Are the mums in your life protected this Mother’s Day?
Mother’s Day is around the corner and it’s a time when we recognise those amazing women in our lives. Pop that date in your diary now – Sunday 14 May.
While you’re pondering what thoughtful gift to buy her, give some thought to whether they’re insured. As our experts explain, sadly many of these important women in our lives aren’t protected.
Planning for a baby and pregnancy
If you’re planning on a baby, or perhaps already celebrating exciting baby news, time seems to pass by so slowly. It can be hard to imagine what the future might bring when you’re literally ticking nine months off the calendar. However, thinking ahead by having the right insurance in place now can change your family’s future.
Maternity leave and staying-at-home
Whether they’re taking maternity leave, or becoming a full-time stay-at-home mum, insurance now becomes even more important. While they may no longer be a primary income earner for your family – they are most certainly the primary caregiver.
Need proof about a mum’s material worth? Do a quick tally about what a nanny, cook and cleaner would earn if they took her place. It’s certainly a substantial salary!
Teenage children
Your child (or children) might claim they want their independence now the trickier teenage years have hit – but would your family manage emotionally or financially without a mum in their lives?
Many mothers at this stage in life are also supporting (and potentially managing the care of) elderly parents, as well as earning an income. The juggle is certainly real, and their value is considerable.
Retirement years
There’s no sign of slowing down when it comes to the importance of mothers – even when the kids have long moved out of home. They may now also be helping with the care of grandchildren.
Chances are that your out-goings are likely to have reduced (perhaps you are mortgage-free), but both your health needs are growing as time passes. That means a mum’s insurance needs change again.
What insurance do mothers need?
Every mum is unique, so there’s certainly no ‘one-size-fits-all’ solution when it comes to insurance. However, there are three common policies which tend to be important from pregnancy right through to retirement:
Income protection insurance – This cover is important whether mothers are working or at-home. Both roles make a significant contribution to the family finances.
Health insurance – This gives her protection in a serious medical event and ensures she has quick and easy access to specialist care.
Trauma cover – Should she suffer a traumatic injury or illness, this policy pays out a lump sum.
Remember that just as your children change and grow (and keep growing!) over time, your insurance needs should also change to suit different stages of life.
Think about ‘what ifs’
To help you decide if insurance could be sensible for the mums in your life, think about the ‘what ifs’.
Let’s imagine something relatively minor, like a broken wrist. It may seem a reasonably ‘small’ injury, but it could:
Leave her unable to manage the usual day-to-day responsibilities – like driving and cooking.
Involve specialist care.
Require extended rest.
Need rehabilitation treatment.
It’s pretty easy to see how this can have a direct financial impact on the entire family.
With a much more serious illness, like a terminal diagnosis, the implications on the family’s income are significant. Insurance can have a huge impact by relieving emotional and financial stress.
Get the right advice from an impartial insurance expert
Working with an insurance adviser gives you peace-of-mind that you have the ideal structure (and the best value) when it comes to insurance. Don’t let the mums in your life go unprotected. Simply contact our friendly Plus4 insurance advisers now.
Help encourage all mums to get insured
We’d love you to forward our blog on to the mums you know and the people they love. Let’s help ensure all mums get the level of protection they deserve!