Life insurance for women

What is life insurance?

Life insurance helps to give the people that matter most, financial protection if you die during the policy term. It lets you leave a lump sum behind – helping your loved ones maintain their living standards or pay mortgage costs.

Our cover works by paying 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.

Why do women need life insurance?

Think about who depends on you financially. Life insurance can be very worthwhile if your money helps to pay off a mortgage, rent, bills, or any debt, or helps to look after any children. It can hopefully remove some financial stress for your loved ones from an already difficult time.

When to take out life insurance

Life insurance can be taken out whenever you want. It’s actually cheaper the younger you are. You’re charged more as you get older because you’re more likely to claim during the policy term.

If you buy a property

When you start paying a mortgage, you might want peace of mind that your loved ones won’t need to worry about these payments after you die.

This can be especially true if you have a family living there or someone you share the mortgage with. That way, you’ll know that they should be able to stay in the home.

Decreasing cover – sometimes even called mortgage protection – can help loved ones pay off a repayment mortgage (or other long-term loan) if you die during the policy term.

The cover lasts for a specific length of time, and your monthly payments stay the same. But since the value of what you’re paying off gradually decreases over time, so does the cover.

If you’re a mum

According to the ONS (2019), ¹ an estimated 1% of children born between 1971 and 2000 experienced maternal bereavement before the age of 16 years old in England and Wales.

It’s understandable that people often think about life insurance when they have a child because whether you work or not, as a parent, raising them is expensive.

If you work, your money probably goes towards your children as a first priority – school trips, clubs, trips, toys, it all adds up. Consider whether your children would have the same quality of life if your money were to stop. And if you’re a single mother, think about who would take your child in if you die and the financial support they might need.

If you’re a stay-at-home mum, you might wonder if you need life insurance because you don’t have an income. But who would look after them if you were gone? Your partner or family might need to find a carer, so money from a life insurance policy could help with that.

Sometimes known as family protection, level cover lets you leave behind a lump sum for your loved ones. You choose how long you want your cover to run for and how much you want to leave. The amount we’ll pay stays the same – unlike with decreasing cover – and so do your premiums. But this usually makes level cover more expensive.

If you’re single and don’t own a property or have children

Think about anyone who might struggle without your income. For example, do you rent a property with friends who have built a life there? Is there anyone in your family who might still need your income if you die? Life insurance can help your loved ones stay on their feet.

Plus, the lump sum can go towards anything. So, it could help your loved ones pay for your funeral or anything they’d like to do as a tribute.

What kind of life insurance should you get?

It depends on your circumstances – think about what you want to protect. Your home, your family, both?

Think about how things might change over time. How long might your loved ones need financial support? Or, if you have one, when might your partner retire?

We offer critical illness cover too. You can add it alongside your life insurance policy as protection for if you become critically ill. 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.

And, if you’re a mum, there’s cover for your child as well. If they have a critical (not terminal) illness, we’ll pay up to £25,000, or 50% of the cover amount (whichever is lower).

Plus, both our level and decreasing cover help look after you before you die through our smartphone app, Aviva DigiCare+.² Get annual health check-ups as well as help with nutrition, exercise, mental health, and stress.