Updated: November 20, 2019

Family Life Insurance

Need a life insurance plan that protects the entire family? Read our guide to find out how to get the comprehensive cover you need

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Richard Angliss

Author: Richard Angliss - Finance Expert

Updated: November 20, 2019

The thought of a loved one passing away isn’t something that you want to consider but if the worst should happen, it can be a real relief to know that expenses and bills are covered.

If you want to leave your family with some financial protection, you might want to consider family life insurance. Or, perhaps you’re wondering whether can you buy life insurance for your parents?

There are many reasons why you might consider a family life insurance policy and whatever your motivation, we’re here to help.

Read our guide below to find out why life insurance for the whole family could be a financially beneficial solution for you.

In a hurry? We have experts on hand ready to answer your questions, so ask an advisor about family life insurance in the UK or call 0808 189 0463.

Our advisers are regulated by The Financial Conduct Authority and so you will be dealing with a highly trained person that adheres to strict rules of conduct.

What is family protection life insurance?

Family life cover is an agreement between you and an insurance provider that if you pay regular premiums and meet the terms and conditions laid out in the policy, they will pay out a lump sum if either you or a member of your family die.

A claim can only be made if an insured member of the family passes away. In that event, your insurer will need to confirm that the person that has passed away is named and listed within your agreement.

What is family income benefit?

Family income life insurance is an alternative product to lifetime insurance. Rather than pay out a one-off lump sum if the person insured dies, family income benefit insurance pays a monthly income instead.

This monthly income aims to replace the wages that would have been earned by the deceased person, had they have still been alive.

Other alternatives include critical illness cover, which pays out a tax-free lump sum if you’re diagnosed with, or undergo surgery for a defined critical illness.

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Are family plans good value for money?

Whether a family life insurance policy is good value for you will largely depend on the price of your premiums and the amount of payout you would expect to receive in the event of a death.

However, the amount you pay for family life insurance depends on a variety of factors – all relating to your own individual needs and circumstances.

These factors could include:

For many families, life insurance can offer good value for money but more importantly, it can provide enough financial security to be able to pay expenses such as funeral costs, bills, a mortgage or even future education costs.

To find life insurance for the whole family that offers both the value and level of cover you need, it is advisable to always seek the help of an insurance advisor.

With their expertise, you can find a good deal and avoid paying over the odds for a policy that might not be best suited to your circumstances.

Call 0808 189 0463 or make an enquiry and ask an insurance expert for their advice.

What can affect family life insurance rates?

Serious health issues including cancer, or multiple health issues can lead to high rates or even a rejection. This is because these factors mean there is an increased risk to the insurance company for offering you cover.

However, having a health condition or a reduced life expectancy doesn’t necessarily mean that the price of your insurance will be sky high. In fact, there are even life insurance companies that specialise in protection for customers with pre-existing health conditions.

To find out more about whether you should take out life insurance if you have a pre-existing medical condition and how to find affordable cover, speak to an advisor.

What insurance company should you choose?

So what is the best type of life insurance for a family and how do you decide which company to take out a policy with?

To understand whether or not a certain family life insurance company is the right choice for you and your family, it can be a good idea to research:

  • How often they pay out for their claims
  • The financial strength ratings to find out how stable the company is
  • The company’s full range of life insurance products
  • Their rates and the maximum payout they can offer you
  • Their customer service satisfaction levels

It can take a while to thoroughly research the above points and most people simply don’t have the time or the knowledge of where to look for this information.

That’s why a lot of people turn to an insurance advisor who can carry out this research on their behalf.

Save time and hassle, make an enquiry and let one of the experts we work with find and compare quotes on your behalf.

How to find the best cover

When comparing the various family life insurance companies, it can be a good idea to compare the terms of each family life insurance policy as some agreements can contain terms or conditions that may cause you issues or delays should you need to make a claim.

Thoroughly checking various life insurance agreements can be tasking which is why many people prefer to ask an insurance advisor to do it on their behalf.

Using their experience and a keen eye for detail, they can highlight any terms that could be problematic in the event that you or a loved one need to make a claim.

On doing this, they can advise you on better an alternative or explain how you can avoid claim issues in the future.

Speak to an insurance professional for advice on family life insurance cover or call 0808 189 0463.

What is voluntary spouse life insurance?

This is a type of financial protection plan that pays out a lump sum to a beneficiary in the event that their spouse passes away.

Voluntary spouse life insurance is usually provided by an employer, (although this isn’t always the case). It is often included as a perk or benefit within your employment contract, so always check or ask your employer if you are unsure about whether or not you have this.

Those that do have voluntary spouse life insurance can benefit from their employer paying monthly premiums in exchange for a guaranteed payment upon their death.

Is there free life insurance for new parents?

Some life insurance companies offer incentives to new parents including:

  • A free life insurance policy for a year
  • Free cover for children if a parent takes out a policy
  • Free parent life cover

There are even a handful of insurers that may be able to offer single parent life insurance, which in some instances may be free, depending on their terms and conditions.

A lot of the time, companies offer these incentives to draw in customers in the hope that they will continue with their policy and therefore pay in the future but for many new parents, it does provide an opportunity to save money, especially if they were already considering buying new parent life insurance.

Contact a life insurance expert

If you’re considering taking out a life insurance policy for your family, talk to one of the expert insurance advisors we work with.

They can research the life insurance companies that can offer you the widest range of cover for the best price, whether that be for life insurance for a stay at home mum, an elderly parent or for the whole family.

Call 0808 189 0463 or send your questions to an advisor.

FAQs

Can I get life insurance on my husband?

Yes, if you are in a civil partnership or are married in the UK, it may be possible for you to get married life insurance on your husband’s behalf.

In fact, it is common for one partner to take out a joint life insurance policy or a family life insurance policy, especially when there are joint financial responsibilities such as debt, a financed car or a mortgage.

Can I get life insurance on my girlfriend or boyfriend?

Some insurance companies allow customers to take out an insurance policy if there is insurable interest.

This essentially means that if you have proof that your finances would be significantly affected in the event of another person’s death, you can take out an insurance policy to cover that loss.

For many unmarried couples with children, this can provide a solution.

Can I get life insurance on my husband or wife without them knowing?

If you are considering getting life insurance for your husband or partner, remember that you’ll need their consent.

As long as you have your partner’s permission and proof of insurable interest, an insurance advisor should be able to find you a policy that matches your needs yet stays within your budget.

Can my partner get my life insurance?

Yes, if your partner has your permission to take out a family life insurance policy on your behalf, then this should be possible.

You might want to consider getting a joint life insurance policy, although there can be pros and cons of each insurance product. Finding the right type of insurance for you and your partner really does depend on what you need and your circumstances, so it’s always best to ask an insurance advisor.

Can I buy a life insurance policy for my elderly mother or father?

A lot of elderly parents ask their children to arrange their life insurance for them but with so much complicated information online, many people feel confused as to whether they can take out and buy life insurance policy for their parents.

Life insurance policies for families can include elderly parents, however, if you are considering buying life insurance for elderly parents, keep in mind that the health and age of any parties named on the policy, could affect the price you pay for your cover.

This is because life insurance companies will deem any person with an increased risk of poor health or death as more likely to result in a claim.

That being said, that doesn’t necessarily mean that life insurance for an elderly parent will be unaffordable or expensive. In fact, there may be some insurance companies who can offer good value life insurance for elderly parents, whether that be for a mother or father.

Chat to an advisor to learn how to purchase life insurance for a parent.

Can I get life insurance on my grandmother or grandfather?

Potentially yes – if you have an insurable interest in your grandparent, you may be able to get a life insurance policy on them, although you will need their permission before proceeding.

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We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. Ask us a question and we'll get the best expert to help.

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Richard Angliss

Richard Angliss

Finance Expert

About the author

Richard Angliss has made a career in financial services which stretches over 40 years.

His early career was spent learning about the various financial products and applying them to prudent advice, working for one of the largest life assurance and investment firms. After that he joined the financial services arm of a very well-known firm providing independent advice to their 8 million customers.

For the last 20 years he has been involved in building software solutions that help Advisers and clients work together to achieve good financial outcomes and helping to set up three independent advisory firms. He also has written many articles for financial services publications and provided commentary for newspaper journalists.

At an early stage in his career he realised the great satisfaction that comes with being able to help people achieve their goals and protect their families. “Regulation of financial services has hugely impacted on ensuring people get appropriate advice. The issue these days is access to that advice and just as importantly regular reviews to make sure that everything stays on track”.

With the growing development of online resources such as Online Money Advisor he sees a great future for people to access advice to make their pension and investment work harder for them.  Plus, of course, to ensure they have insurance products in place that will be required when unforeseen events happen.

He knows getting that balance right is crucial to prudent financial planning and the wellbeing of individuals and their families.

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FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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