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Family Life Insurance

What is family life insurance?

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

This type of protection commonly takes the form of level term cover, which pays out a fixed lump sum if you were to die at any point during the policy.

There are other policy options available to protect your family, such as family income benefit or whole of life.

There is also decreasing term cover which is generally used to protect a family home with a repayment mortgage.

All of these family life insurance options are explained in detail below.

Family life insurance protection

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Who might need family life insurance cover?

Family life insurance is a very good idea if you have dependants who rely on you financially, be it children, a spouse or partner.

If you were no longer around would your family be able to afford to continue living in the family home? Would your loved ones be able to maintain their current standard of living?

With comprehensive family life insurance, you can protect your loved ones.

Mortgage life insurance scenarioMortgage life insurance example scenario

The benefits of family life insurance:

Financial data from the UK suggests:

These statistics from and emphasise the importance of protecting our loved ones with adequate life insurance cover.

Despite this, according to Legal & General, almost a half of parents do not have any life insurance.

Important things to consider with family life insurance:

Why use Reassured to secure the best family protection policy?

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