Why Mums Delay Life Insurance And How To Overcome It

Death is an uncomfortable topic of conversation for many people. However, when you have children, life insurance is critical to protecting those you love. 

Despite this truth, many mums put off purchasing life insurance because they are young and healthy.

They might also erroneously believe life insurance is too expensive or that the insurance they have through work is enough.

Mums often don’t fully appreciate how important life insurance is to the health and welfare of their family. 

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Here are a few common misconceptions about life insurance that cause mums (and others) to delay getting single mum life insurance or other policies that suit their needs:

I’m Young and Healthy

Life is unpredictable, and age is not always a guarantee of longevity. No one is immune to illness and accidents.

If you are healthy and under forty, you may have access to more insurance options and lower rates, making it a perfect time to get coverage that best protects your family.

Even if you have a preexisting condition, the cost of life insurance may be lower than you expect if you’re diligent about your health and preventative care.

Life Insurance Will Break My Budget

Young families often live on tight budgets. Adding another bill to the list of monthly expenses is not what responsible mums want to do.

If you dig a little deeper, you will find that life insurance comes in a multitude of shapes and sizes, some of which are very affordable.

A small premium is worth its weight in gold for the protection it offers your family. It could be the best investment you make for their future.

If you have life insurance through your employer, review the policy and make sure that the cover is adequate.

While this is a nice supplemental benefit offered by some businesses, it’s usually only about one to two times your salary.

This is not enough to provide a safety net for your family in the event of a disaster. In general, mums should carry ten to twelve times their salary in death benefits.

Why, As A mother, You Shouldn’t Delay Securing Cover

Reason	Why It Matters
Financial Security for Children	Life insurance ensures your children are financially supported if something unexpected happens, covering daily expenses, education, and future needs.
Locking in Lower Premiums	Premiums are generally cheaper when you’re younger and healthier. Delaying could mean paying much more later, or worse, being declined cover.
Protection Against Illness	Health issues can develop over time, making it harder or impossible to get affordable cover if you wait too long.
Peace of Mind	Knowing your family will be protected removes stress and allows you to focus on enjoying life with your children.
Covering Debts & Mortgage Payments	Life insurance can help pay off outstanding debts and the mortgage, preventing your family from financial strain or losing the family home.
Building a Safety Net Early	The earlier you set up cover, the sooner your family is protected against life’s uncertainties.

Educate Yourself About Life Insurance

According to an industry study, only 35% of the respondents said they had purchased life insurance. Others were unsure about the type of insurance they needed or how much to buy.

This is not a good excuse for putting off long-term financial planning. The bottom line is that new mums need cover, and life insurance can save your family from financial ruin. 

Your partner may need the money to help pay off debts like a mortgage and car loans, or to cover new childcare expenses.

The proceeds of a policy can also be used for education costs, estate taxes, burial costs, and more.

The Time Is Now

When you delay purchasing life insurance, you put your family at risk. We are all busy, and it’s easy to procrastinate buying insurance and preparing for end-of-life issues.

• However, accidents and unexpected illnesses can happen to anyone, and you should be ready just in case.
• Use the Insurance Hero platform to request quotes from multiple life insurance providers and compare your options side by side.
• There are many different types of policies available to fit any family’s budget and lifestyle. Don’t be overwhelmed by the options. By carefully defining your criteria, you can overcome analysis paralysis.
• Think of life insurance as a safety net rather than a financial burden. Visit Insurance Hero today and check out our easy-to-understand insurance guides.

If you’re still not sure what to do, request a phone call with one of our personal protection experts and join the thousands of other people and families who’ve used Insurance Hero to secure the life insurance they need.

Sources related to this topic:

• https://www.financialplanningassociation.org/learning/publications/journal/JUN22-psychographics-related-ownership-life-insurance-OPEN
• https://www.legalandgeneral.com/insurance/life-insurance/guides/is-life-insurance-worth-it