Discover The Best Life Insurance For Dads In 2024

life insurance for dads

Some people might be put off by getting life insurance. After all, you don’t want to entertain the idea of leaving your loved ones. However, Life insurance isn’t a luxury. It’s an essential way to secure your family’s future.

For this reason, all dads and caregivers should get life insurance to help their families financially, especially since the cost of living is constantly increasing.

Fortunately, life insurance policies are incredibly flexible. You can assess your financial commitments and predict your family’s future needs. Then, you’ll pay a relatively small monthly premium and get lifelong peace of mind.

Why Dads Should Consider Life Insurance

Fathers, particularly single parents, are the main providers for their children. Though a life insurance policy won’t make up for the tremendous pain and loss of a dad’s death, it’ll provide much-needed financial protection.

The payout from life insurance can be a lifeline for young children. It will provide a stable environment and ensure their best future.

Even if you’ve got a chunk of money in your savings account, paying a relatively insignificant fee for extra security is always a good idea.

That’s because life insurance can cover the following financial burdens associated with the loss of fathers:

  • Loan repayments
  • Family living expenses
  • Mortgages
  • Funeral costs
  • Childcare and education fees
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Father and child happy scene

Types of Life Insurance Plans for Dads

Take a look at the different insurance options you can take out at Insurance Hero:

Term Life Insurance

As the name suggests, term life insurance policies are determined by the length of the policy, rather than the sum insured.

This insurance type is usually best for covering a loan or a mortgage. You can also take it out to cover other financial obligations, like your children’s education and lifestyle.

You won’t have complete freedom with your policy term, though. That’s because there’s always a minimum and maximum insurance term, which varies based on the insurer

Decreasing Term

Decreasing term life insurance is designed to help your loved ones pay off any loans you might’ve taken out. The insurance payout decreases as the years go by, eventually reaching zero.

In this case, the mortgage or loan will have already ended, or you’ll have repaid a significant portion. This is an incredibly affordable term life insurance.

Increasing Term

With increasing term insurance, the insurance payout increases the further the policy term goes. This is particularly ideal for families with young children, as the sum insured will cover children’s university fees.

Furthermore, increasing term policies account for inflation. They also mitigate inheritance taxes and hefty funeral expenses.


Level-term life insurance policies are straightforward. Both the lump sum and the term are fixed. So, your dependent will get the same insurance payout regardless of when they claim.

Whole-of-Life Insurance

Whole-of-life policy is a type of permanent life insurance. Unlike term life insurance, whole-of-life insurance has no expiry date.

This provides exceptional peace of mind, as you’ll be guaranteed the financial security of your loved ones, no matter when you might pass away.

Moreover, you won’t have to worry about renewing your policy and paying a more expensive premium as you age. Instead, the premium doesn’t change as long as the policy is valid.

Universal Life Insurance

The second type of permanent insurance is universal life insurance. These policies cover the insured indefinitely.

The main difference between whole-of-life and universal life insurance policies is the premiums. Universal insurance is incredibly flexible, offering lower premiums. You might also increase or decrease your premiums throughout the policy term, depending on your personal circumstances.

Yet, while the payout in whole-of-life policies is fixed, universal life insurance has a variable payout.

Joint Life Insurance

Joint life insurance for parents is an affordable way to secure children, especially if both parents contribute financially to the household. There’s no need to get two separate policies and pay two premiums. Life insurance plans for Mums are also available, with competitive rates available especially if the individual is in good health.

The policy pays out in the event of one parent dying. If a joint life insurance policy is claimed, the surviving parent will no longer be covered. So, they’ll need to take out another policy.

Dads life insurance definition

Additional Life Insurance Benefits

Now that you know the basic life insurance policy, it’s essential to understand the additional coverage that these policies might include.

These benefits offer exceptional financial support in life-altering circumstances. If you didn’t think life insurance was the right choice for you, these covers will definitely change your mind.

Some insurers add the following benefits for an additional premium, tailoring the policy to your liking. Alternatively, other policies already include them, so you won’t have to pay any extra fees. They include:

Family Income Benefit

Instead of your family and loved ones getting an insurance payout in the event of your passing, you can choose for them to receive monthly family income.

This benefit provides a series of smaller, tax-free monthly payouts for your family, comparable to your income. The larger the monthly income, the higher the premium you’ll need to pay.

Many dads opt for this benefit because it simplifies managing finances. Additionally, it’ll be like they never left.

Children’s Cover

Children’s coverage is another insurance term that dads should be aware of. While no one wants to think about their child getting ill, this possibility has numerous emotional and financial burdens.

Toy can insure one or multiple children on the same policy as long as you pay the additional premium for each child.

  • Permanent bacterial meningitis
  • Irreversible blindness
  • Irreversible deafness
  • Cancer
  • Encephalitis
  • Permanent physical severance
  • Total paralysis
  • Traumatic head injury

Critical Illness Cover

Critical illness cover is an essential coverage that should be present in all family life insurance policies.

This benefit covers life-changing illnesses that might hinder you from working and providing for your family. It also takes into account the significant medical expenses associated with critical illness.

Some policies include a life insurance payout as well as critical illness. However, the policy is invalid if the insured individual doesn’t survive for 30 days after the diagnosis.

  • Cancer
  • Coronary artery by-pass grafts
  • Heart attack
  • Stroke
  • Organ transplant

Terminal Illness Cover

While critical illness doesn’t payout if the insured person dies within a month, terminal illness is the exact opposite.

This policy covers conditions that will prove fatal after a certain time. You can use the payout to pay for hospice, medical expenses, and funeral fees.

Some life insurance policies include a terminal illness cover, while others only include critical illness. Accordingly, you must carefully read the policy terms and choose which insurance coverage will provide you peace of mind.

Benefits of fathers life cover

How to Select the Best Life Insurance Plan

Choosing the best life insurance option depends on your needs and worries. After all, life insurance is meant to alleviate any stress you might have about the future and provide financial protection.

Age of Your Children

The first thing you must consider is the age of your children. The younger your children are, the more you’ll need to get insurance.

While your children are financially dependent on you, decreasing or level-term policies are ideal. These are the cheapest options. So, you won’t need to compromise on your children’s quality of life to secure their future.

In contrast, many dads also take out life insurance as a form of inheritance. In this case, getting universal life insurance is the most cost-efficient plan, as the premiums are low and the payout is variable.

Loan Term

If you’re taking out insurance to cover a loan or a mortgage, the insurance and loan terms should be identical. Additionally, the sum insured should be identical to the repayments.

For this reason, many experts recommend decreasing term insurance policies if you’ve got a mortgage. While the payouts decrease over time, they consistently match the amount of debt the insured person has left.

Insurance Payout

Lastly, you must carefully consider the insurance payout, especially if the purpose of the insurance is to support your family.

You don’t want to pay low premiums only for the sum insured to be insufficient to support your family. Alternatively, you’ll get rejected if you apply for insurance disproportionate to your income.

The best thing to do is estimate where the payout is going. If you want to pay for your children’s college, increasing term insurance is the way to go

On the other hand, whole-of-life insurance is ideal if providing a good quality of life for your children is the main priority.

This can be incredibly hard to determine on your own. Many insurance companies say a reasonable life insurance coverage should be ten times your annual salary. Still, how can you ensure this figure is sufficient for your family?

Luckily, we’ve got you covered. Our insurance quote calculator is a free, obligation-free tool that helps you compare the UK’s leading insurers.

features of Dads life coverage

Life Insurance for Employees vs. Self-Employed Dads

Your employment status can affect your insurance policy through the following ways:


If you’re an employee, you probably already have an insurance plan through your workplace. Usually, the standard policy is the death in service benefit.

Your family will receive a cash sum in the event of your demise during the time of your work. Yet, this doesn’t have to be a work-related death.

You should consider this if you’re applying for a new policy. The reason is that insurers might reject you if the sum coverage of the two policies is significantly high. You can still take out a cheaper policy to supplement your existing one.

Self-Employed Workers

Life insurance is crucial for self-employed workers. Not only do they not have a fixed income, but they also don’t possess the same benefits as employed dads, such as healthcare and life insurance.

If a self-employed father passes away, there will be dire financial consequences for the family. Well, purchasing an insurance policy, regardless of the payout, will make a huge difference.

You should also consider self-employed income protection policies. If you’re no longer making a consistent income, this policy will provide a tax-free replacement salary until you get back on your feet.

Dads critical illness cover

Factors Affecting Your Life Insurance

Insurance companies also have requirements for insured individuals. The insurer wants to decrease the likelihood of the payout by only taking on low-risk individuals.

After all, if there’s a high chance of an insured individual passing away during the insurance term, the insurance company will need higher premiums to cover the payout.

Accordingly, here are all the factors that’ll affect your insurance conditions, premium, and life insurance coverage:

Pre-Existing Health Conditions

  • High BMI
  • Diabetes
  • Chronic heart diseases
  • Cancer
  • Mental disorders

That’s not all. When applying for insurance, you’ll be required to give a detailed medical history. You’ll also be required to provide a family medical history. Then, a group of underwriters will establish your premium based on your health condition.

It’s crucial to be as honest and detailed as possible when filling out your medical history. Omitting information might reduce your premium. However, you’ll probably need to take medical exams. If the insurer learns about your accurate history, they’ll immediately disqualify you.


Your age has a significant impact on your premium as well as the insurance term and the coverage level. For starters, older age means you’re closer to your life expectancy. In turn, you pose a higher risk to insure.

Typically, premiums rise by about 8 to 10% for every year of age. Even if you purchase the same policy with the same term, you’ll pay extra. That’s why it’s best to consider getting life insurance when you’re younger.

Occupation and Lifestyle

Occupation and lifestyle are other risk factors that insurance companies must assess. Blue-collar jobs requiring extra physical labour and occupations involving operating heavy machinery are rather dangerous.

Accordingly, not only is it crucial for people working these positions to get insurance, but they’ll also need to pay a higher premium as the likelihood of a payout is higher.

Risky lifestyle choices, such as smoking and other reckless activities, make you a less desirable insurance candidate. So, you might need to pay a higher premium for a relatively low insurance sum.

Credit Score

Life insurance won’t affect your credit score. Yet, the insurer must ensure your ability to make monthly payments. If you have bad credit, you become a risky investment.

While a bad credit score won’t keep you from getting life insurance, you won’t be able to take out a large cover as that requires paying high premiums.

Tips for Dads Getting Life Insurance

You might find yourself jumping through numerous hoops when navigating the complex financial elements of life insurance. There’s no need to worry, though.

  • Start Early: The earlier you apply for life insurance, the easier the process will be. Additionally, you’ll secure a lower premium, as you’ll pose less of a risk to the insurer.
  • Change Your Lifestyle: Adopting a healthier lifestyle will reduce your monthly premium. Most importantly, though, it’ll ensure you live a longer and happier life, all while providing and caring for your children.
  • Reassess Your Term Length: Longer insurance terms mean more premium payments. If you go for a 35-year insurance plan, your child will have already started their own family and got their insurance! So, going for the shortest-term length is always better.
  • Consider Your Family’s Needs: Many people believe that they’re securing their family’s future by opting for a large insurance. However, this means you’ll be paying significantly expensive premiums. In contrast, assessing the financial requirements of your family will allow you to pay a lower premium, leaving the rest of your paycheck for your family’s needs!
  • Get Professional Help: While only you know your family’s situation and needs best, professionals can help you understand insurance requirements and terms, as well as match you with the best insurance plan. What are you waiting for? Get your quote by reaching out to us now!

How to Get Life Insurance for Dads – My Final Thoughts

Life insurance for dads is one of the best choices you can make. A small, irrelevant premium provides exceptional peace of mind. After all, there’s nothing like knowing you’ve done your part in securing your children’s future.

The best insurance plans for dads to take out have to be level-term and decreasing-term insurance. That’s because you have complete control over the policy term, you’re paying a low premium, and the payout is fixed, or decreases, as your child grows.

Life insurance policies aren’t only about the projected sum insured, they also provide significant benefits that help you maintain your financial position.

You can claim part of your payout if you get a critical or terminal illness. This way, you’ll be able to pay all medical fees without compromising your family’s quality of life.

If you’re still wondering which insurer to pick, we’ve got you covered. At Insurance Hero, we deal with only the best UK companies. So, contact us to get your free, no-obligation quote now!