Family life insurance

Family life insurance is simply a way of describing life insurance taken out to protect your loved ones’ financial security if you were no longer around.

There are various policy options available and the most suitable will depend on what sort of cover you're looking to provide your family.

These can either provide a lump sum to cover large expenses like a mortgage, or on-going monthly payments to replace a lost income and cover day-to-day living costs.

Both types of family life insurance require monthly premium payments and if the worst were to happen, your loved ones could make a claim.

You may want to read our in-depth article on how life insurance works.

Families often have to survive on a tight budget, making it important to arrange life insurance as cost-effectively as possible.

The best life insurance to suit you and your family will depend on what it is you're wanting to protect.

There are various types of family life insurance policies, each better suited to protecting certain aspects within your life.

Ultimately, it should be suited towards protecting the most important aspects for your loved ones as well as providing an adequate level of coverage, all whilst being within your budget.

Keep reading to discover the suitability for each of these policies, or get in touch to determine your best solution.

Unlike traditional life insurance, which pays out a lump sum, family income benefit provides ongoing, tax-free monthly payments.

Regular income payments start from the date you pass away, until the end of the policy term.

This type of cover is ideal for replacing a lost income, covering daily living costs or paying for additional childcare if required.

Contact our team today to arrange family income benefit from as little as 20p-a-day.

Arranging joint life insurance can save, on average, 25% on your monthly premiums.

Therefore, for families on a tight budget, it can seem like an appealing option.

However, the biggest downfall with joint cover is it'll only pay out upon first death.

This can leave the surviving partner uncovered and having to arrange new cover at a later stage in life when they're likely to experience higher premiums.

Equally, when joint life insurance is used to protect two parents, if both were to pass away simultaneously, the pay out may not be sufficient to cover this twin loss.

As a result, if budget allows, it may be more beneficial to arrange two single life insurance policies.

To discuss the options available within your budget, contact our team to receive your free quotes.

With families taking many shapes and forms, deciding who to cover, and how, may not always be straight forward.

When deciding who to cover within your family, it’s important to consider the financial impact their death would have on your family’s lifestyle and arrange protection accordingly.

Stay-at-home parents are often considered to not need life insurance as they don’t contribute a tangible income.

However, when taking into consideration all the unpaid jobs they carry out, it’s easy to understand the need for cover.

• How much additional childcare would be required?
• Would working hours need to be reduced?

Research from Bidvine suggests the average death of a stay-at-home mum would equate to a loss of £80,000 a year, highlighting the necessity for life protection.

Your children, on the other hand, may not require cover, as their passing won't result in any loss of income, (see below).

Whilst it's possible to arrange life insurance for family members simultaneously, as discussed, this is unlikely to be the most beneficial solution as it'll only result in one pay out.

It’s more than possible to arrange life insurance on behalf of a family member and the process isn’t entirely different to arranging your own.

The person of whom the policy resides will remain the policyholder.

They'll be required to provide all of the necessary health and medical information and the rights to the policy remain theirs.

This includes the right to cancel the policy.

To discuss options for arranging cover on behalf of a family member, please contact Reassured.

Critical illness cover provides you with a lump sum pay out if you're diagnosed with a serious, yet non-life-threatening illness.

This pay out can be used to replace a lost income, fund necessary home adaptations or simply to enjoy with your family.

Furthermore, critical illness cover also extends cover to your children, providing a pay out if the worst were to happen to your loved ones.

All life insurance policies provided through Reassured have the ability of upgrading to include critical illness cover.

Simply get in touch today for your free quote.

Writing your life insurance policy in trust allows your loved ones to make the most of your selfless investment.

At Reassured we offer a free trust writing service, providing you peace of mind that your application is completed correctly.

Simply contact our customer service team today and we'll be happy to help.

The cost and cover of family life insurance can vary significantly between insurers, making it essential to compare quotes before arranging cover.

Using our FCA registered brokerage will allow you to obtain all the information you need to make an informed decision on your best solution.

And our award-winning service comes at no charge to you.

We've arranged life insurance protection for over 400,000 families in the UK.

Simply get in touch today to obtain your free quotes and take the first step to protecting your loved one's future.