Becoming a parent for the first time can be scary enough, without thinking about all the add-ons that come with this enormous new responsibility. Many new parents may already have life insurance, but even if this is the case, you should assess whether your current plan is still sufficient after starting a family.

In 2015, The Telegraph reported that the average cost of raising a child in the UK amounts up to a whopping £230,000. This means that the monetary consequences of one parent dying unexpectedly can be extreme.


For many families, life insurance can mean the difference between being able to keep your loved ones living in the family home in the event of your death, or your widow being forced to sell up and move the family to a cheaper home. That’s why it’s important you take out life insurance as soon as possible and receive the best deal on it.

While it is more important to get life insurance for the chief breadwinner in the family, but if the stay-at-home parent should die, this could force the breadwinner to give up their job. This would result in a severe loss of income, making it a sensible option for both parents to take out an insurance policy.

Life insurance coverage comes in various forms, depending on the type of policy you wish to take out. A decreasing term insurance usually works out as the cheapest form of life insurance; the amount of coverage you take out will decrease over time, which is often used to cover the cost of a mortgage repayment. This policy lets you decide how long you want to be covered for and the lump sum will be paid out if you die within that timeframe.

whole-life policy will pay out whenever the policy holder dies, which makes it the most expensive form of life insurance. On the other hand, you could opt for level-term insurance, which is guaranteed to pay out the same level of cover regardless of when you die. Be warned, though, premiums will be higher with this type of policy.

At Cuuver, we are interested in ensuring you get a great deal on a life insurance policy to suit your circumstances, which is why we let you compare some of the UK’s leading life insurance companies. Just head over to our Life insurance page to see for yourself.

This should not be constructed as advice and is guidance only.