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They say being a mum is the hardest job in the world. And they’re probably right. On the average day, you take on the role of a cook, nurse, teacher, nanny, PA, housekeeper, cleaner – and that’s all before the school drop off! With such an important role, have you considered how your family would cope if they lost you? It’s not something any of us like to dwell on, but if the worst happened, it’s good to know that you could offer your loved ones some protection.
When it comes to
life insurance, many families think about replacing the household income first. After all, this money pays the bills and keeps the roof over your family’s head. But forgetting about life insurance for mum or dad who stays at home to look after the kids full time, can be a big mistake.
If you’re a stay-at-home parent and don’t earn a salary, it’s easy to think you don’t need life insurance. But the fact is, if something happened to you, your partner may have to reduce their working hours to look after your children, or pay someone else to do all the roles you do – and that’s not cheap.
Have you ever thought about how much it might cost to employ someone to do everything you do? The driving, cleaning, pack-lunch making, algebra homework - and the constant Lego tidying!
To give you an idea, we’ve created a tool that calculates your ‘mum salary’. It’s a fun way to tot up all the work you do and put a price on it. But it also raises a more serious point. A stay-at-home mum or dad makes a huge contribution, and any family would be affected both practically and financially if you passed away unexpectedly.
So, why not give the calculator a try? You may be surprised just how much you do – and how much your so-called salary should be. If only we really could get paid that amount!
With this figure in mind, it’s also easy to see why life insurance for mums is really worth considering. Of course, replacing a parent is impossible, but a payout could help to cover some of your family’s day-to-day costs and take some of the financial stress out of a terrible situation.
You may already have life insurance for the breadwinner in your family. But if you can afford it, it might be worth considering life insurance for both parents, especially when your children are young. With
term insurance you can choose the length of time you’d like to be covered, so if you died within that time, the policy would pay out.
This type of life insurance can make sense for parents with a young family, as it means you can get cover during the time your little ones rely on you most. For example, you could choose a 10, 15 or even 20-year term that covers you until your children can stand on their own two feet.
Many people who buy life insurance also choose to take out
critical illness cover at the same time. Critical illness insurance pays out a tax-free lump sum if you had a stroke or heart attack, or if you were diagnosed with a serious illness like cancer.
As any parent knows, it’s hard to think about the unthinkable. But taking out life insurance means there will be some much-needed support for your family if the worst happened. Plus, once it’s sorted, you can forget all about it and get on with enjoying being a mum (and a teacher, cook, driver and PA!).
If you’d like to know more about life insurance for parents, take a look at our life insurance explained article. You may also want to use our life insurance calculator to work out how much cover you might need.
SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, pet insurance, ISAs and Will writing services.
Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.
Who are SunLife?
AXA Wealth Ltd trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. AXA Wealth Ltd is a company limited by shares and the registered office is at 1 Wythall Green Way, Wythall, Birmingham B47 6WG (registered in England, No. 01225468). AXA Wealth Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. AXA Wealth Ltd is entered on the Financial Services Register (registration no. 119201).
AXA Wealth Services Ltd distributes financial products and services and trades as SunLife. AXA Wealth Services Ltd is a company limited by shares and the registered office is at 1 Wythall Green Way, Wythall, Birmingham B47 6WG (registered in England, no. 02238458). AXA Wealth Services Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 465753).
‘SunLife’ (comprising of the companies AXA Wealth Services Limited, AXA Wealth Limited and AXA Sun Life Direct Limited) has been acquired by Pearl Life Holdings Limited (and now forms part of the Phoenix Group -
www.thephoenixgroup.com). ‘AXA’ is a trademark that is owned by AXA SA and will be used for a short period under a licence granted by AXA SA to the Phoenix Group.
Pearl Life Holdings Limited is registered in England (4560778) at 1 Wythall Green Way, Wythall, Birmingham B47 6WG. As part of the Phoenix Group, AXA Wealth Limited will continue to be authorised by the Prudential Regulation Authority and regulated by Prudential Regulation Authority and Financial Conduct Authority. AXA Wealth Services Limited will continue to be regulated by the Financial Conduct Authority.
You can contact us by post at SunLife, PO Box 7054, Willenhall, WV1 9ZH or by phone on 0800 008 6060. As part of our commitment to quality service and security, calls may be recorded.
If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority but are registered providers with the Funeral Planning Authority.
Who provides the Funeral Plans?
The funeral services are arranged by a funeral director selected by Golden Charter Ltd. Golden Charter Ltd are not required to be authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in relation to funeral plans but are registered providers with the Funeral Planning Authority.
If you choose to pay for your funeral in one go, with a single payment, you will have a contract with Golden Charter. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.
If you choose to pay for your funeral with a life insurance policy, the policy will be provided by AXA Wealth Ltd, trading as SunLife. The funeral services will be arranged by a funeral director selected by Golden Charter Ltd.
Who provides My Smarter (ISA)?
My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.
Who provides the Will writing services?
Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).
The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.
Who provides Family Life Insurance?
SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.
Who provides SunLife Pet Insurance
SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.
Who provides SunLife Home Insurance
SunLife Home Insurance is arranged and administered by One Insurance Solution which is a trading style of Brightside Insurance Services Ltd who is authorised and regulated by the Financial Conduct Authority (Firm reference No. 302216). Registered in England and Wales No 04137311. Registered Office: Brightside Park, Severn Bridge, Aust, Bristol, BS35 4BL. VAT no: 851 1469 32