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Life insurance can help new parents protect their child's financial future if either parent passes away. The right amount of cover should take into account outstanding debt, everyday living costs, childcare and future education expenses, as well as any life cover or savings you already have.
Now that you're a parent, your plans for the future include someone else's dreams, too. Life insurance can help protect your child financially if you pass away, giving your family money to cover everyday expenses, outstanding debts and future education costs.
With 1Life, you can explore affordable life cover online and choose protection that suits your family's needs and budget.
Why new parents need life cover
A new baby changes more than your daily routine. It changes who depends on your income.
If you or your partner passes away, the family may need to survive on a reduced income. Life cover can provide a lump-sum pay-out to help your beneficiaries manage these expenses if either of you passes away.
It can be particularly valuable if you have recently bought a home or taken on additional debt.
Obtaining life insurance while you're younger and healthier may also help you qualify for a more affordable premium, depending on your individual risk profile.
How much life cover do new parents need?
The right amount of life cover for parents depends on your income, debts, dependants and the future you want to provide for your family. Consider these expenses:
| What to consider | What to include |
|---|---|
| Outstanding debt | Your bond, vehicle finance, personal loans and other credit |
| Income replacement | The everyday expenses your family would need to cover without your income |
| Childcare | Crèche, daycare, aftercare or additional care if one parent passes away |
| Education | School fees and potential tertiary education costs |
| Immediate costs | Funeral and estate-related expenses |
| Existing protection | Current life cover, savings and other assets that could reduce the shortfall |
Use the 1Life life insurance calculator to help estimate how much cover your family may need.
For example: Thandi and Kabelo have recently had their first baby and are paying off a bond. Both contribute to household expenses and childcare. They both have life cover to help protect their family financially if either of them passes away. When reviewing their life cover, they consider not only their bond, but also how the surviving parent would cover monthly living costs, childcare and their child's future education if one income was suddenly lost.
Will my life insurance actually pay out?
Yes. If your policy is active, the claim is valid and the required documentation has been provided, your beneficiaries will receive the life cover pay-out.
The best way to help your family avoid unnecessary complications at claims stage is to be honest and accurate when you apply. Disclose relevant information about your health, lifestyle and any other details requested by the insurer. You should also make sure your beneficiaries are correctly nominated, know that your policy exists and how to claim.
1Life assigns a dedicated claims consultant to guide beneficiaries through the claims process. Once all the necessary documentation has been received, a valid claim may be paid within 10 working days. The time required can vary depending on the claim and whether further information is needed.
Life cover is a significant financial decision, so read your policy documents carefully and make sure you understand the benefits, exclusions and conditions that apply.
Can I get life insurance while pregnant?
Yes, you can get life insurance while pregnant. Pregnancy does not automatically prevent you from applying for cover, but it is important to tell your insurer that you are pregnant and answer any health questions accurately. Your insurer will consider this information as part of the normal underwriting process before confirming your cover and premium.
Getting covered is quick and simple
You have enough on your plate as a new parent. Exploring life cover doesn't need to add another complicated task to your list.
1. Get an online quote. Start with a few details to explore your life cover options and estimated premium.
2. Choose your cover amount. Consider your family's financial needs alongside what you can comfortably afford each month.
3. Complete your application. Provide the requested information and complete the purchase process. Your cover starts in accordance with the policy terms once your application has been accepted and the required conditions have been met.
Why choose 1Life for your family?
Your life cover should protect the people who depend on you without putting unnecessary pressure on your monthly budget. With a 1Life policy, you get:
- Affordable cover to suit your budget: Your premium depends on your sum assured and personal risk profile.
- A convenient online quote and buy process: Buy your cover online and save up to 13% on your premiums!
- Protection for life's changing needs: Review your cover as your family grows, your income changes or you take on new financial commitments. With the Guaranteed Assurability benefit, you can increase your life cover by 25% of the original insured amount every three years or following certain life events, such as getting married, having a baby or buying a home. No further medical underwriting is required, other than a new negative HIV test. Increases are subject to the policy's maximum cover limits and terms and conditions.
- Additional policyholder benefits: 1Life offers a rewards programme and access to financial education courses through Truth About Money.
Give your child the security they deserve
You've already started planning for your child's future. Life cover is one way to help protect those plans and give your family financial support if you're no longer there to provide it. Get a quote today and explore cover that fits your family and your budget.
Frequently asked questions about life insurance for new parents
How much life insurance do I need when I have a baby?
You need enough cover to help clear outstanding debt, replace your income and provide for your family's ongoing and future expenses. Consider childcare, education, everyday living costs and immediate expenses, along with any existing savings or insurance. The 1Life life insurance calculator can help you estimate an amount based on your circumstances.
Can I get life insurance while pregnant?
Yes, just be sure to tell your insurer that you are pregnant.
Is life insurance for new parents expensive?
The cost depends on factors such as your age, health, lifestyle and the amount of cover you choose. Younger, healthier applicants may qualify for lower premiums, although individual risk assessments differ. Get an online 1Life quote.
How quickly can I get life cover after my baby is born?
You can take out cover while you are pregnant or at any time after your baby is born.
What does life insurance for new parents actually cover?
Life cover pays a lump sum to your nominated beneficiaries if you pass away while your policy is in force, subject to its terms and conditions. Your beneficiaries can use the pay-out for expenses such as household bills, debt repayments, childcare, school fees and other financial needs.
Do I need life insurance if my partner already has cover?
You may still need your own cover if your family depends on your income, unpaid caregiving or both. If one parent passes away, the surviving parent may face additional childcare costs or need to change their working arrangements. Review both partners' cover and your household's financial needs before deciding how much protection is appropriate.
Does a stay-at-home parent need life insurance?
Yes, life insurance can be valuable for stay-at-home parents, even if they don't earn an income. The childcare, household management and other support they provide have financial value. If a stay-at-home parent passes away, the surviving partner may need to pay for childcare or household help or reduce their working hours. Life cover can help meet these additional expenses and protect the family's financial security.
Why is life insurance important for single moms?
If you're raising your child on your own, you may not have a partner to take over the financial responsibilities and everyday care if you pass away. This makes life cover particularly important. When deciding how much cover you need, consider both your income and the care you provide.