Life insurance for families

What is family life insurance?

Family life insurance is regular life cover – not a standalone policy or product. Any life insurance policy can serve as family protection when you pass away. It’s one of the main reasons most people take out life insurance in the first place.

Although nothing can replace you, family life insurance could provide financial support for your loved ones when you no longer can. That means your spouse and children can be financially protected if the worst happens.

When a valid claim is made, your family receive a payout. This financial safety net can help towards funeral costs, clearing your mortgage and everyday expenses. 

Who needs family life insurance?

Young families

Whether you’re expecting a baby or already have young children, your priorities change once you become a parent. Your kids are dependent on you, so it’s natural to think about family life insurance. This could ease the financial strain on your partner if something happens to you and you were no longer around.

Families with older children

When your children grow up, they may become less dependent on you. But you might still want to provide financial support with things like university fees, a new car, or a house. With family life insurance, you can rest in the knowledge that if you were to die, your family could use the money to help to cover their major payments or daily living costs.

Single parents

As a sole parent, the responsibility to protect your children financially can be ten-fold. But what about if you’re no longer there? Life insurance means your children can get a helping hand if the worst were to happen to you. 

Homeowners

Unfortunately, mortgage repayments don’t stop when you die. Instead, they might fall on your partner. Family life insurance can help to cover an outstanding mortgage, offering your family some stability during uncertain times.