Whether you’re about to welcome a new baby, have already established your family, or are planning a pregnancy in the near future, Daddy Insurance could be the ideal solution to help you push those worries aside & enjoy each & every precious moment. Learn more about why life insurance for dads is an absolute must.
Find out why life insurance for dads is a must and how Daddy Insurance might be the perfect fit for you.
Becoming a dad is one of the most life-transforming experiences. And being a dad is an emotional rollercoaster. Amongst all those feelings of joy, love and excitement, you’re sure to experience your fair share of worry. That’s what makes life insurance a key investment for dads worldwide.
Grant yourself peace of mind with a policy to ensure your little ones are financially supported whatever life throws your way. Let’s face it, we never know what’s around the corner. And with dependents in mind, it’s definitely a good idea to dot those is and cross those ts.
Whether you’re about to welcome a new baby, have already established your family, or are planning a pregnancy in the near future, Daddy Insurance could be the ideal solution to help you push those worries aside and enjoy each and every precious moment. Scroll on to learn more about why life insurance for dads is an absolute must.
Why is it so important to have life insurance as a dad?
Becoming a dad is a huge responsibility and one of the main reasons to consider investing in life insurance. Generally, life insurance policies can be set up to pay out a lump sum or replace a regular income. This is awarded to your survivors if you were to die during the agreed policy term.
Life insurance pay-outs can be a God-send in traumatising and unforeseen situations. Not only are they handy for helping with things like covering the cost of mortgage repayments and household expenses in general, they can also cover childcare costs and all those other expenses that are part and parcel of raising a little one.
Whether you’re the breadwinner in the household, a stay-at-home daddy, or a single dad, there’s a life insurance policy out there for you. Any insurance pay-out will help to minimise the disruption of your child’s life as much as possible.
While the majority of people have a good understanding of the importance of life insurance policies for working dads, it’s important to highlight that it’s just as crucial for stay-at-home dads. Think about how many everyday chores around the house a stay-at-home parent is responsible for. And all of it unpaid. From childcare in general to daily school runs and even meal-prep, there’s a lot of responsibility that falls on the shoulders of a stay-at-home dad. And should you die, who’s going to do all of that unpaid labour day-to-day?
A life insurance pay-out can help with a reduced income should your partner suddenly have to navigate parenthood alone and reduce their working hours. It can also help should they suddenly need to find the funds for additional childcare costs.
The benefits of having life insurance as a dad
In short, having life insurance as a dad will give you peace of mind that your family is financially protected. This means you can spend more time enjoying being a dad and less time worrying about what lies ahead. Nobody knows what’s around the corner. But, a life insurance policy means your loved ones are protected no matter what.
Much like life insurance policies in general, life insurance for dads will supplement your salary and secure any financial assets in the event of your death. This is a huge comfort to loved ones left behind in a whole new world of worry.
It also means that your family will be able to continue paying bills and financial responsibilities without issue. And financial stability is something we could all benefit from, especially in the wake of losing a loved one.
Types of life insurance and different types of cover you can get
The type of insurance policy that’s right for you will depend on your individual circumstances. Explore your options below:
Joint Life Insurance: For dads that are part of a couple
Couples with children may wish to consider taking out a joint life insurance policy. This type of cover requires that both parties have a mutual financial stake in the policy’s outcome. If one of you were to die during the period of cover, a lump sum is paid out and the policy expires.
With this in mind, it’s important to point out that the surviving person will no longer be covered. This type of life insurance protection could be ideal if you just need a single pay out. It’s also typically less pricey than purchasing two individual life insurance policies.
Decreasing-Term Life Insurance For Dads
For dads responsible for mortgage repayments, decreasing term life cover could be the most helpful. Decreasing term life insurance for dads often has the lowest premiums even though it delivers the same amount of coverage. This type of insurance is specifically designed to cover any outstanding debts in the event of your death. As such, the rate of the amount paid out reduces in line with the outstanding balance of your financial assets.
Simply put, should you as a dad die during the term of your life insurance policy, your mortgage obligations should not fall to your partner or children.
Level-Term Life Insurance For Dads
Level term life insurance for dads will pay out a fixed lump sum should the policyholder die during the agreed term. This type of cover provides peace of mind for dads from all walks of life. So, whether you are a single dad, a new dad, a stay-at-home dad, an older dad or the household breadwinner, this is a great option to consider.
Level-term life insurance for dads ensures that your beneficiaries will receive a specific sum.
Increasing-Term Life Insurance For Dads
As the name suggests, increasing-term life insurance for dads offers pay-outs that increase each year by a fixed amount. These increases will continue for the entire duration of the policy.
Dads who choose this type of life insurance policy do so to protect their policy’s value against the rising cost of living.
Whole of Life Insurance For Dads
Whole of life insurance for dads provides life-long cover and will guarantee your family receives a payout after your passing.
This is a popular life insurance option for dads looking to secure their children an inheritance. It’s also a good option if you want to meet significant family obligations such as mortgage repayments or burial fees.
One thing to be aware of with this type of policy is that if you purchase a whole-of-life insurance policy as a young dad, you may end up paying more into the life insurance policy than it will ultimately pay out. This type of insurance comes with a hefty premium in comparison to other options.
Why Dads Choose Daddy Insurance
Compare Life Insurance For Dads with Daddy Insurance
We make life insurance for dads simple, easy & stress-free. We take care of everything so you dads don’t have to, we know you have enough on your plate. You can compare free life insurance quotes from the UK’s top insurance providers with our friendly team here at Daddy Insurance. Life insurance for dads made easy with Daddy Insurance.
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Don’t fret mums, we have a whole website dedicated to you. Compare & get free life insurance quotes for mums with MummyInsurance.com!