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Life insurance for mums is a crucial safeguard for your family’s future in the event of the unexpected. While it may be a difficult topic to consider, ensuring that your children are provided for financially is a top priority for any mum.
Motherhood brings a multitude of challenges and joys. The responsibilities of raising children can be both time-consuming and costly, but the love and fulfilment it brings are priceless. Imagine how your family would manage without your financial support for household expenses, the mortgage, and everyday living costs. Life insurance for mums offers peace of mind by creating a safety net for your loved ones.
No one likes to think about the possibility of not being there for their family, but the right life insurance policy can help mitigate the impact of such a loss. Mums naturally hold a central role in their family’s world, and their absence can be devastating for loved ones of any age. While no amount of money can replace a family member, life insurance can alleviate financial burdens during a difficult time.
When considering life insurance options, Term life insurance is a popular choice for its simplicity. You can opt for Level Term or Decreasing Term life insurance based on your family’s needs. If you have a mortgage, your choice of life insurance should align with this significant financial commitment.
Level Term life insurance provides coverage for a specified number of years, with a fixed pay-out in the event of your passing. This sum can be utilised for various purposes, such as mortgage repayment or childcare expenses.
On the other hand, Decreasing Term life insurance is ideal for covering a mortgage, particularly a repayment mortgage. The payout amount decreases over the policy term, typically in line with the remaining mortgage balance.
Additionally, you may want to explore options like Critical Illness cover or Income Protection to safeguard against illness or loss of income. These additional protections offer solutions in case you are unable to work due to health reasons.
Securing life insurance at a younger age can be highly advantageous for your family. It provides reassurance that you have taken steps to protect your children’s future. Premiums are generally lower for younger individuals, as they are perceived as lower risks by insurers. Moreover, most policies offer fixed premiums, ensuring that the cost of your life insurance remains stable as you age.
When determining the coverage amount and duration of your policy, consider factors such as your children’s financial independence timeline and the remaining term of your mortgage. Planning ahead can help ensure that your family is well-supported in the future.
As a single parent, juggling various responsibilities can be overwhelming. You are not only managing your children’s well-being but also shouldering the financial obligations such as mortgage payments and bills.
Having the right life insurance coverage is essential to guarantee that critical expenses are met in case of unforeseen circumstances. By securing adequate financial protection, you can rest assured that your children will not face financial hardships in your absence.
For insurance business we offer products from a choice of insurers.
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