Why do dads need life insurance?

Most dads need life insurance to help protect the financial future of their family.

The unexpected loss of a parent can be financially devastating if the right protection isn’t in place.

If you were no longer around, could your loved ones afford to:

  • Pay the mortgage or rent?
  • Pay household bills?
  • Cover additional childcare fees?
  • Continue their current lifestyle?
  • Pay for your funeral?

A child loses a parent every 22 minutes in the UK[1] and the average cost of raising a child is £208,735 for a lone parent[2] - highlighting the importance of life insurance for dads.

Why not contact Reassured for your free, no-obligation quotes?

Prices start from just £5 a month † .

Ensure the financial stability of your family today by getting in touch.

Watch our video to gain a better understanding of life insurance and why you may need it as a devoted dad.

In this guide:

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Types of life insurance for dads

At Reassured, we can help arrange the following types of family life insurance for dads:

Level term life insurance for dads

Level term

Level term life insurance is best suited for dads who want to help protect a mortgage, family living costs, bills, and childcare.

It pays out a cash lump sum if you pass away during a set period of time (the term).

The pay out amount and your monthly premium remain fixed (level) throughout the policy term.

Decreasing term life insurance for dads

Decreasing term

Decreasing term life insurance can be ideal for dads who want to help protect a repayment mortgage or other debts that reduce over time.

It pays out a cash lump sum if you pass away during a set period of time.

The potential pay out amount decreases during the policy term until it reaches zero when the policy expires.

Whole of life insurance for dads

Whole of life insurance

Whole of life insurance provides lifelong cover and guarantees to pay out when you pass away.

This type of policy may be suitable for older dads who’d like to leave behind some funds to help cover family living expenses, further education costs, funeral costs and/or an inheritance for loved ones.

Whole of life insurance is usually more expensive than term-based policies, but dads in good health can secure a good price.

Family income benefit for dads

Family income benefit

Family income benefit (FIB) is different to traditional life insurance, as it doesn’t pay out a cash lump sum if you pass away during the policy term. Instead, it provides your family with tax-free monthly payments over a set period of time.

It’s designed to replace a lost income if you were no longer around.

The monthly payments could help cover mortgage or rent payments, daily living costs, bills and childcare fees.

Compare Life Insurance Quotes for Dads »

What is the best life insurance for dads?

The best life insurance for dads could be level term or decreasing term policies.

This is because they allow you to protect your family during a specified period, typically while your children are young and financially dependent on you.

You can choose how long your cover lasts for (between 2 - 40 years) and your policy could help to cover significant costs such as a mortgage and ongoing bills.

Term life insurance also tends to be the cheapest type of life insurance so it may appeal to dads or parents looking for an affordable deal.

You can compare quotes and apply for a term policy online using our simple buy online service. Or speak to one of our experts if you need any help choosing a policy.

How much does life insurance cost for dads?

Dads can secure life insurance through Reassured from as little as £5 † a month.

However, the actual cost of your life insurance will depend on your individual circumstances and the policy you choose.

The main factors which affect the cost of premiums include:

  • Your age
  • Your health & lifestyle
  • Smoking status
  • Occupation
  • Policy type
  • Cover amount (sum assured)
  • Policy length (term)

The table below shows the cost of life insurance premiums for term-based and whole of life cover according to age. Quotes based on a non-smoker in good health for £100,000 of cover:

AgeLevel term life insurance (20-year term)Decreasing term life insurance (20-year term)Whole of life insurance
20£3.61£4.36£61.03
25£4.73£4.92£64.86
30£4.82£4.99£71.01
35£6.00£5.09£82.93
40£7.87£6.05£100.90
45£11.07£8.10£124.34
50£16.18£10.99£150.50


The cost of life insurance for dads varies between different insurers, so it’s important to compare quotes.

Contact Reassured for your free quotes from the UK’s leading insurers.

How much life insurance do dads need?

How much life insurance you need as a dad will depend on your personal circumstances.

When working out your ideal cover amount, you’ll need to consider:

  • Which costs you would like your policy to cover (and for how long)
  • Whether you have any savings, death in service and/or existing life insurance policies
  • Your budget

A life insurance policy can be taken out to help cover essential costs, such as:

Mortgage

Mortgage or rental payments - The average mortgage debt in the UK is £129,130[3] and the average cost of rent is £11,675 per year[4].
Mortgage

Family living expenses - UK families spend on average £27,849 a year on everyday living expenses including transport, food shops, utilities and council tax[4].
Debts

Loan repayments - The average adult’s debt in 2022 was £34,566 (not including mortgages)[5] and the average credit card debt per household in 2023 was £2,277[6].
Childcare Cost ABC

Childcare and/or education costs - The average cost of full-time childcare is £285.31 per week[7]. It also costs on average £1,755.97 per child every year for secondary school and £864.87 per child every year for primary school[8].
Funeral

Funeral costs - The average cost of a UK funeral is £3,953 and the average total cost of dying which includes funeral costs and legal fees is £9,200[9].

Life insurance can also provide an inheritance for your loved ones, depending on the policy you choose. In this case, you’ll need to think about how much you’d like to leave as a cash gift.

Dad’s life insurance calculator

Dads, use our handy calculator to find out how much life insurance you may need, based on which costs you would like it to cover.

Also consider any savings or existing life insurance you have, which may reduce the overall amount you need.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
£
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
£
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
£
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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How long do dads need cover?

As a dad, the length of your life insurance policy is usually determined by two key factors:

1. The length of your mortgage term

If taking out term life insurance to protect your home, then generally you’d choose a policy that lasts for the duration of your mortgage term. This would ensure that if you were to pass away before clearing a mortgage, your family would have sufficient funds to help cover the outstanding debt.

The average mortgage length in the UK is 30 years[10].

2. The age of your children

You may only want life insurance in place until your children are grown up and no longer financially dependent on you.

If so, you could choose a policy term that expires when your children reach a certain age, such as 18 (when they finish school) or 21 (when they finish university).

If you’re taking out life insurance to help cover funeral expenses and/or inheritance tax liability, then you’d select a whole of life policy which lasts until you pass away.

Get in touch with Reassured for expert support and guidance for every step of your life insurance journey, free of charge and without obligation.

Should I get a single or joint life insurance policy?

If you’re part of a couple, then you may consider taking out joint life insurance with your partner so that you’re both protected.

Joint life insurance key points

  • Provides cover for two people at the same time
  • Pays out once if either partner passes away during the policy term
  • Requires one monthly premium payment
  • Cover expires after a valid claim
  • Costs around 25% less when compared with two single policies

A joint policy may be a good option for parents on a budget as you just need to pay one monthly premium. However, it only pays out once upon the first death and then expires.

While the surviving partner is financially protected in this case, they would need to secure a new policy themselves to then protect their children or other dependents.

As life insurance gets more expensive as you get older, taking out two individual policies today could help you save money in the long run and ensure that your children are greater protected.

The following table shows a price comparison between the cost of a joint policy compared to two single policies. Quotes are based on a non-smoker in good health over a 20-year term for £100,000:

AgeJoint policyTwo single policies% Saving
20£6.25£7.22-13%
25£7.13£9.46-25%
30£8.79£9.64-9%
35£10.58£12.00-12%
40£14.30£15.74-9%
45£21.08£22.14-5%
50£31.53£32.36-3%

Life insurance for young dads

Dads who are young and in good health are in the best position to secure the cheapest life insurance rates.

This is because the younger and healthier you are, the longer you’re expected to live - and the less of a risk you pose to the insurer.

As you get older, your health may deteriorate and your life expectancy reduces, increasing the risk of a claim and hiking up your premiums as time goes on.

No one knows what’s around the corner in life, so it’s sensible to secure affordable cover whilst you can.

Life insurance for older dads

It’s not too late to secure affordable life insurance as an older dad.

Dads who are in their 50s or 60’s may consider whole of life insurance or an over 50 plan.

Both options are forms of life assurance, meaning that a pay out is guaranteed when you pass away (not if you pass away, as with life insurance).

It’s possible that at this stage of life you’ve already paid off a large proportion of the mortgage and your children may no longer be financially dependent on you.

In this case, your life insurance can be used to help cover future living expenses for your family, your funeral costs and/or to leave an inheritance.

Life insurance for dads who work

Dads who are employed in the UK often benefit from some form of life cover through their employer.

This is commonly known as death in service benefit. It provides your loved ones with a pay out of approximately 3x your annual salary should anything happen to you.

Whilst this is a great perk, if you have a sizeable mortgage and/or young children it’s unlikely to provide the required long-term coverage to negate the need for personal life insurance.

Also, these employee benefits don't travel with employees. So, if you were to change jobs or retire then you would lose this benefit and your family wouldn’t be protected.

Life insurance for self-employed dads

For the self-employed dads out there, life insurance is considered even more important.

This is because you can’t rely on a death in service pay out from an employer, and your family could be left financially vulnerable if anything were to happen to you.

Life insurance can be taken out to protect your income and ensure your family can continue their currently lifestyle if you were no longer around to support them.

What you can do in the meantime is ‘top up’ your death in service pay out with the required level of personal cover to ensure your family has adequate protection should you pass away unexpectedly.

We have written a dedicated life insurance for self-employed workers guide if you require further information »

Life insurance for dads-to-be

For all you proactive dads-to-be out there why not secure your life insurance before the baby arrives?

Let's face it after your little one arrives; you'll have much less spare time (and you’ll also be sleep deprived).

Remember the younger you are when you take out cover, the cheaper your premiums.

Secure the financial future of your growing family before the birth, and then focus on your little bundle of joy.

Reassured in the knowledge your family is financially provisioned for whatever the future may hold.

Source: https://cpag.org.uk/news-blogs/news-listings/education-costs-parents-%E2%80%93-typically-least-%C2%A339-week-secondary-school-kids-

Compare Dad's Life Insurance » Find Your Best Quote

What about stay-at-home dads?

It’s a common misconception that stay-at-home dads (and mums) don’t require life insurance as they don’t earn a salary.

However, this couldn’t be further from the truth. Stay-at-home dads make an enormous contribution to running the home, for example, their role includes:

  • Childcare
  • Housework
  • Cooking
  • Food shopping
  • Home maintenance and DIY

If you passed away, would your partner need to take time off work to replace your role, or would they need to pay for additional childcare so they can continue to work?

Life insurance could provide some financial support for your family if you were no longer around, even as a stay-at-home dad.

What if I have pre-existing conditions?

If you’re a dad who suffers with health problems, then you may worry about how this could affect the cost of your life insurance or your ability to get cover at all.

The truth is that due to your pre-existing condition, your monthly premiums are likely to be higher.

However, the extent of this really depends on the severity and manageability of your condition.

It also depends on the insurer, as the level of risk you pose will vary between insurers.

Making it important for dads with health problems to compare multiple quotes for cover.

This can be done quickly and easily by using our award-winning broker service.

Reassured compare quotes from major insurers as well as smaller specialists, providing you with a range of suitable options.

Can I take out life insurance for my dad?

Yes, with some insurers it would be possible to take out life insurance on behalf of your dad, as long as you can prove you have ‘insurable interest’ in his life.

Insurable interest means that you would lose out financially if he passed away. For example, you own a business together, or he’s repaying a loan to you.

To take out life insurance for your dad, you’d need his permission and you must be eligible to take out cover yourself.

It’s not possible to purchase a life insurance policy on behalf of someone else through Reassured.

Do single dads need life insurance?

Yes, whether you’re a single dad or a single parent, life insurance is essential if you have children who are financially dependent on you.

The pay out from a life insurance policy could help to support your children whilst they’re still young or to provide an inheritance for them later in life.

If you have joint life insurance with an ex-partner, depending on the nature of the break-up, you may want to cancel this policy and take out a new single policy.

If you share children, it's usually a good idea to liaise with your ex-partner to ensure that between you, your children are adequately protected.

We recently wrote this comprehensive life insurance for single person article if you require additional information »

What about having more children?

There are a number of scenarios where dads can change their life insurance without requiring additional underwriting.

Some insurance providers offer a special event option which encompasses events such as having more children or taking out a bigger mortgage.

The cover amount can be increased to account for the larger amount of protection required.

This increase will, however, be reflected in the cost of your premiums.

If you want to have more children, remember to consider your policy and whether you have enough coverage in place to meet your changing circumstances.

Other types of life insurance for men and dads

Income protection insurance

Income protection is exactly what it says - protection for your income.

It pays out up to 70% of your gross salary if you’re unable to work due to accident or illness.

You’d receive monthly tax-free payments to help cover anything your usual salary would cover, such as mortgage payments, rent, bills and daily living costs.

Premiums start from just 20p-a-day ‡ through Reassured Advice.

Critical illness cover

Critical illness cover will pay out if you’re diagnosed with a critical but non-terminal illness whilst cover is in place.

It can help to cover costs and minimise financial disruption to your family whilst you’re unable to work.

Critical illness cover can be added to your life insurance policy for an additional fee, or it can be purchased as a standalone product with some providers.

Compare quotes through Reassured to find our best deal.

Free life insurance quotes for dads

Life insurance can provide a crucial financial safety net for your children and loved ones if you were no longer around to support them.

Arranging protection can be quick and simple when using an experienced and fee-free life insurance broker, such as Reassured.

We compare multiple quotes from some of the UK’s biggest and best insurers to help you find the right policy at the right price.

Since 2009, we’ve helped more than 1.5 million families secure affordable life insurance and we don’t plan on slowing down.

Dads, make the most of our fee-free comparison service and get your no-obligation quotes today.

Compare Life Insurance for Dads »

Sources:

[1] https://www.childbereavementuk.org/death-bereavement-statistics

[2] https://cpag.org.uk/policy-and-campaigns/cost-child

[3] https://www.finder.com/uk/mortgage-statistics

[4] https://www.nimblefins.co.uk/average-uk-household-budget

[5] https://www.money.co.uk/press/uk-personal-debt-rose-a-third-in-2022

[6] https://www.finder.com/uk/debt-statistics

[7] https://www.daynurseries.co.uk/advice/childcare-costs-how-much-do-you-pay-in-the-uk

[8] https://cpag.org.uk/news-blogs/news-listings/education-costs-parents-%E2%80%93-typically-least-%C2%A339-week-secondary-school-kids-

[9] https://www.sunlife.co.uk/funeral-costs/

[10] https://moneynerd.co.uk/average-mortgage-length-uk/

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