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Life insurance for dads

One of the fundamental parts of being a dad is providing for, and protecting your loved ones. But if the worst happened to you, would your family be able to get by or would they be left struggling?

Life insurance is there to help protect your loved ones if the worst-case scenario were to become a reality. If you were to pass away or become critically ill your loved ones could be left financially struggling. However, a life insurance policy can negate this risk by financially protecting you and your loved ones.

The importance of life insurance for dads

Everyone’s circumstances are different but there are several life events that could be a trigger to looking into life insurance, such as;

  • Marriage
  • Losing a loved one
  • Divorce
  • Starting a family
  • Buying or renting a home

Arranging a life insurance policy is crucial if you want to protect your loved ones, as significant changes to your circumstances is typically what prompts most people to look into getting financially protected.

Life insurance for the dads who are homeowners

A decreasing life insurance policy is a great option for the dads who are homeowners and pay a repayment mortgage each month.

This type of policy decreases over time, roughly aligning with the decreasing balance of your repayment mortgage. Generally speaking, your monthly premium for this type of policy will be cheaper than a typical life insurance policy as your sum assured will decrease over time. However, each life insurance policy is assessed on a case-by-case basis depending on your health and lifestyle disclosures.

Life insurance for older dads

On the whole, the younger you are, the cheaper your life insurance premiums tend to be. However, if you decide you want a life insurance policy later in life, an over 50’s policy gives you an option to get cover.

An over-50's life insurance policy typically does not ask for a full breakdown of your health and lifestyle disclosures, meaning that getting this type of cover is often quick and easy. This policy pays out upon death, with the pay-out typically being used to contribute towards funeral costs.

Life insurance for self-employed dads

For the dads who are self-employed and want to protect their loved ones, one of the best policies to help them achieve this is an income protection insurance policy. An income protection policy offers protection for those dads who are in full-time employment and are self-employed.

If you were to become ill or injured and unable to work as a result then an income protection policy can financially protect you by paying out a percentage of your income to you in monthly instalments.

Income protection can help support those fathers who are self-employed and may not have access to the benefits that come with traditional employment such as sick pay. The pay-out from this policy can help you pay the bills, afford childcare, and pay for the essentials.

Critical illness cover for dads

A critical illness policy would cover you for multiple critical illnesses and definitions which will vary from provider to provider.

A critical illness insurance policy is not just beneficial for your loved ones but for you too. This type of policy provides a cash injection if you were to be diagnosed with a critical illness outlined in your policy conditions.

As critical illness cover can pay-out whilst you are still alive, you can use the pay-out from your critical illness policy in various ways. For example, the pay-out could be used to financially support your loved ones or you could use the money whilst you are still alive to fund your bucket list, treat your loved ones and so much more!

Why you need life insurance as a father

No one likes thinking about the worst-case scenario or wondering what their family would do without them. However, with a life insurance policy in place, you could benefit from peace of mind, knowing that if the worst were to happen, your loved ones would be financially protected.

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