Family Life insurance

What is Family Life Insurance?

Family life insurance, often referred to as a policy that provides a lump sum to your loved ones in the event of your passing, aims to support your family with essential living costs. There are diverse policy options to cater to various needs, offering coverage for specific periods or lifelong protection.

The most suitable policy hinges on your family’s unique requirements. By comparing family life insurance quotes, you can secure the ideal coverage tailored to your situation at a competitive rate.

Speak to our experts

With access to 1000s mortgages from over 90 high street lenders, we can help you find the right mortgage. Our five-star Google reviews back this up. Call us now and speak to a member of our experienced team.

Family life insurance provides crucial financial support to your loved ones in the event of your passing…

Family life insurance provides crucial financial support to your loved ones in the event of your passing, ensuring their security during a difficult time. The cost of family life insurance varies based on factors such as age, health, and lifestyle.

This type of insurance encompasses a range of products designed to safeguard families in the event of a primary breadwinner’s death. It offers a lump sum payment and can replace lost income for a specified period, covering daily expenses and future needs like education.

You pay a monthly premium to the insurer for the agreed protection level, and if you pass away during the policy term, your named beneficiaries (typically your spouse and/or children) will receive a lump sum or regular payments.

Tailoring your policy to suit your family’s needs is essential. Factors like your age, health, lifestyle, and desired coverage package influence the cost of insurance. Consider the amount of coverage needed, often around 10 times your annual salary to cover expenses like mortgages and bills.

Fixed Term Policies

Fixed Term policies pay out within a specific timeframe, making them ideal for protecting your family during key periods, such as until your children reach adulthood. Options include Level-term insurance for a consistent pay-out and Decreasing-term insurance, which adjusts the pay-out over time.

Whole-life policies provide lifelong protection but come with higher premiums. The pay-out decreases as you age, ensuring your family receives more in the event of premature death.

Single policies cover one individual, while joint policies cover multiple individuals. Opting for a joint policy can be cost-effective, with the pay-out typically going to the surviving parent.

Decide whether your beneficiaries receive a lump sum or regular payments based on your family’s needs. It’s advisable to seek financial advice on managing the pay-out effectively. Regularly review your policy to ensure it aligns with your family’s situation, especially if circumstances change significantly. Notify your beneficiaries about the policy to expedite the pay-out process.

Consider setting up a trust for underage beneficiaries to manage the funds until they are of age. When taking out a joint policy, the surviving policyholder will receive the pay-out.

Select your beneficiaries thoughtfully with a single policy. In the absence of a surviving parent or guardian, arrangements can be made to manage the funds until the children are of age to handle them independently, typically requiring legal assistance.

To find out more about Family Life Insurance, please contact a member of the team on 03454 500200. We would love to help.

Because we play by the book we want to tell you that…

For insurance business we offer products from a choice of insurers. Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Frequently asked questions

How are family life insurance costs determined?

Can I have multiple family life insurance policies?

Can I write my family life insurance in trust?

Are there any other types of life insurance?

Can I get joint level term life insurance?

Can I write level term life insurance in trust?

Can critical illness cover be added to a joint life insurance policy?

Do I have to have life insurance to get a mortgage?

How much is life insurance?

saving money illustration

Mortgage calculators

Find out more
man thinking about house and money illustration

Your protection

Find out more

Latest news

Excellent service with friendly staff who help you every step of the way. Russell and Max have been fantastic, professional and understanding throughout the process. Thoroughly recommend!

  • 5 star review on TrustPilotTimi O

Both Mark and Beccy have been amazing throughout a very erratic and stressful time. They have been professional and attentive, making sure to stay in touch regularly to ensure everything went smoothly. I've been so impressed with their level of detail and service. I would not hesitate to recommend them.

  • 5 star review on TrustPilotMarie B

I would recommend using Mortgage Decisions as they made the process of choosing my first mortgage so easy to understand . They were very knowledgeable on all the products available ,but mostly they were prompt . Thank you in-particular to Toby and Louis.

  • 5 star review on TrustPilotLindsay B

Throughout my process I have liaised with Toby and Louis. Always professional, friendly and informative every step of the way. Keeping me updated at all times in what is a most exciting time for me. Am so very grateful. Thankyou!!!

  • 5 star review on TrustPilotCaroline

Kevin and Beccy provided a wonderful service and I highly recommend utilizing them for your mortgage needs. They worked diligently for us especially as we were international buyers. 5 stars!

  • 5 star review on TrustPilotMyles T