Have you ever wondered what would happen to your family's…
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.
A child loses a parent every 22 minutes in the UK and the average cost of raising a child is £208,735 for a lone parent - 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:
At Reassured, we can help arrange the following types of family life insurance for dads:
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 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
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
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.
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.
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:
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:
|Age||Level term life insurance (20-year term)||Decreasing term life insurance (20-year term)||Whole of life insurance|
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 you need as a dad will depend on your personal circumstances.
When working out your ideal cover amount, you’ll need to consider:
A life insurance policy can be taken out to help cover essential costs, such as:
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.
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.
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.
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.
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:
|Age||Joint policy||Two single policies||% Saving|
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.
It’s not too late to secure affordable life insurance as an older dad.
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.
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.
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 »
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.
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:
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.
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.
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.
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 »
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.
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.
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.
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
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Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
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Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry