Life insurance for dads

There are many reasons for taking out life insurance, such as:-

• Help to protect your dependents
• Help to cover outstanding debts
• Help to cover funeral expenses
• Leave behind a financial legacy

Think about who depends on you financially. If you work, it’s likely a fair amount of your income supports your children’s wants and needs. School trips, clubs, toys, it all adds up. Consider whether your children would have the same quality of life if your money were to stop. If you’re a single parent, it's worth thinking about who‘d look after your children if you died and what financial support they’d need. If you're a stay-at-home dad, you might wonder whether you need life insurance if you don’t get paid for working. You should still consider who’d take care of the children if you were no longer around. Your partner or family could benefit from the support of a carer. And money from a life insurance policy could help with that.

Whether you're a single dad or a stay at home dad, having life insurance could give you reassurance that your children will be financially cared for in the future. Life insurance can be worthwhile, it could help pay off a mortgage, rent, bills, debt, or for childcare. If you pass away, life insurance could remove some financial stress for your family during an already difficult time.

Our Life Insurance Plan pays out a cash lump sum if you die or are diagnosed with a terminal illness that meets our definition, and you aren't expected to live longer than 12 months. You can take out life insurance with us any time up until you turn 77. There is no cash-in value at any time. If you cancel the policy, the cover will end and you will get nothing back.

You can tailor your cover to your circumstances. When you apply, you'll be asked about your lifestyle and your health history. It may include asking you about pre-existing medical conditions that could affect the cost of your cover. If asked, it's important you answer truthfully as your policy may not pay out if you die. If your hobbies could be deemed 'risky territory', that, as well as your age, could influence the quote.

There are a few types of cover you may want to consider. We've summarised some options below that you could take with our Life Insurance Plan. It's worth bearing in mind that there is no cash-in value at any time and if you cancel the policy, the cover will end and you'll get nothing back. Also, the higher your cover amount, the higher your monthly payments.

Level cover

The cover amount you choose will be paid out as a lump sum and that amount will not change during the term.

Decreasing cover

You may take this out alongside something like a repayment mortgage or long term loan. The cover amount goes down each month to account for the fact that you may have paid off more of your mortgage or loan.

Increasing cover

This option can help your cover amount keep track with the cost of living. The overall payout amount and the monthly premiums increase each year in line with the Consumer Price Index (CPI). This will only happen if the Consumer Price Index does increase, and the maximum amount your payout could increase by is 10%.

Joint cover

If you and your partner would like combined cover, you can take out a joint policy. This pays out once, then the policy will end and there'll be no cover for the surviving partner after the first person has passed away. 

You may want to consider taking out critical illness cover. You can add it alongside your life insurance policy as protection in case you become critically ill with one of the 52 conditions we cover. It pays out a tax-free lump sum that you can use however you like – whether that’s to help cover health costs, monthly expenses, or any income you lose while getting better. If you needed to make a claim it wouldn't impact your life insurance policy. We also cover children's critical illnesses. Our Critical Illness Plan has no cash-in value at any time. If you cancel the policy, the cover will end and you will get nothing back.

We also offer Free Parent Life Cover. You could get started protecting your family with £15,000 of free life cover available to all parents for each of their children under the age of four, for one year. You can apply for this cover if you're aged between 18 and 66 and a permanent UK resident. Free Parent Life Cover can run alongside your life insurance policy.

Aviva DigiCare+

When you take out an eligible Life Insurance, Over 50s or Critical Illness Plan with us, you'll be able to access a range of health and wellbeing services, available through the Aviva DigiCare+ app. An annual health check, personalised nutritional support and access to a range of mental health therapists, all at no additional cost, are just some of the services available to you. The services are provided by a range of carefully selected third-party providers. Please note, the main reason for taking out a policy with us is for the financial protection it provides, you shouldn't get cover for Aviva DigiCare+ alone. Aviva DigiCare+ doesn't form part of the cover itself and is a non-contractual benefit Aviva can change or withdraw at any time. Terms and conditions and the privacy policy can be viewed within the app. Residency restrictions apply. 

In 2024, we paid 98.8% of all life insurance and terminal illness claims. This includes life insurance, terminal illness, over 50s life insurance and whole of life insurance claims combined. This helped tens of thousands of customers through some of their most challenging times with payouts totalling more than £862 million.^{Footnote [1]}