Family Life Insurance

Families come in all shapes and sizes; you must protect yours now and in the future.

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Families come in all shapes and sizes; you must protect yours now and in the future.

Although it may seem premature to worry about what would happen to your children and partner financially if you died, it could save a lot of suffering and heartache in the long term.

Especially if yours is one of the 35% of families in the UK who have no savings available.

man, woman and child holding hands on seashore

Family life insurance is well worth considering along with all the other things you plan for in order to keep your family safe.

Family life insurance is well worth considering, along with all the other things you plan for to keep your family safe.

What is family life insurance?

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Family life insurance is a combination of life insurance policies which will financially support your family if one of its members dies or is critically injured.

With family life insurance policies, as with other types of insurance, you make monthly payments which ensure that they pay out a lump sum in the event of your death to support your family financially.

Types of family life insurance

There are three main ways to look for family life cover quotes, and you should consider your needs when deciding which type of cover fits best.

You could go for level term life insurance, which means that whatever the term you decide on, usually 5, 10 or 20 years depending on the age of your children, the amount insured stays the same if you die during the term of the policy.

Decreasing term life insurance is a way of managing the amount of insurance you have against the needs of your family as time passes, or simply put, the payout decreases over the policy term as your children grow to become independent adults or your mortgage gets paid off and your financial commitments decrease.

Lastly, whole of life insurance policy is when you are covered for the whole of your life and the sum insured is paid to your family when you pass away.

When looking at family insurance quotes and options you will often find that this is the most expensive as the payout is guaranteed, unlike insurance with a fixed term.

Joint and individual policies

We compare plans from the leading life insurance providers

There are a few options, you can either take out your life insurance policy as an individual or combine the policies so that you have joint cover with your partner.

A single-life insurance policy is an excellent idea for single parents as you can arrange the policy to cover both debts and any future expenses your family may incur.

You can name a beneficiary of your choice or write your policy in trust for a child which means that the payout won’t have inheritance tax added.

Joint life insurance means that both parents are covered by the same policy which often works out to be more economical than two separate individual policies.

A joint life insurance policy would cover the financial contributions that both partners make to the family, either by working outside the home or as a stay-at-home parent.

The insurance policy payout would cover any expenses your family may have to pay such as additional childcare or cover a drop in salary to maintain their current lifestyle.

A joint family life insurance will only pay out once, on the first death, which means that you need to ensure that the sum insured needs to be enough to at least cover your outstanding mortgage payments to ensure that your family is fully financially supported in the future.

Outgoings that you may need to consider in addition to mortgage or rent payments, groceries, clothing, after-school activities for your children and hobbies that the adults in the household do, monthly energy bills including gas, electricity, water, and council tax.

It is also wise to factor in inflation to the payout amount you need, especially if your children are still young as their future living costs may rise significantly.

With a joint life insurance policy if one of the policyholders dies during the term the amount insured will automatically be paid to the surviving partner which can smooth the difficult financial aftermath of a death.

It is important to remember though that the surviving parent would need to then take out their own individual life insurance policy if they wanted further cover which may be costly as they would now be older.

If both insured parents should die at the same time then the sum to be paid out would go into their estate and be paid to their beneficiaries unless the policy is written in trust.

How much life cover do you need for your family?

With the average UK household debt at a record £15,400, it’s more important than ever to consider how your family would cope if you died.

As well as taking the age of your children into account (in other words, how long you wish to support them), other things you might wish to consider before beginning an application for life insurance include:

  • Food, clothing and general living expenses.
  • Mortgage payments, rent and utility bills.
  • Household debts.
  • Childcare and education costs.
  • Travel and transport expenses.

You might not be replaceable, but your income is and could make a world of difference to your family.

How much does family life insurance cost?

The cost of family life insurance is based on the level of cover you need and the length of the term you are looking for, and it can be bought for only a few pence per day.

It’s best to take out life insurance cover as soon as possible, as the younger and healthier you are when you take the cover out, the cheaper your life insurance premiums are likely to be.

The monthly premium payments you make can vary from provider to provider, so it’s worth comparing what each company offers and checking exactly what is covered.

If you have additional risk factors, such as being a smoker or having any diagnosed conditions, they will be taken into account when calculating the premium, alongside your age and lifestyle.

Based on customers looking for a level term policy (without critical illness cover), with a total cover amount between £150,000 and £200,000 for 10 – 20 years, show the average monthly premiums paid by individuals and families from different age groups as follows:

Age group Monthly cost of joint life insurance only Monthly cost of single life insurance only
18-29 £10.88 £6.15
30-39 £17.56 £9.64
40-49 £33.72 £18.84
50-59 £63.07 £37.98
60+ £215.13 £138.25

Family critical illness insurance cover

Terminal illness cover is an insurance product which covers you in the event of being diagnosed with a terminal condition and given less than 12 months to live.

This type of family insurance cover is often included in life insurance policies. Hence, it is worth checking your family life insurance quotes as a payout under these circumstances could offer you freedom from financial concerns during the last few months of your life.

Critical illness cover can be added to your family life cover, as in the UK, you are far more likely to suffer from a severe illness before the age of 65 than die.

This type of cover is suitable for everyone in the family, including children and pays out if anyone covered is diagnosed with a severe illness.

This extra layer of protection can be put in place to ensure that in the event of critical illness, you could cover the lost income of a breadwinner or fund additional medical treatment for a child.

Updating a family life insurance policy

When considering family life insurance quotes consider whether you will need to update your cover in the future.

If you’re planning a new baby or a move to a bigger house, then some policies let you increase your cover to ensure all of your further outgoings are fully covered.

The cost of family life insurance depends on the level of cover you are looking for and your family history, your age when you take the policy out and the type of life insurance you go for.

Working out your outgoings and how much life insurance you need for your family is the first step in structuring a comprehensive family life insurance plan.

Family history and life insurance

Through no fault of your own, family medical history can greatly impact the price you pay for life cover.

Insurers will want to know if you have any close relatives (parents or siblings) who have suffered from certain medical conditions before age 60.

With increased risk comes increased cost, and a family history of cardiovascular illness, cancer, stroke, Alzheimer’s disease and Parkinson’s, to name but a few, can elevate insurance premiums considerably.

However, no two quotes are identical, which is why using a comparison site is a wise move that can save you both time and money

Compare Family Life Insurance Quotes

When it comes to protecting your family’s future, life insurance is an important consideration. It can provide financial security and peace of mind in the event of your unexpected death. However, at Life Cover Quotes, we understand that finding the right life insurance policy can be a daunting task, which is why we’re here to help.

We offer a convenient and easy way to compare family life insurance quotes from various top insurers. Using our platform, you can quickly and easily compare policies, coverage amounts, and premiums to find the best option for your family’s needs.

Our platform connects you with experienced brokers who can provide personalized recommendations based on your situation. So whether you’re looking for a term life insurance policy, a whole of life policy, or something else, we can help you find the right coverage at the right price.

Don’t let the process of finding the right life insurance policy for your family be overwhelming. Let us help you find the best coverage to protect the ones you love.

Family Life Insurance FAQ

Yes, you can get life insurance for your entire family. While there isn’t a specific “family life insurance” policy, you can purchase individual policies for each family member or consider a joint policy for you and your partner. This ensures financial security for your loved ones in case of unforeseen events. We at Life Cover Quotes can connect you with brokers who can provide suitable quotes for your family’s needs.

In the UK, the minimum age to get life insurance for a child typically ranges from 0 to 14 days. You can purchase policies for your baby, child, or teenager without requiring a medical exam. Enrolling them at a younger age may result in lower premiums.

Upon the policyholder’s death, the life insurance company pays the agreed-upon sum to the listed beneficiaries. This payout, also known as the death benefit, can help your family cover expenses such as funeral costs, mortgage repayments, or daily living expenses. The process may require submitting a claim form and providing necessary documents, such as the death certificate.

Yes, you can change your life insurance policy after having a child. You may want to review your policy and consider increasing the cover to account for the additional financial responsibility of raising a child. You can contact your insurer or consult with one of our partnered brokers to discuss your options and adjust your policy accordingly.

Several factors can impact the cost of life insurance, including age, health, lifestyle choices, occupation, policy type, and the amount of cover desired. Insurers assess these factors to determine the level of risk and calculate the premiums accordingly. Younger, healthier individuals generally pay lower premiums than older individuals with pre-existing health conditions.

Yes, it is possible to have multiple life insurance policies. Having more than one policy can help you better tailor your coverage to specific needs or financial goals. For example, you might have one policy to cover your mortgage and another to provide financial support for your children’s education. Our partnered brokers can help you find the most suitable policies for your unique situation.

It’s essential to review and update your life insurance policy if there are significant changes in your family’s circumstances, such as marriage, divorce, having a child, or changes in your financial situation. Keeping your policy updated ensures that your loved ones receive adequate financial support in the event of your death.

If you don’t name a beneficiary for your life insurance policy, the death benefit will be paid to your estate. This can result in a more extended payout process, as the funds may be subject to probate. It’s best to name a beneficiary to ensure a smoother and more efficient payout process for your loved ones.

Depending on the policy type and the insurer’s terms, you may be able to transfer ownership of a life insurance policy to your child once they reach a certain