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Life Insurance For Families

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Protect Your Family Financially When You No Longer Can

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.

What type of life insurance is best for a family?

A lot of this factors down to how much you can afford to pay for your life insurance. It is important to put adequate cover in place but also to ensure the monthly cost is affordable and sustainable.


Level vs Decreasing

Level cover gives you a set amount paid out for the life of the policy. This gives you a set amount to plan how the money would be used and to ensure everything is covered.

A decreasing policy is often taken out to cover something like a mortgage which will reduce as it is paid off. The policy starts at a set amount but reduces down over the life of the policy so it is slightly cheaper.

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Lump Sum vs

Monthly Income

A lump sum payment is where a lump sum is paid on your death or for a lot of policies on diagnosis of a terminal illness with less than 12 months to live.

A monthly income can be taken to provide your family with a set amount each month over a period of time.


Joint vs

Single Policy

A joint policy will only pay out on the first event so it will be cheaper than taking out a policy each. If you are looking for cover to clear something such as a mortgage then a joint policy is suitable. If you have other monthly expenses and children, you ideally want a policy each to ensure that in the event of you both passing away while they are financially dependent they are still looked after financially.


With Illness Cover or Without

Critical illness cover is more expensive because it is a lot more likely to pay out. The average age for a critical illness payout is 48 years old** and if you get a critical illness, the cost of taking time off work, additional heating costs, medical costs to look at any treatment not offered on the NHS and extra childcare costs would be a lot more than government support. As treatments and screening improves you are more likely to survive an illness.

Key Benefits Of Taking Out Life Insurance

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99.4% of claims paid ***

Immediate cover

Flexible amount of cover (we can guide you on this based on your circumstance

Terminal illness cover

Option to add illness cover

Advised service – your specialist adviser will give you a comprehensive overview of the options available and create a plan to meet your needs

Why should I take life insurance out?

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;


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


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


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.

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With the level of people’s savings dropping as the cost of living goes up, a life insurance policy can be a way of leaving your family a lump sum to give them some financial stability for their future.

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Outstanding Debts In Your Name

As the cost of living rises and there is a lot of reliance on debts, it is important to ensure you are not leaving your family with debts.

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Inheritance Tax

If you have built up your estate to leave your family anything from money to houses, they will be liable to inheritance tax on this over the thresholds. An insurance policy to cover the inheritance tax can ensure your hard work is left to your family debt free.

  • Can you take out life insurance at any age?
    Yes, life insurance can be taken from the age of 18 up until 85 years old. The cost of life insurance does increase with age as well though as you are more likely to claim on a policy as you get older. You cannot take out life insurance if you have been diagnosed with something that is likely to lead to your death. There is a medical questionnaire which is checked against your medical records when you make a claim.
  • How much life insurance do I need to protect my family?
    You should factor in things such as; The cost of raising any children you have. Your funeral costs and the cost of dying – the average funeral cost is £3953 with the average cost of dying at £9200 which includes things such as a wake, professional costs, catering and flowers **** Any debts you have – cars, loans, credit cards, overdrafts, hire purchases. Inheritance tax – if you are leaving more than £325,000 in your estate there will be inheritance tax payable if it is not all left to your spouse. You should seek tax advice to find out the amount that is likely to be payable for any assets you would like to leave. Your income – the household will be reliant on your income so it is common to leave at least 2 years of your salary for time to adapt. Living expenses for your family or partner – mortgage/rent, utility bills, quality of life costs.
  • Should I have life insurance if I own a house?
    If you want to protect your deposit and leave your house to someone you should have adequate life insurance in place. Most joint mortgages rely on both of your incomes, so if one of you pass away the other person would have to sell the house if they cannot take the full mortgage out in their own name.
  • Why speak to insurealife for your life insurance quote?
    We have a panel of insurers so we can ensure you have the best cover in place and also the best value for money. We only work with reputable insurers so if you family need to claim on the policy you can rest easy that they will get a pay out quickly and smoothly.
  • Can I change my plan in the future?
    Life insurance plans are flexible to your requirements. You might want to increase the cover in the future if you have more financial responsibility or have a nice lottery win that means you want to cancel the policy. We believe that life insurance should be flexible with your life so we offer a free review at any time during the life of your policy.
  • Can I take out life insurance while pregnant?
    Yes, this is a prime time to look at taking out life insurance, as you are soon to have someone financially dependent on you. You can add critical illness cover which covers some pregnancy complications and also your children from birth as well.


Paulton House, Old Mills



BS39 7SX

*The times 25/07/23

** Legal and General claims statistics 2022

*** Royal London claims statistics 2022

**** Sunlife cost of dying report 2023

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