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Level and Decreasing Life Insurance for Mortgage and Family Protection

  • Up to 25% cheaper than going direct*
  • Free Will worth £150 with every policy*
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Critical Illness Cover will pay out upon diagnosis of a critical illness

  • Up to 25% cheaper than going direct*
  • Free Will worth £150 with every policy*
  • 5 Star TrustPilot Rating

Whole of life policies cover funeral arrangements, inheritance and tax bills

  • Up to 25% cheaper than going direct*
  • Free Will worth £150 with every policy*
  • 5 Star TrustPilot Rating

Over 50's plans are suitable for people with pre-existing medical conditions

  • Up to 25% cheaper than going direct*
  • Free Will worth £150 with every policy*
  • 5 Star TrustPilot Rating

Can mums improve their financial planning?

2nd April, 2019

Can mums improve their financial planning?

As if being a mother wasn’t hard enough, balancing the financial future of yourself and your children makes it even tougher. So what advice can mothers take on making financial life that little bit easier?

Having a financial plan is essential, especially when it comes to taking time away to have a child. This can mean women suffer what is known as the “motherhood penalty”, which means they earn less on average compared to their male counterparts in the workplace.

So what can women do to plan ahead for taking time off to look after children? Putting bigger pension contributions into the pot is a good idea if you can afford it. This will help mitigate any loss from not contributing National Insurance and therefore not being eligible for state pension.

Putting money into trust is another great idea. This controls where finances go if you die and who they will go to. This can protect it from both Inheritance Tax and the possibility of divorce changing where you originally planned for it to go.

Mothers may also want to consider replacing cover such as life and critical illness insurance that they may miss out on by not being at work. It is tempting to assume the breadwinner is the one that needs protecting, but that same person would often have to cover help at home and lose money if the worst was to happen.

 

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