Protecting Your Family’s Future

As a parent, your biggest priority is making sure your children and loved ones are secure no matter what life brings. Life insurance for parents is designed to provide financial protection for your family — covering living expenses, education costs, and debts if the unexpected happens.

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At Covermate Life, we’re a specialist life insurance broker. We compare leading insurers to help parents find cover that suits their family’s needs. We only provide general advice, meaning we don’t take into account your personal objectives, financial situation, or needs — but we can guide you on the available options so you can make an informed choice.

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Why Parents Need Life Insurance

Raising children comes with responsibilities and financial commitments. Life insurance helps ensure those commitments are met, even if you’re no longer there to provide.

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Some of the common reasons parents take out life insurance include:

• Replacing lost income to cover everyday living costs.

• Paying the mortgage or rent, so your family keeps their home.

• Covering school and university fees, giving children stability in education.

• Paying off debts or loans, removing financial stress from your loved ones.

• Leaving a legacy, helping your family maintain their quality of life.

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Types of Life Insurance for Parents

When comparing cover, parents often consider:

• Life Cover (Death Cover): A lump sum paid to your beneficiaries if you pass away.

• TPD (Total & Permanent Disability) Cover: Pays a lump sum if you become permanently disabled and unable to work.

• Trauma (Critical Illness) Cover: A payout if you’re diagnosed with a specified serious illness, such as cancer or heart disease.

• Income Protection: Provides a monthly income if you can’t work due to injury or illness.

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How Much Cover Do Parents Need?

The right amount of cover depends on your family’s circumstances. A common starting point is to calculate:

• Outstanding mortgage or rent commitments.

• Education costs for children.

• Ongoing household expenses (utilities, groceries, childcare).

• Any debts, loans, or future expenses.

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At Covermate Life, we can compare policies and insurers to show you the options available, so you can decide on a level of cover that feels right for your family.

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FAQs – Life Insurance for Parents

1. Do both parents need life insurance?
Yes, in most cases it’s wise for both parents to have cover — even if one parent stays at home, as replacing the unpaid support (childcare, household tasks) can be costly.

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2. Can I get life insurance if I have young children?
Yes, having young children is one of the most common times to take out cover, as you have many years of financial commitments ahead.

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3. Is life insurance expensive for parents?
Premiums vary based on age, health, and cover amount. Many parents are surprised by how affordable cover can be, especially if taken out earlier.

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4. What if I already have life insurance through my super?
Some cover is often included in super funds, but it may not be enough for a family. Comparing stand-alone policies can help you see if additional cover is needed.

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5. Can Covermate Life give personal advice?
No, we only provide general advice. This means we don’t take into account your personal circumstances. We can, however, show you options from leading insurers so you can make an informed decision.

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Take the Next Step

Protect your family’s financial future today. At Covermate Life, we make it easier for parents to compare life insurance policies across trusted insurers.