Should you consider family life Insurance?
If you die where will this leave your family finances? Whether you are the breadwinner or a home maker the financial impact to your family if you die is likely to be significant.
With a loss of income how will the bills be paid each month? Will the nice to haves like TV subscriptions, sport clubs, an annual holiday and generous presents for your children be a thing of the past?
If you are a home maker your partner may need to pay someone to care for your children and carry out housekeeping work. This could be expensive.
If you are a single parent, who would look after your children and will they have the money to do this?
Reliance on employment benefits such as Death in Service is not a full proof plan either as your employment may have ceased if you have been unwell for a period of time before you pass.
If it is important to you that your family are going to be ok financially if you die, then you should consider family life insurance.
What we do
- Assess your individual circumstances to see what gaps you have with your family’s protection
- Discuss all your options and consider what will be best for your family and their needs
- Provide fee-free, impartial advice – we get paid by your insurer once you take out your policy
There are two different types of family life insurance. You can either have a policy that provides one lump sum or one that provides a regular income.
When you set up the policy, with our advice, you’ll decide how much money you’d like your family to receive and for how long you need the cover in place.
We’ll guide and advise you on the best policy to suit your needs and get you great value for money.
It depends! It’s great that you have life cover to protect your mortgage, but this will only cover your mortgage. The questions to ask yourself are:
- How much will my family need each month to cover the rest of their monthly bills and live a comfortable lifestyle
- Will there be any new extra costs, such as childcare?
- Will they have the income they need from other sources?
- Would I like to provide my children with a lump sum to help them buy a car or house?
This will depend on your circumstances, and we can help you work this out. For example, you might like to know that your family has extra protection in place until your youngest child reaches a certain age.
One policy to protect your mortgage and family is unlikely to be a good idea for a number of reasons. For example, the amount of time your family will require family protection will probably differ from the length of your mortgage. Separate cover for both will leave you the right protection for the right period of time.
Yes, you can set up a joint policy that pays out in a lump sum or monthly should you or your partner die. The main consideration is if you were both to die would the policy leave enough for your family? If not, a separate policy for each of you would work best.
If you are not married or in a legal partnership with your partner the policy would need to be written into trust or set up on a life of another basis to ensure the funds go to the surviving partner.
It’s important to have your life insurance with a financially strong company, with a proven track record of paying claims and a high standard of customer care. We only recommend companies who fit this criteria. When you have your shortlist of companies the lowest premium often makes sense. However, sometimes it worth paying a small amount extra to benefit from some extra benefits some providers include, such as video call GP appointments.
We can run through all your options with you and assess which is the best policy to suit your needs.
Yes, you can cancel it at any time. This means your cover will end and you’ll no longer be able to make a claim.
You’ll have an initial 30-day period where you can change your mind and receive a refund of the premiums you’ve paid during this time. If you cancel after this, you won’t get a refund for the premiums you’ve already paid.
If you’re over 18 and a UK resident, you should be eligible for life insurance. But you’ll need to check with your provider as some may have an upper age limit for taking out a policy.
Yes, but your choices might be limited. If you find a provider who’ll cover you, it’s likely that you’ll need to pay more for your premiums.
You need to disclose all health and medical conditions as part of your application. If you don’t, they could refuse a pay-out.
For more details on how different conditions affect your application, see our guide.
This depends on 3 factors: your medical history, the type of cover you’re applying for, and the amount of cover you need.
Even if you have always been in good health an insurer may require a medical check if you’re applying for a large amount of life cover.