Life Insurance Costs for Mums.
Your life insurance quote can depend on a wide range of circumstances, including factors like:
Your age
Your lifestyle
Your family’s medical history
Smoker Status
The length of your policy
Medical conditions
Your occupation
Life Insurance for Mums, case study
Farrah is a 34-year-old single mum who is raising two children on her own. Her salary is £27,000.
She’s looking for a 25-year term life insurance plan that offers cover of at least £150,000, which would be split directly between the two children. She wants the insurance to open until the kids are grown up and financially independent.
Farrah’s monthly premium will be £7.75 every month for 25 years.
In total, she would pay £2325.00 for a potential £150,000 payout.
We found Farrah the increasing policy below:
Total Cover
Amount:
£150,000
Monthly Premium
Cost:
£7.75
Duration of
Policy:
25 years
Life Insurance for Mums, case study 2
We found Susie the level term policy below:
Total Cover
Amount:
£500,000
Monthly Premium
Cost:
£40.91
Duration of
Policy:
23 years
Susie, 43, is a Chief Inspector earning £65,000 and the main income earner for her family. She and her husband have a £275,000 mortgage with 20 years remaining, and they’ve recently welcomed their first baby.
To protect her growing family, she wants cover for:
- The mortgage
- Family bills and childcare costs
- Her income if she becomes too ill to work
Although Susie receives enhanced sick pay and death-in-service benefits through her job, these benefits end if she ever leaves her employer. She also knows that the longer she waits to arrange protection, the more expensive it can become due to age and health changes, so she wants to secure her cover now.
The Protection Susie Chose:
- Mortgage Decreasing Life Insurance
Covers the £275,000 mortgage over 20 years
Monthly cost: £23.13 - Level Term Life Insurance
£500,000 of cover for 23 years to protect childcare, bills, and family lifestyle
Monthly cost: £40.91 - Income Protection
Provides £3,437 per month once her company sick pay ends
Monthly cost: £100.71
Total Cost Summary:
Total monthly cost: £164.75
Workplace benefits can disappear when changing jobs, and insurance costs rise as you get older. By arranging her protection now, she locks in lower premiums and ensures her family is covered no matter what happens.
How much cover do you need?
You can use our Cover Calculator below to determine how much cover you need. Additionally, you will need to take into consideration the following:
Any outstanding debts
Mortgage/rent
Number of dependents
Take-home pay or income from other sources
