Insurance to cover maternity pay sortfall?

dannicliff

Is there such a thing as an insurance to cover the difference between wages and the statutory maternity pay? I am about to start IVF and I'm worried about not being able to afford to have over 6 months maternity off as the drop in wages is too great with all the payments I have to make at present. As we all know there isn't a lot of spare cash available at the minute but I would like to cover myself. Can anyone help?

InsideInsurance

There almost certainly wont be, pregnancy is a choice, insurance covers chance occurrences. You'll find that private medical insurance normally doesn't cover standard pregnancies for the same reason.

If it existed then everyone would buy it prior to trying to get pregnant and given current fertility rates and IVF success rates youd be looking at premiums not far off the total you can possibly claim.

Affordability really should be part of any couples considerations before starting a family, though for many it doesnt seem to be.

Mand_x_

Some Health Care Policies pay out on child birth. However, there is usually a minimum of 12 months before you can claim and the payout is very minimal in comparrison to how much you would have to pay into it.

Would it not be possible to consider putting a little money aside each month into an account and aim on saving maybe a couple of months salary to help you financially when you are on maternity leave. I know you said there isnt much spare cash at the moment but even if you save the amount you would pay on a policy. You also mention that you have lots of payments at the moment, maybe you could use the money you would pay into a policy to clear a few of these payments so you are financially better off when you find youself expecting.

Also depending on how much income you and your partner earn, you maybe entitled to some benefits like working tax credit, The maternity grant (£500) and Child Benefit. If you go to http://www.turn2us.org.uk/benefits_search.aspx or the tax credit website you can put some figures in and see if you will be entitled to anything extra to help you.

I rushed back to work after 6 weeks with my first child due to financial worries and I regreted it so so much. I missed out on lots of little things and you can never get that time back, it goes so so quickly they are walking, then off to school then planning on leaving home before you know it lol. With my second child I had 1 year off. I was only on statatory maturnity pay which was about £50 a week and we really struggled on my husbands wage alone. We had a lot less money, had to shop differently not buy new clothes, turn off the sky and cut back on everything. But honestly. . . . it was worth every scrimping saving moment to get to spend the 1st year of my little mans life with him and I also got to spend a year at home with his older brother who was 2 the day before he was born. I regret more going back to work with my 1st so early than I do struggling financialy for a couple of years becasue it was worth every penny we didnt have


Good luck on your IVF

dannicliff

Thanks mandx It looks like we'll have to start saving as we've got at least 18 months Thats one bonus of IVF at least we know whats coming! I fully intend to have the whole year off as this is our only chance of children so I will make the most of every second. In america they have a top up insurance alongside their medical insurance which is what got me thinking. Thanks again for your reply