How much life insurance do I need with children?

20 October 2026

When you have children, life insurance stops being about a mortgage and starts being about years. How many years would they need support, and what would those years cost?

6 min read · That’s Family Finance · Last reviewed October 2026

Who this is for: parents and parents-to-be, including single parents, blended families and households where one parent stays at home.

How it helps: walks through the costs that matter when you have children and how long cover should run, then points you to our calculator to turn it into a figure.

In this article: The costs to count when you have children · How long the cover should last · Why both parents usually need cover · Setting it up so the money reaches your children · FAQs

Most parents underestimate how long their children would rely on them financially. It is not just until school ends. For many families it runs into the late teens or beyond.

That timeline matters as much as the amount.

The costs to count when you have children

The home. Clearing or covering the mortgage, or keeping up the rent, so the children can stay where they are settled.

Everyday living. Food, bills, clothes, travel, clubs and school costs, month after month.

Childcare. If the surviving parent needs to work more, or the school run can no longer be shared, childcare costs often rise.

Time off. Many parents need time away from work after a death. Building that in avoids a rushed return.

Later costs. Some families want to help with university, driving lessons or a first home. These are choices, not essentials, so cover them only if they matter to you.

How long the cover should last

Count from today to the age your youngest child is likely to be independent. For many families that is around 18 to 21, but it is your choice.

Do not round down. A policy that ends a few years early leaves a gap at exactly the point you planned for.

If a regular monthly income would suit your family better than one lump sum, family income benefit pays out monthly until the end of the term and is often good value for parents.

Work out cover around your children

Our calculator asks how many children depend on you and for how many years, then suggests a level of cover and a guide price.

Work out how much cover I need

A guide to help you think it through, not advice. Prices shown are indications only.

Why both parents usually need cover

It is easy to insure only the higher earner. But if the parent who does most of the caring died, someone would need to be paid to do much of what they did.

That cost lands immediately, and it can be significant even if their earnings were lower. Run the sum for each parent separately.

Couples can choose one joint policy or two single policies. Two single policies cost a little more but can pay out twice.

Setting it up so the money reaches your children

Trust. Writing the policy in trust can mean the money reaches your family without waiting for probate.

Guardians and a will. Life cover provides money. A will says who looks after your children and how the money is handled. If you do not have one, our page on wills and power of attorney explains the next step.

Unmarried parents. The rules on what happens when you die are different. Our guide to life insurance for unmarried couples covers this.

Frequently asked questions

How much life insurance does a parent need?

It depends on your mortgage or rent, what your family spends, how many years your children would need support and what cover you already have. A needs-based calculator is the quickest way to get a starting figure.

How long should life insurance last when you have children?

Most parents run cover until the youngest child is likely to be financially independent. Count the years from today rather than picking a round number.

Does a stay-at-home parent need life insurance?

Often, yes. Replacing childcare and running the home has a real cost, and that cost starts immediately.

Should we have a joint policy or two single policies?

A joint policy usually pays out once. Two single policies cost a little more but can pay out twice, which some families prefer.

Do children need their own life insurance?

Children do not usually need their own policy. Many adult policies include some children's cover, but check the details with your insurer.

See what your family would need

Answer a few questions about your children, home and income. Adjust the amounts at the end to see how the price changes.