Life insurance for dads
Find out how life insurance could make a difference to your family
Key points:
- Life insurance can help dads financially protect their children and dependants if they die.
- Dads may consider cover to support childcare, household costs or funeral expenses.
- Life insurance needs for dads vary depending on income, family setup and who relies on them financially.
Your daily life can be full of unexpected twists and turns, and, as a parent that increases hugely. Raising a child can be expensive, so life insurance may be something new parents consider to make sure they have cover in place should the worst happen to them. Everyone finds their own way of managing and preparing for future situations and circumstances. This is where a life insurance policy could be useful.
Why might dads need life insurance?
There are many reasons for taking out life insurance, such as:-
- Help to protect your dependents
- Help to cover outstanding debts
- Help to cover funeral expenses
- Leave behind a financial legacy
Think about who depends on you financially. If you work, it’s likely a fair amount of your income supports your children’s wants and needs. School trips, clubs, toys, it all adds up. Consider whether your children would have the same quality of life if your money were to stop. If you’re a single parent, it's worth thinking about who‘d look after your children if you died and what financial support they’d need. If you're a stay-at-home dad, you might wonder whether you need life insurance if you don’t get paid for working. You should still consider who’d take care of the children if you were no longer around. Your partner or family could benefit from the support of a carer. And money from a life insurance policy could help with that.
Whether you're a single dad or a stay at home dad, having life insurance could give you reassurance that your children will be financially cared for in the future. Life insurance can be worthwhile, it could help pay off a mortgage, rent, bills, debt, or for childcare. If you pass away, life insurance could remove some financial stress for your family during an already difficult time.
Our Life Insurance Plan pays out a cash lump sum if you die or are diagnosed with a terminal illness that meets our definition, and you aren't expected to live longer than 12 months. You can take out life insurance with us any time up until you turn 77. It's not a savings or investment product and will only pay out on a successful claim. If premiums aren’t paid when due or if the policy is cancelled, the plan will end and you'll get nothing back.
What type of life insurance might dads need?
You can tailor your cover to your circumstances. When you apply, you'll be asked about your lifestyle and your health history. It may include asking you about pre-existing medical conditions that could affect the cost of your cover. If asked, it's important you answer truthfully as your policy may not pay out if you die. If your hobbies could be deemed 'risky territory', that, as well as your age, could influence the quote.
There are a few types of cover you may want to consider. We've summarised some options below that you could take with our Life Insurance Plan. It's worth bearing in mind the higher your cover amount, the higher your monthly payments.
Level cover
The cover amount you choose will be paid out as a lump sum and that amount will not change during the term.
Decreasing cover
You may take this out alongside something like a repayment mortgage or long term loan. The cover amount goes down each month to account for the fact that you may have paid off more of your mortgage or loan.
Increasing cover
This option can help your cover amount keep track with the cost of living. The overall payout amount and the monthly premiums increase each year in line with the Consumer Price Index (CPI). This will only happen if the Consumer Price Index does increase, and the maximum amount your payout could increase by is 10%.
Joint cover
If you and your partner would like combined cover, you can take out a joint policy. This pays out once, then the policy will end and there'll be no cover for the surviving partner after the first person has passed away.
Other cover options and benefits from Aviva to consider
You may want to consider taking out critical illness cover. You can add it alongside your life insurance policy as protection in case you become critically ill with one of the 52 conditions we cover. It pays out a tax-free lump sum that you can use however you like – whether that’s to help cover health costs, monthly expenses, or any income you lose while getting better. If you needed to make a claim it wouldn't impact your life insurance policy. We also cover children's critical illnesses. Our Critical Illness Plan isn't a savings or investment product and will only pay out on a successful claim. If premiums aren’t paid when due or if the policy is cancelled, the plan will end and you'll get nothing back.
We also offer Free Parent Life Cover. You could get started protecting your family with £15,000 of free life cover available to all parents for each of their children under the age of four, for one year. You can apply for this cover if you're aged between 18 and 66 and a permanent UK resident. Free Parent Life Cover can run alongside your life insurance policy.
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