You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
Having life insurance that covers the main income provider in a family offers protection in the event of their passing. However, if a family member dies or becomes terminally ill, there are other costs that can arise that won't be covered on a standalone life insurance policy, including the following:
Coping with the loss of a loved one is hard enough to manage without having to worry about the financial loss that could also occur, which is why families should ensure the right cover is in place for each family member.
An adviser can help you find cover from trusted life insurance brands.
Family cover can be taken out as the following:
A joint policy will pay a lump-sum benefit following the death of either policyholder. Under this arrangement, the spouse is a co-owner of the policy, and the benefit is paid to both or to one owner following the death of the other. There are a number of benefits to this arrangement:
The family protection benefit will provide policy owners with a lump-sum payment following the occurrence of an event that happens to the policyholder's spouse or children. This benefit can usually be attached to the policy owner's life cover or trauma policy.
Conditions covered will differ from policy to policy but will generally include the following:
Most insurers will allow applicants to add child cover to their existing cover for an additional premium loading. The convenience of child cover is that it is often included as an additional benefit to trauma or life policies.
Many may consider children's insurance cover as something that is not absolutely necessary. But safeguarding your family's well-being should also include having adequate protection for your children as you may never know if one day they get sick or passes away unexpectedly.
Some insurance providers may provide children protection as an additional option at an extra cost or others may include it in the family life policy free of charge. If you are looking to protect your family as a whole, make sure you keep on a lookout for children's benefits when comparing family life insurance quotes.
Children's insurance will pay a benefit to the parents if the child ends up suffering from the following:
These conditions will vary between insurance providers, so it is important to read the fine print of the children's cover before you sign on the dotted lines.
Its important for applicants to have an understanding of the expenses that surface following the loss of a loved one that is not the main income earner. Below are some typical costs that can arise:
The significance of these expenses will differ from policy to policy, so it is important for applicants to assess their own situation to help them determine an appropriate benefit.
In addition to calculating the family's current and future finances, there are other factors that you may need to consider in determining your family's life policy coverage:
Using your family's needs approach works well, especially if you are looking to find out what sort of expenses your family will have to cover if you were no longer around. It is particularly helpful in calculating the right life-cover amount, without paying too much in premiums. You may like to utilise Life Insurance Finder, a life insurance calculator to help you work out this amount.
It is important to discuss life insurance with your family, particularly with your partner, before you take out a life insurance plan. When you take out life insurance cover, you need to have an idea of what sort of plan you want to opt for and how much coverage you should choose. This is something that you should probably talk over with your partner and perhaps with your children if they are older or grown up, as they may have some valuable input that can help you to make a more informed decision.
You can determine what level of coverage is going to be sufficient by discussing the following factors with your family:
It is also important to discuss life insurance after you have taken out your policy, even if you have already spoken to your family prior to taking out the cover. The importance of discussing cover with your family, and especially with your partner, after you've taken out a policy comes from the need to go over exactly what the policy covers and to discuss the claims procedure.
A startling number of people take out life insurance cover and then fail to talk to their partner or family about it. In the event of their death, which is what the policy is designed to cover, the family is then left to try and work through the plan, work out what the coverage and exclusions are and try and work out how to make a claim. All this has to be done, of course, without the help of the person who actually took out the cover, as they are no longer around, which makes things all the more difficult for the family at a time when they already have enough to cope.
To help you find the right life insurance policy to cover your family, consider the following tips:
It’s possible to buy life insurance for your parents. We’ll show you how.
Find out how life insurance can cover your children in case anything happens to you.
Providing protection for your children with life insurance.
Applying for a joint policy as a couple has various benefits including discounts on premiums.
