Originally published: 2019 | Last updated: September 2025
👶 “Driving in the dark” — Nick’s story (tap to expand)
Do you remember the first time you drove in the dark?
Were you nervous?
I was terrified.
And lost.
Maybe I was terrified because I was lost.
And I couldn’t figure out how to use the headlights.
So I was terrified, lost, and couldn’t use the headlights.
It’s not the best combination for driving in the dark for the first time.
Yeah, good story Nick, but what’s this got to do with life insurance for new parents?
Well, you see, my firstborn, Chloe, was due to arrive imminently.
And the way things were going, I wasn’t going to make it to the birth.
17th September 2010 (time flies) Hannah (Mrs Lion) was still in labour; she had been induced three times, but there was no sign of the baby.
“Nothing stirring”, the nurses said, so the hospital advised me to head home.
My home was in Tullamore, and the hospital was in Mullingar, so I booked into a hotel that was apparently a few minutes’ drive from the hospital.
Off I went on the supposed 2-minute drive to the hotel.
A route I thought I knew quite well.
But things look very different in the dark, especially roundabouts.
Pretty soon, I was lost, heading out of town and down a DARK backroad.
In fact, it was the darkest road I had ever seen.
Like pitch black dark.
Why is the road so dark?
Beeeeeeeeeeeeeeeeep, HONNNNNNNNNNK.
Oh, hi there, friendly folk beeping and gesticulating at me?
Hang on a minute; this is rural Ireland; there’s no road friendliness here, only rage!
Oh sweet Jesus, I’ve been driving for ages without any headlights on.
OK, LIGHTS ON, PHEW.
More flashing and beeping.
More rage.
Oh shite, I have full beams on, how do I turn them off?
I pulled into an old, disused petrol station and tried to calm down.
I was FREAKED OUT due to nerves, strong hospital coffee and a lack of sleep.
Eventually, I made it back to the hotel unscathed and was there when little Chloe was born the next morning. Holding her for the first time made me think about how her life would have panned out if I hadn’t made it to the hospital. You see, I didn’t have any life cover. I was young, had no kids, and both Hannah and I were working, so I had no need for life insurance.
Maybe you’re in the same boat? If you are, you’ve come to the right place.
Here’s what you need to know about life insurance as a new parent.
What does life insurance do for me?
In plain English: it replaces your future income if you die — by leaving a tax-free lump sum so your family doesn’t go from two incomes to one… or none.
If you have death-in-service at work, great — but it usually isn’t portable, and it may not be enough on its own.
How much life insurance does a parent need?
Life insurance covers an income gap. Rough rule: higher income and younger kids → more cover needed.
If you net €60,000/year and have ~25 working years left, that’s roughly €1.5m in future take-home that disappears if you die.
Your policy’s job is to plug enough of that gap so your family is OK.
Use our quick calculator below to get a ballpark figure tailored to your income and family situation:
Do both parents need life insurance?
Yes — including stay-at-home parents. Replacing childcare, lifts, cooking, planning, cleaning (and a million other jobs) costs real money.
A payout buys time, options, and less panic.
What about single parents?
Cover matters even more because there’s less redundancy in the system. If you’re parenting solo, let’s structure a policy that keeps school, rent/mortgage, and routines steady for your child.
How much does life insurance cost?
Price depends on age, health, smoker status, cover amount, and term.
You don’t pay tax on the payout.
Get live pricing in 30 seconds here: compare quotes.
What’s the difference between life insurance and mortgage protection as a parent?
- Life insurance: protects your family (money goes to them).
- Mortgage protection: protects the bank (clears the loan).
If you’ve a mortgage and a family, you usually need both — on separate policies so you can change one without messing up the other.
More here: Mortgage Protection Explained.
Should new parents buy serious illness cover or income protection?
Income protection first, every time.
Your income pays for everything. State illness benefit won’t stretch far.
Specified serious illness only pays for listed illnesses; income protection covers any medically-recognised illness that stops you doing your job beyond the deferred period.
How does income protection differ from serious illness cover?
- Income protection: monthly income if you can’t work due to illness/injury (own-occupation), after your chosen wait period.
- Serious illness: one-off lump sum, but only for conditions named in the policy.
Deep dive: Income Protection (Explained).
Does income protection cost more than serious illness cover?
Not necessarily — it depends on amounts/terms.
Occupation class is the big lever: an accountant will usually pay less than a builder for the same cover.
We’ll help you figure out the right amount of cover and deferred period for your sick-pay and budget.
Complete this questionnaire, and I’ll be back in a jiffy.
For how long do I need life insurance as a new parent?
Common approach: run the policy until your youngest turns ~25 (finished full-time education).
Always add a Conversion Option so you can buy a new policy later without fresh medicals.
Can you get mortgage life assurance if you’re pregnant?
Yes.
A normal pregnancy isn’t a problem though conditions like gestational diabetes can add a temporary loading until readings normalise.
If you’re trying, it’s smart to set mortgage cover up early so you don’t miss add-ons (e.g. some hospital cash benefits can’t be added once pregnant).
Will I have to do a medical?
Usually no.
Clean applications (no health issues) are accepted immediately.
Minor issues may trigger a health questionnaire.
Moderate issus (MS, Diabetes, cancer history) may require a medical report from your GP
Full medicals are rare and typically linked to very high sums assured or flagged disclosures.
Should I get life insurance when pregnant?
Yes — it’s the perfect time.
After baby arrives, spare time vanishes, you won’t have time for a cuppa let along arrange life insurance.
Get it boxed off now.
- Separate family cover from mortgage cover.
- Add the Conversion Option (future-proofing).
- Match income protection’s deferred period to your sick-pay.
- Keep beneficiaries/trusts/tax routing clean (ask me if unsure).
Is my baby covered?
Most policies include Children’s Life Cover as a built-in extra — typically up to €7,000 from 3 months to age 18 (or 25 if in full-time education).
Some plans also include a second-medical-opinion service.
We’ll confirm the exact benefits across insurers.
FAQs
What’s the “right” cover amount for parents?
Aim to replace enough income to keep the household steady: mortgage/rent, childcare, utilities, food, transport, education.
Many parents combine a lump sum policy with a Monthly Income Benefit so part of the payout arrives like a salary.
Can we put both parents on one policy?
You can (dual or joint), but separate policies can be more flexible for future changes. We’ll compare.
Does smoking/vaping affect price?
Yes. You’ll be rated as a smoker if you’ve used nicotine in the last 12 months (varies by insurer).
Quit for 12 months and you can usually re-apply as a non-smoker.
Will health issues ruin my chances?
Not necessarily. We place tricky cases with the right underwriter first, so you don’t burn applications.
Disclose fully — surprises are what cause declines.
Is mortgage protection enough on its own?
No — it clears the loan but doesn’t pay the bills. Keep family cover separate so your partner isn’t left “house rich, cash poor.”
Over to you…
There’s a lot here, and your situation is unique. I’ll keep it simple:
Thanks for reading,
Nick
Editor’s note: First published 2019. This update September 2025.