Family Life Insurance
Who is family life insurance for?
Family life insurance or level term insurance is generally designed for people who have a family to protect such as a partner, spouse or children. Many people choose family life insurance for peace of mind knowing that those they care about are protected.
This type of insurance pays out a tax-free lump sum on death of the life insured.
Family life insurance is ideal for someone who has any form of dependents in their household. This kind of insurance ensures that these dependents can continue to live their lives with a welcome peace of mind and not have to worry about financial hardship. Like all insurance this is a sensible financial safety net against unforeseen circumstances.
Is critical illness cover part of family life insurance?
What does family life insurance do?
- This can be a joint or single policy
- This covers life insured up to age 90 (with some life insurance providers)
- Pays out level sum insured
- This has higher premiums than mortgage life insurance & family income benefit
How much does family life insurance cost?
Does family life insurance cost more than other types of life insurance?
The cost of family life insurance is proportional to the amount of benefit that you would receive in comparison to other similar life insurance policies. Examples include – Mortgage life insurance, family income benefit and whole of life insurance). A family life insurance policy is specifically designed to ensure that your family and your home are protected in the event that you or your partner were no longer around to support your family. Essentially it’s a welcome peace of mind ensuring that those you care about are looked after.