Protecting Yourself From the Sun? What About Your Family?

This insurance is not a unique type of policy but rather a life insurance plan taken out specifically to safeguard your family. With a family life insurance plan, your spouse and you can also combine life insurance with other cover which protects them if you're unable to work. The payout means you can keep supporting your family financially.

Family life insurance can be used to pay off debts such as mortgages or loans. And it can also help pay for living expenses, hobbies, education and other outgoings. Ensuring they will receive money to cover living costs and other expenses if you die. The insurance money can be used to pay for things such as funeral costs, tax debts, mortgage payments, household bills, school fees and education costs.

Do I need life insurance for my family?

If you don't have any savings, you're repaying a mortgage, or have other outstanding debts or loans, then getting life insurance to leave to your family may be a good idea. Life insurance can provide financial security for your loved ones when you pass away.

Which life insurance is best for families and children?

When it comes to taking out life insurance to protect your family, there are a few options available to you. You can get life assurance on its own, which covers you or your partner in the case of death.

Or you can combine different types of insurance to protect your family if you are unable to work. Taking out multiple policies means your family are protected from a range of eventualities.

There are different types of family life insurance

Including whole of life assurance, which pays out whenever you die. 

Term life insurance which covers you for a fixed period, but not after.

There is also income protection insurance. So, if sick and cannot work, this pays you part of your monthly income. The income may be tax free and helps you protect your finances while you recover.

Furthermore, there is critical illness cover. Some providers allow you to add serious or critical illness cover to a life assurance plan or buy it as a standalone plan. If you're diagnosed with a serious illness, you'll receive a lump sum payout, after a short deferment period. 

A particular type of term insurance is mortgage protection insurance. This pays off the rest of your loan if you become ill or die during the policy, meaning that your family could keep their home. 

All the above help demonstrate why, if you have recently started a family, or a little one is on the way, now is a good time to think about how you can protect your family and have less to worry about.

Thinking of making a gift?

You may have left money for your loved ones in your will, but it could take months or years for your family to receive the money. A life insurance payment will provide them with a sum of money shortly after you die.

Plus, you might want to leave your family with a little extra to cover rising costs or inflation. Taking out family life insurance offers a relatively safe way to leave your loved ones with some extra money after your death.

Although every effort has been made to ensure that the information provided in this article is accurate and correct, the information provided does not constitute any form of financial advice. We recommend that you take financial advice before making any financial decisions.