Family Life Insurance

Family life insurance policy insures the whole family and gives you the surety that your loved ones are not left with any undue burden I case of your untimely death. The family life insurance cover gives your family a lump sum amount of money so that they do not have to worry about their finances and any debt if there. The money paid by the insurance can be used to pay off any mortgage, credit card bill, probate dues and if the insured have children then it can secure their future at least financially. Family life insurance will have family members as the beneficiary or the dependents.

There are many advantages of taking up a family life insurance. Some of them include:

  • The insurance policy is available at a premium as low as GBP 5.99 or 6 which is quite affordable.
  • The best thing about this insurance is that it gives coverage for you as well as your family members.
  • Many of the companies provide cover up to GBP 150,000
  • Some of the policies even provide 100% payment immediately if diagnosed with any terminal illness. However, do check your policy terms and conditions carefully as most of the insurance companies do not make payment if the disease is diagnosed in the last 12 month of the policy terms.
  • The formalities and the forms to take up the policy are very easy and are not at all complicated.

The eligibility to take up the policy is very easy and the premium amount that needs to be paid depends on many factors and most important of which is the age. With age the premium amount also increases as the risk to life or chances of having any critical illness increases with age. More is the risk to life more will be the premium amount for life insurance. Mostly the family life insurance is termed and is generally for 10 years. The premium amount remains fixed for the entire term. The amount of premium that you pay for the policy also depends on the level of cover that you opt for. More is the covered amount for your life more will be the premium charged. While buying the policy make sure that it also covers accidental death or death by natural causes and payout if any disease is diagnosed during the term. Family life insurance is very much required to ensure that your family members live worry free life even after you die.