I'm a 30 year old single mum of 1 in rented housing. Do i need life cover?
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kimturton
1 year ago
Expert Financial Adviser Answer
Payam Azadi
answered 1 year ago
HI the answer is Yes you need Life cover but you dont have to get it... I will be more thne happy to have a chat with you and give you free advice.
You can call me on 02079932044
Thanks
Payam
www.nicheadvice.co.uk
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You can call me on 02079932044
Thanks
Payam
www.nicheadvice.co.uk
Expert Financial Adviser Answer
Richard Salter
answered 1 year ago
Life assurance is regarded as very important if you have financial or physical dependents. Being a mother means that if you die your child/ren would lose their breadwinner and may end up beig cared for (at their expense) by wider family members. I am sure that they would appreciate a financial lump sum to help them meet the costs of an extra one or two mouths to feed. I recognise that there is child benefit and other basic state support but such sums do not come close to providing anything like the kind of standard of living most of us would hope to continue - if not improve upon.
Fortunatley you are much more likely to live through for the 18 years or so that any child will need to become financially independent in their own name. Your good life expectancy means that buying up to 18-21 years (if they go on to higher education) of life assurance wil not cost very much at all - thoguh over a third more if you smoke. Even so a meaningful £100,000 of life assurance for a 35 year old female, none smoker, employed as a housewife and running for the next 16 years (assumes any child is already two years old) will cost only £5.80 a month). This is less than £1.34 a week. At this price why wouldn't you be sensible and make such provision for those you love the most?
Hope this helps
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Fortunatley you are much more likely to live through for the 18 years or so that any child will need to become financially independent in their own name. Your good life expectancy means that buying up to 18-21 years (if they go on to higher education) of life assurance wil not cost very much at all - thoguh over a third more if you smoke. Even so a meaningful £100,000 of life assurance for a 35 year old female, none smoker, employed as a housewife and running for the next 16 years (assumes any child is already two years old) will cost only £5.80 a month). This is less than £1.34 a week. At this price why wouldn't you be sensible and make such provision for those you love the most?
Hope this helps