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It’s the proudest moment of your life - and, without doubt, one of the most expensive! Becoming a father is a joyous occasion, but one which brings new responsibilities to consider, not least the finances.
According to the Child Poverty Action Group, the cost of raising a child until 18 in the UK, including housing, childcare and council tax, is more than £155,000 for a couple, rising to a staggering £187,000 for a single parent. When you start to add up everything you need, from baby equipment to school uniform and university fees, it’s no wonder that life insurance for fathers seems like a sensible idea.
How much life insurance do I need?
Life insurance is a wise investment to ensure that, should you pass away, your family will be able to cope financially. The right policy can enable them to stay in the family home, pay the bills and live the lifestyle you plan for them, including taking part in any activities and clubs and going to university.
The amount of life insurance needed depends on your salary, your financial commitments and any savings or other family income, such as your partner’s salary. Bear in mind that, should the worst happen to you, your partner might decide to give up work to invest more time in family life.
You may have death in service cover as part of your employee benefits package, which tends to be between two and four times your salary. You might want to ‘top up’ this cover with additional life insurance, depending on how your family would manage without your income.
Life cover for at-home dads
Although it remains the case that fewer men than women are full time parents, around one percent of men stay at home to care for their family, while men also carry out around 16 hours of unpaid chores in the home per week. If you’re an at-home dad, you might think you don’t need to take out life insurance when, in fact, replacing the care and support you provide could cost your family a lot of money if you were no longer there.
Life insurance for at-home fathers is a sure way of safeguarding your family’s finances should you pass away, leaving your loved ones with the means to pay the mortgage or rent and take care of the bills while they adjust after your death. The right policy can also enable your partner to take an extended period of leave from work to focus on the children.
Life cover for younger dads
Did you know the best time to take out life insurance is before the age of 30? Life insurance premiums are cheaper the younger you are, when your health is likely to be at a peak. Comparing life cover quotes and finding the best policy in your 20s can fix your premiums at a price you can afford as your family grows - and as you start to experience all those aches and pains you don’t notice when you’re younger!
Life cover for older dads
Don’t worry, however, if you’re no longer in the younger age bracket. ActiveQuote also specialises in whole of life cover, which is ideal if you’re looking for life insurance for older dads in your 50s.
As the name suggests, whole of life insurance covers you for the duration of your life, as opposed to term life insurance, which is for a defined period. Many people choose to take out whole of life cover in their 50s as this time of life often coincides with other events, such as elderly parents needing extra support or children leaving home.
Whole of life insurance is sometimes referred to as life assurance, because a pay out is guaranteed, and can be taken out up to the age of 80.
Life insurance for self-employed dads
If you’re a self-employed father, the financial pressures of providing for your family or contributing to the household expenses can be even greater - and you don’t have the safety net of staff benefits. Life insurance for self-employed workers can be a lifeline, allowing your family to keep afloat as well as pay off any outstanding expenses, loans or invoices your business has incurred.
The tax-free lump sum could also give your partner or grown-up children the means to take over the business, should they wish to do so, and keep your legacy going in more ways than one.
Life insurance for single dads
If you’re raising your children as part of a couple, taking out a joint life insurance policy with your partner can often be the right option. If you’re a solo parent, however, single life insurance will ensure that your children are well provided for in the event of your death.
As a single dad, it’s doubly important to make a will and talk to your wider family about the future, to make sure your children are brought up in line with your wishes.
What other insurance for dads do I need?
Choosing a good life insurance policy is often an ideal time to review other insurance products and weigh up what you need. Critical illness cover, which pays out a tax-free lump sum if you’re diagnosed with a serious condition, often goes hand in hand with life insurance, while income protection gives you a monthly sum of up to 70% of your salary should you be unable to work due to an accident, illness or involuntary redundancy.
Health insurance, also known as private medical insurance, can also get you back to work sooner should you become ill, as it allows you to bypass NHS waiting times and, often, receive treatment closer to home.