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There is nothing more important than protecting your family financially when you no longer can. A life insurance policy could help to pay for your funeral, pay debts, rent or a mortgage and leave your loved ones financial stability. Despite this many UK families don't have the right life insurance in place.
What is family life insurance?
Family life insurance is another name for life insurance. It is put in place to provide your family with money if you die or get a terminal illness. The idea is that you can leave your family money to cover things like a funeral, debts, bills, rent or mortgage.
You can take out a policy that will pay your family a lump sum, a monthly income or a combination.
Do I need life insurance?
If you have anyone financially dependent on you, you should have life insurance in place to protect them if anything happens to you.
A lot of people have a death in service benefit from work but this should be used to cover your salary.
If you have assets that your family would want to keep you can take life insurance to cover the balance for any finance or mortgages on them.
When you have children there are more factors to consider when taking out life insurance. The average cost to raise a child in the UK from birth is £202,600** You might want to consider if there will be any school fees to cover and if you would want to leave inheritance for them at 18 years old.
You can use this FREE service to claim your life insurance quote. Find out how much cover you can get, the cost of cover and speak to a specialist advisor for any queries you have on the policies.
Why should I take life insurance out?
Do You Have Anyone Financially Dependent?
If you have children who are financially dependant or grandchildren, you should take this in to consideration.
Even if they are not financially dependant on a day to day basis. Consider if you would like to leave them some inheritance or financial support
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Mortgage or Rent
Payments
Could your family afford to pay these monthly costs including all of your bills without your income. Even if you live alone, you need to consider how long your relatives might need to sort out your belongings or sell a house.
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The Cost of Your
Funeral
The average cost of dying in the UK was £9200 in 2022***. At a time when your family are grieving, you don’t want them to be worrying about this expense.
Commonly people look at their expenses when considering whether they need life insurance in place. Things to consider when thinking about taking out life insurance;