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Family Protection Life Insurance

What is family protection life insurance?

Family protection is a type of life insurance designed to secure your family’s financial future, in the event of your death. It commonly takes the form of term insurance, which pays out a fixed lump sum to your dependents, if you die during the policy term.

The benefits of family protection:

Who might need family protection insurance cover?

Family protection life insurance is usually a very good idea if you have dependents that rely on you financially. For example, if you are the sole ‘breadwinner’ in the household and have young children.

There are different ways in which you can ensure the protection of your family if the worst were to happen. The most common in the UK is term cover, although family income benefit and whole of life are possible alternatives.

As with any form of life insurance, the policy you choose will depend on your personal circumstances – age, health, budget, level of protection, length of cover and how many dependents.

Family protection life insurance from Reassured

How does cover work?

Fix your monthly premiums

Family income benefit

Whole of life cover

An example scenario:

Desmond is a 47-year-old father of 3. He works as an IT consultant, earning £74,000 per annum. His wife, Eva, is a full-time mum to Ted (6), Holly (4) and Jack (2).

Being a single income family, if Desmond was no longer around, it would have a devastating impact.

How would Eva:

Desmond and Eva decide to secure their family’s future, by taking out level term life cover, protecting the whole family, until the kids are financially independent.

Because Desmond is still relatively young, in good health, a non-smoker and earns a good salary, he is able to take out a policy that is very affordable.

The policy not only covers their mortgage but would also leave a healthy sum to ensure the family could maintain their standard of living and leave a nice inheritance for the kids.

Learn more about the cost of raising a child in the UK, by reading Child Poverty Action Group’s ‘Cost of a Child in 2017’ report.

Joint or single policy?

Terminal illness cover

Critical illness cover

A critical illness policy will pay out a lump sum if you are diagnosed with a critical illness. Illnesses which are covered can vary from one policy to the next, (so please check), but often include:

All these critical illnesses, although survivable, will have a major impact on your lifestyle and ability to do things for yourself. This can mean you are no longer able to work, require a carer, or need expensive home alterations.

Critical illness cover ensures your family would have a source of financial freedom to cushion the blow of unexpected expenses, resulting from you falling critically ill.

Remember too, if you smoke your risk of suffering a critical or terminal illness greatly increases, as a result, your premiums with increase accordingly.

Important things to consider with family protection insurance:

Why use Reassured to secure the best family protection cover?

Talk to our Reassured consultants on 0808 168 2025 about affordable life insurance cover and how we could help you protect your family. Alternatively Start Your Quote online today – it only takes 2 minutes.