Best Life Insurance For Dads 2021

life insurance for dads

Are you a Dad that has a family that you are supporting? Have you thought about what would happen to your partner and children if you were to die unexpectedly?

Who would pay the bills? Who would pay the rent or mortgage – Are your family at risk from eviction? How would they survive day to day, especially if you are the breadwinner? These are all questions that you need to ask yourself and if life insurance cover could be appropriate to your solution.

Don’t be part of the 28% of UK Dads that don’t have life insurance cover for the protection of their loved ones if the unexpected happens.

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How Does Life Insurance for Dads Work?

Life insurance is a type of financial protection for your loved ones or dependents should you die suddenly. By paying a monthly premium throughout a policy, the insurer will protect you by providing a lump-sum payout should you die.

The payout size is dependent on numerous factors and is agreed with your advisor at the outset of the policy.

As A Dad, Do I Need Life Insurance?

Often, an event may trigger you to think about whether you need life insurance. Perhaps you have lost a family member, you have just got married or have purchased a property.

Questions that you need to ask of yourself about a need for a policy include your current or expected financial commitments.

Areas that need consideration include:

  • Childcare costs
  • Household food and utility bills
  • School of university fees
  • Out of school activities
  • Emergency funds that your family may require

Further considerations include whether you have any outstanding debt that would still need paying should you die unexpectedly.

It includes:

  • Car loans
  • Hire purchase agreements
  • Debt consolidation loans
  • Credit card debt
  • Personal loans
  • Mortgage
  • Equity release loan
  • Bank overdraft

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life insurance for my dad

Flexible Life Insurance for Dads with Different Personal Circumstances

As Dads progress through their lives, personal and professional circumstances will change.

Life insurance is a very flexible insurance product, and policies can easily adjust to reflect a new situation such as an addition to the family, getting a pay rise, buying a larger house, or even separating from your partner.

There is usually no cost to amend a policy claim as insurers understand that it is unlikely that your circumstances will remain the same for the duration of the policy.

Every policyholder is likely to have different personal situations, and a life insurance policy offers maximum flexibility. Below we have listed the main circumstances a Dad may find themselves in to help you envisage how a policy can assist you.

Life Insurance For Single Dads

Following a separation or death of a partner, a single Dad still retains responsibilities for the welfare of his children, monthly bills and paying rent or a mortgage.

If a life policy is in joint names with the partner, this could be cancelled and set up as a sole policy. In a separation, it can be a good idea to liaise with an ex-partner to ensure that there is adequate protection for all the family, including the children.

Life Insurance For Dads That Smoke

Life insurance is available for Dads that smoke. If you are a smoker, it is crucial at the outset of the policy to declare the full extent of your smoking as this will affect premiums. Premiums for smokers are likely to be higher for smokers than non-smokers, and if not stated, your policy could be invalidated if it ever comes to payout.

Stay at home Dads

If you are a stay at home Dad, it often means that your partner is working as the breadwinner and can earn a larger salary. As a stay at home Dad, you are probably tasked with the cooking, the cleaning, homework, picking up children from school and food shopping.

If something were to happen to you or your partner, how would you be able to maintain your household expenses, including childcare?

Life insurance offers financial protection that provides a lump sum payout to enable the family to keep paying the bills and maintain their lifestyle.

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New Dads

If you have recently become a father, it may be worth considering taking out a policy sooner rather than later. The earlier that you take out a policy, the lower the premiums are likely to be if you have no underlying health conditions.

Why leave it and risk any adverse effects on your young family should you unexpectedly pass away when your child is very young. 

Older Dads

As people live longer or choose to focus on their careers before starting a family, some Dads are starting family’s in their forties or even fifties.

The older you are in putting in place a life insurance policy will generally see a higher monthly premium. An underwriter will look at the associated risk with being an older policyholder and its impact on the likelihood that you could die, particularly if you have underlying health conditions.

If you are in your fifties or sixties, over 50s plans are a cheaper type of policy if you have paid off your mortgage and have children that have finished education and are no longer reliant on you. If you want to provide your dependents with a small nest egg and the funds to pay for your funeral costs, this is an option. We look at over the 50s later in this guide.

Working Dads

Some Dad’s who work as employees may be covered by life insurance with their employers and enjoy death in service benefit. It gives financial protection for your dependents should you die.

If you are covered by death in service benefit, it can still be beneficial to take out life insurance; if you have a large mortgage, the payments may not be covered by death in service benefit and require a personal policy.

For working Dads who do not receive any employer-based policy protection, they can consider either term or whole of life cover.

Self-Employed Dads

If you are a self-employed Dad, you do not have the luxury of a guaranteed salary, should there be a downturn in business, unlike many people who work as an employee of a company.

Life insurance can provide that protection and peace of mind where you know should something happen to you, then your dependents will be provided for financially.

Dads to Be

If you are in a relationship and do intend to have a family in the future, it can be worth taking out protection now rather than waiting for the birth of a child. The younger age you are when taking out a policy, generally the cheaper the premiums assuming you are in good health.

By having a watertight policy in place when you welcome a new child into the world provides you with the knowledge that the child will be thoroughly looked after if anything should happen to you.

Types of Life Insurance Cover

Whole of Life

A whole of life is the most expensive type of life insurance. A lump-sum payout would be due should you die, whenever that is. There is in effect no end date to a whole of life insurance policy. The younger you are when you start the policy, the lower the cost. If you create a policy if you are an older dad in your fifties, the price of a whole of life policy can be very high.

Term life insurance

Term insurance is a policy that has a set end date. Typically, a term policy sets up to coincide with the end of a repayment mortgage or another financial commitment, which once paid means you are debt-free.  

Term insurance is lower cost than a whole of life policy. Once the policy passes its maturity and you die, no payout would be due.

Over 50s plans

It is possible to get either term or whole of life insurance if you are over 50, but it can be costly. As mentioned previously in this article, another option is an over 50s plan. The payout in this plan is significantly less than other types of cover because it is on a guaranteed acceptance basis.

Usually, over 50 plan payouts are capped at around £20,000 or £30,000 and can be used to cover funeral costs should you die so your loved ones are not left with a financial burden. Over 50s plans can also be used to pay off debts such as credit card balances or personal loans. Alternatively, they can be used to leave a gift for children or grandchildren.

Life Insurance Options – Cover Variations

The flexibility of a policy also extends to the premiums and payouts throughout the policy. Increasing, decreasing, and level cover are all options that you should consider at the start of your policy.

Increasing life insurance cover

Increasing cover means that your policy will always keep up with the rate of inflation. If you want your payout to be worth in twenty years-time the same relative value as now, then you should consider increasing premiums.

The premiums will rise annually, in line with the rate of inflation, as measured by the Consumer Price Index (CPI), a UK government inflation benchmark.

Decreasing cover

Decreasing cover is when the annual premium reduces over the life of a fixed-term life policy. This cover typically ties to a repayment mortgage and matches the payment schedule of the mortgage over its life. It means that the amount of cover towards the end of the policy will be minimal, designed to match against the remaining mortgage debt should you die.

Level cover

Level cover sees the premiums and subsequent payout lump sum remain the same for the duration of the policy. The effects of inflation will affect the payout as a lump sum agreed at the start of the policy is likely to be less at the end of the policy ten or twenty years later.

How Much Life Cover as a Dad, Do I Need?

Suppose you are considering taking out Life Insurance cover. It is essential to sit down with a broker or advisor and provide them with a clear breakdown of your situation and financial commitments. If the reason for taking out life insurance is to cover against a mortgage, then you usually would take enough life cover to repay the mortgage if you should die. 

If the need for a policy is not due to a mortgage, it could be to allow your dependents the ability to keep paying the bills and sustain themselves should you pass-away. The cost of the monthly premium correlates to the size of the life insurance payout that you want to put in place.

Life Insurance in Trust

Continuing with the theme of life insurance flexibility, did you know that a policy can also write into a trust?

Writing into a trust is a means of getting maximum security out of the terms of a policy. The key benefits of writing a policy into a trust are:

  • Reducing or avoiding inheritance tax when the payout is above the minimum threshold of £325,000
  • Being in full control of who receives the proceeds of the insurance payout and when they will receive it
  • The avoidance of probate, which means payout can take place more rapidly, which could be vital and depends on the financial circumstances of your loved ones should you die unexpectedly.

How Much Does Life Insurance Cost?

For Dads, numerous factors affect the cost of life insurance premiums with age, underlying health and whether a policy is fixed-term or whole of life being essential drivers of price.

As an example, the cost of £100,000 of protection for a 30-year old non-smoker can start from just £5 a month for a 20-year level term policy. For the same person, a whole of life insurance rises to £30 a month, and for a 45-year old non-smoker, a whole of life insurance quote is from £60.

How much for life insurance for smokers?

For smokers, the cost of insurance does increase. Using the same examples as above, a 30-year old smoker should expect to see £100,000 of term life insurance cost £7 and whole of life, £47. Whole of life insurance for a 45-year old smoker can quote up to £100.

Getting maximum value on your life policy as a Dad

Taking out life insurance is a crucial decision. The policy must provide maximum protection for you and your family with pricing at a competitive rate.

The best way to make sure you receive a competitive quote is to compare life insurance provider quotes. It is straightforward to do this by completing a 30-second form and receiving multiple quotes.

You can then speak directly to the provider offering the best quote and ensure that the policy further tailors to match your exact personal circumstances.

Associated Life Insurance Products for Dads

Life insurance provides a financial payout should you die. Other related insurances also offer financial protection, but it does not require that you pass-away to benefit.

Critical illness

Should a surgical procedure or a medical diagnosis stop you from being able to work, it may put your financial circumstances under strain. Critical illness cover gives a lump sum payout if you succumb to a qualifying illness. Not all diseases have coverage under critical illness, and a list can be defined at the start of a policy. Additionally, policies require that you survive at least ten days from diagnosis of a critical illness for a policy to payout.

Examples of procedures and illnesses that are covered under critical illness include but are not limited to, the following:

  • Kidney failure
  • Liver failure
  • Loss of hand or foot
  • Multiple system atrophy
  • Paralysis of a limb
  • Parkinson’s disease
  • Structural heart surgery
  • Severe lung disease
  • Cardiac arrest

Income protection

If you cannot work for a long time due to injury or illness, an income protection policy can help you. By paying in regular premiums throughout a fixed term policy if you cannot work, you will receive a replacement salary until you can return to the workforce.

An income protection policy builds around your circumstances which you will discuss with an advisor at the start of the policy. Typically, policy tries to offset the terms of your employment contract regarding being off work.

At one end, civil servants often receive a salary for up to one year from being unable to work. At the other end, a self-employed person does not get paid if they cannot work. A policy can provide a replacement salary from as little as one month to one year from when you stop working.

If you have ongoing financial commitments which include but are not limited to the following, you should consider income protection:

  • Personal loans
  • Mortgage
  • Equity release loans
  • Hire purchase agreement
  • Bank loan
  • Car loan


As we have outlined, all Dads have varying personal and professional circumstances, whether they are a stay at home, older or new Dad. What life insurance policies can offer is the flexibility to adapt to any event, either at the start of a policy or if a Dad’s situation changes during a policy.

From only £7.60 a month, a life insurance policy can provide peace of mind knowing that should you die unexpectedly, your loved ones will be financially protected through receipt of a lump sum payout.

If you think a life policy applies to you, do not delay and put in a policy today!