Post Office Life Insurance
Choose between level, decreasing or increasing term insurance, each designed to offer you peace of mind based on your circumstances.
The first concern for a mother who wants to take out life insurance is whether or not you are paying a mortgage, as this will have a significant bearing on what type of future situation you are aiming to help your children with.
If you are paying a mortgage, then decreasing term life cover could be the most helpful. This type of policy often has the lowest premiums of the three most common term-life options (for the same amount of cover) and is designed specifically to cover gradual-repayment debts. The rate at which the payout amount on a decreasing term insurance goes down is designed to be broadly the same as how the outstanding balance of a capital and interest repayment mortgage decreases.
Therefore, should you die during the term of this policy, your mortgage obligations should not fall to your partner or children. Most providers have a cap on mortgage interest rates, meaning that mortgages with interest rates over that cap may not be fully-covered by a payout.
For the raft of other costs that come with life, there are level and increasing term policies. These have cash payouts of up to £750,000, depending on your age, with Post Office life insurance, which can be put to whatever use the beneficiaries choose.
You might have a child who attends a fee-paying school, for example, and you would not want them to have to alter their situation should you no longer be around. Therefore a cash payout can help to maintain stability in life if you were to pass on.
Childcare provision may be an important concern for parents should the mother die. If the remaining carer cannot renegotiate their professional position, then paying for childcare will be a necessary expense and can help diminish the obvious disruption that this death will cause. If the remaining carer is able to take time off of work (or leave altogether) to attend to the kids, then they will need financial provision to cover the cost of lost earnings. Life insurance for mums can help contribute toward this.
Our life insurance calculator is an easy way to estimate how much cover you may need in your current situation. Simply enter a few details into the calculator to start.