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Family Protection

Family Protection

Who wouldn’t want to give their family adequate protection? Anyone who has a family will, no doubt, have already invested in numerous financial and physical products to offer their family some protection from disaster. Home insurance, health cover, savings accounts, home security: There are plenty of things we can do in our lives to keep our loved ones safe from harm.

But what about when we are no longer around? How can we be sure that we have done everything in our power to keep our family safe and protected for the rest of their lives, not just the rest of ours? One way in which you can keep on giving to your family even after death is to take out a family protection insurance policy, which will financially care for your loved ones if you were to die.

What is it?

Protection insurance is designed to provide a safety net for your family in the event of your death. It is designed to help with unexpected financial burdens arising from your passing, and will give you peace of mind that your family are provided for, even if you are no longer around to help.  

How does it work?

Family protection insurance is a form of life insurance. In the event of something happening that is covered by your policy, your family will be paid an agreed sum to help them get through it. When you take out the policy, you can select the amount you are insured for, setting it at a level that gives you comfort that they will be OK. The money could be used to cover the cost of your funeral, to pay off the rest of the mortgage, or just to give them a healthy bank balance for a happy future.

The higher the amount you wish to be paid, and the longer the term your cover is for, the higher a premium you will pay. There are lots of family protection insurance products out there which can make things a bit confusing, but you can talk to one of our consultants, who can provide you with a number of options for you to choose from.

Fixed premiums

Once you have found the right cover for your situation, your premiums can be fixed at the current level for the term of the policy. Getting life insurance or family protection insurance is usually cheaper the younger you are, and starts to rise steeply once you are over 60. Fixing your life insurance premiums now mean you won’t have to pay steep premiums in the future, so don’t leave it too late to act. You can apply now here. It only takes 2 minutes!.

Whole of life cover

Most insurance policies run for a fixed term. This could be ten years, twenty or even longer. However, some insurance policies can be set to run for the whole of your life, meaning your family will eventually benefit from your investment, even if you live to be over a hundred! These policies, known as ‘whole of life’ policies, are more expensive, but they do guarantee to give back to your loved ones in time, unlike fixed term policies which can often be outlived.

Joint or single?

Dealing with financial hardship is not something we are best equipped to deal with whilst grieving the loss of a loved one, so it’s worth considering whether you need cover for your partner as well. Joint cover is usually cheaper than two separate policies, but do bear in mind that life insurance will only pay out for one of you, leaving the other to renegotiate a single policy, potentially at a much higher premium due to the advancement of age.

Terminal Illness

Terminal illness cover can be included in your family protection insurance if you wish, and is basically a policy that pays out in the event that you are diagnosed with a terminal condition. Some life insurance policies will include this at no extra cost, but do check to see whether it’s stated in any policy you are considering rather than assuming it will be covered.

This cover pays out a fixed lump sum after diagnosis if you are expected to die within 12 months. The diagnosis usually has to be made by a specialist in the type of illness you are suffering, and the illness must be one of the ones listed on your policy details. This money can be crucial to getting your family through those last few months of your life, and can pay for things like trips away, funeral expenses and even to fly relatives over to say goodbye to you.

Critical Illness

A critical illness policy will pay a lump sum to you if you are diagnosed with a critical illness. Critical illnesses which are included can vary from one policy to the next, but can include:

  • Heart attack
  • Stroke
  • Blindness
  • Cancer
  • Coma
  • Deafness
  • Kidney failure

All these illnesses, whilst survivable, have a major impact on your lifestyle and ability to do things for yourself. This can mean you are no longer able to work, are in need of a carer or that you require expensive alterations to your home to be made. Critical illness cover means you and your family will have a source of financial freedom to cushion the blow of these expenses.

Things to consider

  • This is not a savings policy & If you cancel your policy there is no cash-in value.
  • Cover will end if you don’t make monthly payments.



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