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Mother’s Life Insurance

life insurance for mums text on a background of a mother smiling at her child

A warning before you read any further…


Please forgive him if he says something stupid…as he usually does.

There’s no perfect way to protect yourself from the bad shit in life – just as there’s no perfect way to bring up a child or make a margherita.

But there are terrible ways to do all three. And with each, you’ve got to know the basics before you begin.

Here are the basics of life insurance.

Life insurance for mammies

If you’re completely new to life insurance, you have a ton of questions.

Let me try and read your mind…

(this should be fun…like an awful version of What Women Want)

…and answer some of those questions

What type of life insurance does a single mother need?

The three risks you face as a single mother are:

  1. loss of income for you if you’re unable to work
  2. loss of income for your kids if you die
  3. loss of income due to a serious illness

You can protect your income using three different types of life insurance.

Let’s start with the the most important: income protection

1. Income protection

What would happen to you and your children if you couldn’t work long term?

Do you have sick pay through work?

It’s worth checking with HR how long your employer will pay you.

In my experience, a very generous employer will offer sick pay for 13-26 weeks.

What happens then?

You will have to live off state benefits (currently around €50 – €200 per week for two years)

For most parents, that’s a huge drop in their weekly income.

They’d struggle to pay their mortgage let alone all the other bills that would continue to pile up.

That’s why income protection is the most important policy you can buy.

It will pay you up to 75% of your income if you can’t work long term.

It will pay you until you get back to work or until you reach retirement.

So you can continue to provide for your kids as you do today.

2. Life insurance

How much life insurance should a single parent have?

The rule of thumb is 10-15 times your income but this can vary from one parent to the next depending on their:

  • age
  • health
  • income
  • age of youngest child
  • life cover though work
  • mortgage protection
  • savings/investments

If you’d like me to make a recommendation for you, complete this short questionnaire.

How much life insurance should a homemaker have?

Joe Charles from Royal London said,

While it seems many people recognise the very hard work that stay-at-home parents carry out, our survey reveals that they underestimate its value, in terms of the associated cost. The majority (71%) of respondents believe the cost of the stay-at-home parent amounts to €30,000 or less. However, Royal London calculated that the cost would be somewhere around the €42,000 mark.

What’s the average cost of life insurance for a single parent?

That’s a tricky one to answer as it also depends on some of the factors mentioned above. You can get an indicative quote here.

But I bet life insurance costs a lot less than you think…

HOW MUCH FOR €500,000 LIFE INSURANCE for a 35 year old?

Take a guess…

Quote Type:Life Insurance
First Person:Non-Smoker, born on 24/10/1982
Cover Amount:€500,000 paying monthly, over 25 years.
Premium : €33

That’s €1 per day to ensure your children are secure should you leave us before your time.

Whatever your budget, there is a life insurance policy to suit because it’s better to have some cover than none at all.

How can I make sure my life insurance payout goes to my children?

I can help you write your policy in trust for your children so so they, or their guardians will receive the payout.

Is it difficult to buy life insurance as a single mother?

Not at all, it’s simple and you can do it all online…and I’m here to hold your hand if you need me.

If you’re in good health, you could have a policy in a couple of days.

What if I have health issues?

It’s still easy, but it might take a bit longer because the insurer may request a medical from your GP.

How long should my policy last?

I recommend buying a policy that runs until your youngest is 25 (no longer a dependent). This protects them while they’re young and also lowers the cost of your premiums.

Which insurer is best for mother’s life insurance?

All the insurers have good and bad points (some more than others). The bottom line is you can trust all 5 of these life insurance providers.

If you buy from any of them, you have nothing to worry about. But if want some guidance, please feel free to get in touch, I’d be happy to help.

3. Critical illness cover

Serious illness cover gives you a tax free lump sum to cover expenses that often go with a serious illness.

You could use the lump sum provided to:

  • Make any necessary alterations to your home,
  • Pay for medical treatment and expenses (Irish Cancer Society says cancer can cost up to €2600 per month)
  • Help with your mortgage or other loans or bills.
  • Blow it on a holiday if you feel like it!

I recommend buying enough to cover emergency expenses, say one year’s net income.

Over to you…

I hope that was a helpful introduction to mother’s life insurance.   

Don’t be scared to pick up the phone and talk to an independent broker about your life insurance policy.

You’ve gotten this far, you’re already a bit of an expert yourself 😉

You know you need cover so do something to safeguard yourself and your children from the unknown.

Bad shit happens to good people all the time unfortunately.

With life insurance, you can prepare for the worst but hope for the best.

Nick McGowan | making life insurance easier.

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