5 reasons dads should get life insurance

In all the excitement of having a new baby in the family, the thought of buying life insurance can get lost in an ocean of nappies, midnight feeds and general fatigue. 

However, whether you’ve just had your first born, or are the proud father of multiple children, it’s important for all dads (and mums) to consider purchasing life insurance.

We spoke to leading life insurance broker Reassured Ltd to get their top 5 reasons why all dads require life insurance.

• Children are expensive

It’s no secret that children are expensive. However, as the years go by you may realise that you’ve underestimated just how much they cost, and you may find they’re unrelenting on your wallet. The Child Poverty Action Group discovered in 2021 that it can cost £160,692 for a couple and £193,801 for a single parent to raise a child to 18.

This means that with life insurance, depending on if and when you pass away, you could be saving your partner up to approximately £33,000 until your child reaches adulthood. 

Essentials like childcare costs, clothes, school supplies and technology for older kids can all be covered to financially help your child keep achieving, even if they’re grieving your loss.

• Children need stability to thrive

Even with the high costs of raising a child, it’s important not to neglect the essential finances which impact your family’s foundation.

Having the stability of a family home with running utilities, internet access and 3 meals a day cannot be understated. Having a solid home life can help children excel in their education, be emotionally and mentally more upbeat and gives them the tools they need to become well-rounded adults.

If you pass away, would there be the funds for your children to still have a solid home life? If your partner, or your children’s future guardians, wouldn’t be able provide this financially on their own it’s definitely worth considering life insurance.

• It can make you become healthier

Life insurance can be either a cheap investment or an expensive one, depending on your circumstances, level of cover and policy type.

While some things like medical conditions and age will impact your monthly premiums regardless, cutting back on the pints and quitting the cigarettes can save you money on your life insurance, as well as your personal life.

Your diet, hobbies and level of activeness can all be paramount to the cost of your life insurance. However, any dangerous hobbies, being overweight, or having a high or low BMI may increase the amount of your premiums.

Every dad has a responsibility to be a role model for their child. Every dad also wants to see their child hit as many life milestones as possible. The best way to achieve this is by leading a healthy and active life. By doing so, you can slash the price of your premiums and potentially have your life covered for a bigger sum assured (lump sum pay out). 

• Your role is important

It doesn’t matter what sort of dad you are – your role is important in your children’s life.

Whether you’re a full-time working father, stay at home dad or have a single or separated parental role, your children need you in their lives.

Even if you feel that life insurance isn’t important for you because you don’t earn money, or rarely see your children, consider how they will be impacted if you’re no longer around. 

You may be putting in a couple, to over a hundred hours a week with all the things you undertake for your kids. If you weren’t around, would the surviving parent have time to do these things too? Or would they need to quit their job to look after the children full-time.

If you’re not in their life, it can have a snowball effect on their finances, their security, and their future. Money won’t bring back a parent who has died but it can at least give your children a better chance to adapt.

• Even if you’re gone you can be helping financially

SunLife recently noted that the average cost of a funeral is £4,056 with the average cost of dying being £8,864. If you don’t have a plan in place for your funeral, would your family be able to pay the costs through a very difficult time?

Life insurance can help mitigate any debt your family might accrue paying for your funeral. Alternatively, it could be used to provide an inheritance for your children. You may want to give them a head start with their education or help them afford their first car or a deposit on a home. Either way, life insurance can help dads ensure they’re still helping their children, even if they’ve passed away.

Life insurance for fathers

Reassured are the UK’s largest life insurance broker and can help provide life insurance for dads regardless of your situation and budget. By comparing quotes that are fee-free and no obligation, you can ensure your children have a stable future and to cover them if the worst was to happen.

Another good option if you didn’t want to use a brokerage is to use an online comparison website which will allow you to compare multiple quotes and also transact online.

Life insurance provides financial protection for a worst-case scenario, the problem is we never know when we might need it. So, why not secure cover today and enjoy peace of mind that your loved ones would be provided for regardless of what the future holds.