When you hear “life insurance,” it might not feel like the most exciting topic. But here’s the truth: women are less likely to have life insurance than men, even though many of us are balancing work, family, and caring roles. That gap leaves women (and the people who rely on us) more vulnerable.
This is our simple guide to life insurance so you can feel more confident about protecting your future.
What Types of Life Insurance Are There?
Life insurance isn’t one size fits all. Here are the main policies you’ll come across:
1. Term Life Insurance
- Covers you for a fixed period (e.g. 20 years).
- Pays out if you pass away during the term.
- Often chosen to protect children until they’re financially independent.
2. Decreasing Term Life Insurance
- Coverage reduces over time, usually in line with your mortgage.
- A cost-effective option if your main goal is to make sure your home is paid off.
How Much Cover Do You Need?
This is the big question and the answer is personal. Think about:
- Debts & mortgage: Could your loved ones pay these off without you?
- Everyday costs: Rent, childcare, bills, groceries.
- Future goals: Uni fees for children, or simply giving your partner breathing space.
💡 Top tip: There are calculators online that can help you work this out, but as a rule of thumb, aim for enough cover to pay off debts and provide a solid cushion.
How Much Does Life Insurance Cost?
The good news? Life insurance is usually more affordable than you think.
- The earlier (and healthier) you are, the cheaper your monthly premium.
- Costs depend on age, health, and how much cover you want.
- Some policies start from just a few pounds a month.
Do women really need life insurance?
Yes, absolutely. Even if you’re not the highest earner in your household, your contribution has huge financial value. From childcare to running the home, life insurance makes sure your family has the money to keep going if you aren’t around.
Can stay-at-home mums get life insurance?
Definitely. Just because you don’t earn a salary doesn’t mean you don’t need cover. The work you do at home would cost thousands to replace; childcare, cleaning, cooking, household management. Life insurance recognises that value.
How much life insurance cover do I need?
It depends on your situation, but most people aim to cover big debts (like a mortgage) and provide a cushion for their loved ones. Tools and calculators can help you find the right number for you.
When’s the best time to buy life insurance?
The earlier, the better. Policies are cheapest when you’re younger and healthier. Waiting usually means paying more.
*indicates a tracked link, which tells our partner that we sent you and may in the future result in a payment or benefit to our site.