of the top things to consider when choosing life insurance:

  • Life insurance for single mums and dads: If you are the sole provider, you may want to take out more comprehensive insurance

  • Your personal finances: People with larger debts or no savings may choose to take out a more comprehensive level of cover

  • Lifestyle: How much would your loved ones need to maintain their current lifestyle?

Life insurance for new parents

If you are a new parent, you may never have thought about life insurance for mums and dads before. Here are some of the reasons you might want to choose this kind of policy:

  • Becoming a parent is expensive: Raising a baby to the age of 18 costs the average couple £151,000. Single parents spend about £185,000. If one or both parents died, life insurance could cover these costs.

  • Maintaining your lifestyle: Everyone wants the best for their kids. If you died, life insurance means they could continue hobbies, education or holidays.

  • Save money: The earlier you take out life insurance, the lower your premiums will be. Life insurance for young parents tends to cost less. This is because young people are likely to stay healthier for longer.

Life insurance for single mums and dads

Single parent life insurance gives you the peace of mind. The insurance company would provide your children with financial help after you are gone. This could mean that:

  • Loved ones would receive income: If your children were cared for by relatives, they would receive money for their living costs.

  • Available when they grow up: You might choose to provide a lump sum when they turn 18

  • Support if cared for by the state/adoption: single parent life insurance would provide them with regular payments.

Relevant guides and articles 

  • Life insurance for families guide

    Protect your family by taking out a life insurance plan. Choose from a range of award-winning cover options from Vitality today.

  • Income protection guide  

    Income protection insurance pays out a tax-free monthly income if you can't work. Find out all the key information about income protection in our guide.

  • Mortgage protection insurance guide 

    Thinking about mortgage protection cover? Find out all you need to know ahead of decision-making by reading our comprehensive guide, including answers to some of the most important questions.