Becoming a new parent tends to be the moment people first take the question seriously, often for the first time in their lives. Before then, protection can feel like something to think about eventually. Once a child is depending on you, eventually tends to become now. Here are the answers to the questions that come up most.
Do I need life insurance now that I have a child?
Nobody legally requires you to have it, but the reasoning behind it becomes much clearer once a child depends on your income. Raising a child from birth to 18 costs around £250,000 for a couple and £290,000 for a lone parent, according to the Child Poverty Action Group’s most recent Cost of a Child research. Life insurance doesn’t have to cover a figure that size, but it’s a useful reminder of what’s at stake if your income disappeared unexpectedly.
How much cover do I need?
There’s no single right answer, but a sensible starting point is to think about three things: what your family would need to cover the mortgage or rent, what income they’d need to replace for a set number of years, and any existing cover you already have through work. Many parents find that between five and ten times their annual income, alongside enough to clear the mortgage, gives a reasonable baseline, though your own circumstances, savings and existing cover should shape the final figure.
What type of policy suits a young family?
Life insurance pays out a fixed lump sum, for example £300,000, if you die within the policy term, and suits families who want a set amount regardless of when a claim happens. Family income benefit works differently, paying your family a regular monthly income for the remainder of the policy term rather than one lump sum, which can be easier for a surviving partner to manage day to day. If you also have a repayment mortgage, decreasing term insurance is often added alongside either option, since it’s built to reduce in line with what you still owe.
What if I’m on maternity or paternity leave, or not working right now?
This is one of the most common worries, and it’s usually more straightforward than people expect. Cover can typically still be arranged based on your circumstances before leave began, and premiums are generally unaffected by a temporary change in income. It’s worth flagging your situation clearly when you apply, so cover is set up correctly from the start.
Can’t I just rely on cover through my employer?
Death in service benefit, often a multiple of your salary, is a valuable part of many workplace packages, but it usually stops the moment you leave that job. It also may not be enough on its own once you factor in a mortgage and the ongoing cost of raising a child. Treating it as a helpful addition rather than your only protection tends to be the safer approach.
Should I review cover as my family grows?
Yes. A policy that made sense when you had one child may no longer reflect your circumstances a few years and one or two children later, especially if your mortgage, income or outgoings have changed too. It’s also worth thinking about critical illness cover alongside life insurance, since it’s designed to pay out a lump sum on diagnosis of a specified serious illness rather than on death, covering a gap that pure life cover doesn’t. Reviewing your protection every few years, or whenever something significant changes, keeps it aligned with the family you have rather than the one you had when you first took the policy out.
Getting the right cover in place
Every family’s situation looks different, and the right combination of cover depends on your mortgage, your income and how many years of support your family would need.
If you’d like help working out what’s right for your family, our team would be glad to talk it through. Book a free initial consultation with one of our advisers and we’ll cover your options together, with no obligation.
*Please note: This blog is for general information only and does not constitute personalised financial advice. Protection plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse. Life insurance products vary by provider and are subject to terms and conditions. The information contained within this article was accurate at the date of publication and is subject to change. Publication date: 28/08/2026.