COMPARE - LIFE INSURANCE MUMS
If you are a new Mum, a single Mum, a young Mum or Mother to be - you probably have other things on your mind than thinking about getting a Life Insurance policy. However, having parental responsibilities means Mum's should consider looking at the peace of mind Life Insurance or Critical Illness will do to help protect their family or mortgage. Some Uk Insurers do offer free mother's life insurance cover for upto 1 year but only whilst your child is young.
Naturally, not every Mum is the same when looking at life insurance risks. Some Mothers may have health issues but UK Insurers may consider this to be acceptable at their standard rates, especially if it doesn’t vastly impact your usual daily activities of living.
Conversely, if you do have to take any stronger medications - then insurers may consider a premium increase are likely & perhaps after GP reports – but this cost increase could still be less than you think. This can also happen if this may have a potential reduction on your life expectancy risk, or other combination of medical health risks factors that insurers are not willing to cover at standard terms.
LIFE INSURANCE FOR MUMS in 2021 FAQ
What is the Best Life Insurance for Mums ?
There are many different types of schemes available ( see below products review ). Please get a no obligation quote from our website first to get an idea of both cost & terms available; it is best to speak to one of our Professional Advisers before buying.
Can I buy a Life Insurance Policy for my own Mum ?
Yes, Possibly - UK Insurance rules state there must be an insurable interest between a mother & another to arrange a life insurance policy eg; she looks after your 3 children whilst you work, so a material financial loss may occure if she died. She can always arrange a single policy for herself. Also both parties must consent to this arrangement.
Can I get a Life Insurance on my Mother without her knowing ?
No - both parties must consent to this arrangement ie; you cannot just apply on her behalf without their knowledge.
Can I put my Mum on my Life Insurance Policy ?
As above - UK Insurance rules state there must be an insurable interest between yourself and your Mum to add her to your life insurance policy eg a joint mortgage.
Can my Mum be my Life Insurance Beneficiary ?
Yes she can - if you wish to. Either your Mother can own your life insurance plan directly; classed as life of another [ see comments above re Insurable interest ]. Note if they died first though, this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice. The alternative is to put the policy into trust where your Mum is either one of or the sole beneficiary.
Can your Mother be a Trustee on my Life Insurance Policy ?
Yes she can - if you wish to. If you put the policy into trust where your Mother is either one of, or the sole beneficiary. Either she can be sole Trustee or have 2 Trustees ideally as she is older so sadly more likely to pass away sooner. Note again if this happens, this can cause issues with the insurer having to undue this arrangement & may require additional legal costs by you seeking specialist advice.
Being a mum means you appreciate the various challenges that looking after loved ones is required on a daily basis; Let trying to get life insurance as a mom hopefully not be another great challenge. Either way please approach us for friendly Professional Help on the Best Life Insurance for Mums.
LIFE INSURANCE POLICY FOR MUMS - PRODUCTS REVIEW
MORTGAGE PROTECTION - for Mums
Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.
LIFE INSURANCE - for Mums
Offering a family protection lump sum if the policy holder dies or is diagnosed with a terminal illness during the term or whole lifecover.
FAMILY INCOME BENEFIT INSURANCE - for Mums
CRITICAL ILLNESS INSURANCE - for Mums
Helps ease financial worries if you are diagnosed with a critical illness as specified by the Insurance Company.
CHILDREN'S CRITICAL ILLNESS COVER
Helps ease financial worries as a Mum if your child is diagnosed with a critical illness as specified by the Insurance Company.
INCOME PROTECTION - for Mums
Providing security by way of an income if you are off sick or have an accident.
Mum's & Mother's Life