What New Moms Need to Know about Life Insurance

What New Moms Need to Know about Life Insurance from North Carolina Lifestyle Blogger Adventures of Frugal Mom

You’re preparing to bring forth your little angel or you just came back from the hospital with a new bundle of joy. Congratulations! Now you can’t help but think of the baby cries, sleepless nights, breastfeeding woes, changed sleep patterns, and the never-ending financial expenses of nappies, nursing/feeding, clinic trips, etc. Let’s face it; save for the usual costs of taking care of a newborn, life insurance isn’t the first thing that pops into your mind. But it should, considering the risks of raising a child plus the fact that it depends on you full-time. Learning what options you have and securing a befitting life insurance policy should be atop your priority list for the sake of protecting your child’s future.

So why would a new mum need life insurance? Let’s find out below!

Children are expensive to raise

According to a recent Child Poverty Action Group (CPAG) report, it costs about £185,000 to raise a child to 18 for a single parent and £151,000 for couples during the same duration. These figures account for childcare, food, education, household spending, clothes, birthdays, etc.

Here’s a simple question: do you think you can finance all the expenses if your partner was to pass away unexpectedly? If the answer is no, that’s a sign you need to get a life insurance policy as soon as possible.

Think about college

Student debt is a significant issue among young adults today who find themselves struggling to pay it off as quickly as they’d wish.

You don’t have to put your children through the same agony especially with alternatives like life insurance now readily available. With adequate coverage, your kids could use the policy’s benefits to finance their school fees should you pass away prematurely.

Take care of care costs

Think about all the chores you do at home for your children; cooking, cleaning, doing laundry/dishes, taking/picking kids from school, etc. Suppose you were to pass unexpectedly, could the kids continue to enjoy the same lifestyle? Probably not but having a life insurance policy can help to fill the gap in daycare costs or hiring a house manager.

Life insurance isn’t expensive

Contrary to many people’s beliefs, life insurance doesn’t have to be very expensive especially if you take it out while young. Most insurers will charge you affordable premiums because they deem you to be low-risk. The best part is that in most instances, you will continue paying fixed premiums even in your older age thus saving a lot of money in the long run.

Single parenting could be challenging

If you’re a single mum, that means you’re your family’s main breadwinner. And as long as the child is under your custody, you’re singly responsible for most of the expenses. Should you pass away, chances are you could end up burdening your parents or friends as they try to raise your children.

Good news: life insurance can provide financial protection for your children no matter what happens to you.

What are the life insurance options available to new mums?

There are multiple life insurance plans you can consider depending on your needs as a young mother. Some of the standard policies available today include:

Level term life insurance

Level term life insurance offers to protect your family for a specific number of years. Should you pass away within the contract period, the policy guarantees a fixed lump sum pay-out to your dependents. The support may help finance a mortgage, childcare, school fees, and everyday living costs.

Decreasing term life insurance

If you want to guarantee mortgage protection, this is the best cover for you. With decreasing term life, the amount of benefit decreases over the life of the policy.

Critical illness cover

Suppose you were to fall critically ill today and are unable to work. Would your spouse or children cope financially without your input? If not, that should be enough motivation to get critical illness cover. This policy offers a tax-free lump sum pay-out that you can use to cater for everyday expenses until you recover and are fit to resume work.

Income protection

Income protection offers to support you with an equivalent of 50-70% of your monthly earnings should you fall ill and not be able to work. As a new mum, you can use the benefit to cover daily living costs, medical expenses and childcare until you’re able to go back to work.


One of the best gifts you can give your children is to plan for their wellbeing should the worst happen. Life insurance is the missing piece of the puzzle to guarantee you the peace of mind no matter what fate has in store.

What else would you like to know about life insurance for new mums? We’d love to hear your feedback in the comments below.

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