Insurance Policies Every Mum Should Take Out

This is a collaborative post

Motherhood can be a stressful experience. Regardless of age, children can be demanding – even if they are an adult. However, it can be challenging to focus on the future with children around. In particular, planning for a future where you are no longer there to support your children.

Numerous challenges come with being a single mum. A single mum takes on many roles. They have to take on the role of being both mother and father. In addition to this, they will also work tirelessly to ensure that bills and food are paid for, as they work to make ends meet.

When faced with an obstacle that could impact their financial situation, it can be an incredibly difficult time. As such, it is important to focus on the future.

Insurance, regardless of its form, is designed to protect you from the financial burdens that come from unexpected events. As a mum, these are just some of the insurance policies that are worth purchasing.

Income Protection Insurance

It can be challenging to keep on of essential outgoings for things such as rent or mortgage payments if we were to lose an income due to an illness or an injury. Being a single mum with only one income, potentially lead to some financial difficulties.

This is where income protection insurance comes in. Income protection insurance is a long-term policy that will ensure that you receive a regular income until you can return to work, either following an illness or injury.

Selecting the right policy can be challenging, especially as you want to select one that matches your lifestyle.

Thankfully, firms such as, Drewberry, not only guide you on what options are available but they explain why you should consider income protection insurance.

Life Insurance

Nobody wants to think about what will happen when they die, especially not a parent. However, despite this unpleasant experience, a parent needs to make provisions for their children whilst they are still able to do so.

One of these provisions is purchasing life insurance. Having a life insurance policy in place will pay out upon the death of the policyholder. It can provide your children with financial assistance following your passing.

Arranging and setting up both a will and a life insurance policy are worth doing, regardless of your age or your current health status.

Home Insurance

For mums who own their home, one which is covered by a mortgage, having home insurance in place is essential. There are two types of home insurance available: building insurance and contents insurance.

Building insurance, as the name implies, covers the cost of damages made to the overall structure of the property. Whilst contents insurance will cover the cost for items within the home. Both can be bought together and purchased separately.

You cannot predict that the structure of your property will be damaged, neither can you predict items within your home will be damaged or stolen. To have items replaced or the exterior of your property repaired can be costly. Being on only one income could potentially take a chunk out of your monthly income and savings.

With home insurance in place, if any significant damage is done to your property or if something is stolen, then your provider will cover the costs. In doing so, you can rest assured knowing that you will not have to pay an eye-watering bill, which could leave you in a difficult spot financially.

Boiler Cover

When compared to the previous insurance types, boiler coverage might not seem as important. However, your boiler is one of the most vital appliances in your home. If it breaks, it can create a vast range of problems for your household.

With boiler coverage, it will protect you from these unexpected breakdowns. It will enable you to have a boiler service promptly and for a lower cost, compared to the one it would have been if you called an engineer without insurance.

Getting The Best Value

Each of these different insurance policies does complement each other. However, each one does a different thing and will cover the various risks. When looking into insurance policies, consider all options and types before making a purchase.

When filling out the application for an insurance policy, be completely honest and transparent in your answers. For example, go into detail about your medical history. If not, your policy could potentially be worthless.

Whilst this might feel as though you are providing too much information, if you do hold certain information back, it could affect whether or not an insurer will pay out in the event of a claim. They could refuse the claim if they have not received all the relevant information. As such, it is better to be completely honest to help you get the most out of your policy for both yourself and your children.

The right insurance in place will prevent you from feeling the full force of the financial implications of any unexpected events.