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Life Insurance for the Family Uk. Compare Quotes Online in 15 Secs from Leading Uk Insurers
How much ‘Family Life Insurance’ 👪 do you need?
As Life Insurance Brokers in an ideal world – we suggest this simple formula.
- LUMP SUM > Repay any mortgage & debts, cover funeral costs
- INCOME > Help cover your monthly bills
- LUMP SUM > Back up for holidays, education, emergencies
Martin Lewis on Life Insurance his basic “Life Insurance for the Family” formula suggests covering around 10 x annual salary of the main breadwinner, after repayment of any debts, loans, mortgages etc;.
How much is ‘Life Insurance for Family UK’ cover?
- Often average prices can start from as low as £5pm (for 1 product)
- But your monthly or annual family life insurance quotes will vary in a few ways
- Premiums will depend on your age, health, lifestyle, amount of cover, policy term and type
- It could be you are offered standard costs or have to pay an extra insurance risk price
- eg; family history of heart disease, blood pressure or cholesterol
- Any paid for extra feature benefits you want will also affect the cost
- A joint policy is often cheaper than 2 x single policies
- Is the cover to remain level or increasing to offset inflation?
- Lump Sums or Family Income Benefits options
- Remember cheapest here, does not necessarily mean better
2 main types of Family Life Insurance
Term Insurance
Is a specific type of cover that pays out a cash sum BUT only if you die during the time your policy runs for.
This sum upon death is paid out tax free on claim and also usually has no cash in surrender values. This means that there is no investment savings element for this type of life insurance. The cover is underwritten insurance so asks health & lifestyle questions.
The policy can be chosen as family term life insurance level cover. In this instance, both the premiums & cover remains level or the same through out the whole term.
Or, if worried about rising costs post pandemic 2020’s, then consider instead term life cover index linked. In this instance, both the premiums & life cover will increase yearly to offset inflation.
NOTE: You can take out a term life insurance family uk policy that lasts up to age 90. However, the longer the term life policy runs, then the more expensive it is ie; you are more likely to claim on the policy before age 90, than before age 60?
As a general rule of thumb, family life insurance quotes life policy for say 30 years term, maybe more than double the cost than a policy for 15 years.
There are several sub types of term life cover – either being paid out as a lump sums or family income. They can typically protect the needs for most families ie; you can take out more than 1 policy
Whole of life Cover
As the name implies it continues the whole of life or full life insurance cover ie; whenever the insured person dies. However, it may also end if you stop paying premiums or cash in early.
So it will pay out a lump sum upon death, tax free on claim, to your family whenever you die eg; aged 190. This is unlike family term insurance, which only pays out if you died during the set policy term.
Generally whole life cover plans are much more expensive than term cover, as they offer much less cover pound for pound, as it will payout. Consider carefully if you really need “Life Insurance for a Family” beyond age 90?
Can I swap Insurers to get a better deal?
- It sometimes makes sense to do this if your circumstances have changed
- eg; you have quit smoking nicotine for 12 months so can apply for non smoker rates
- Or a health risk at the time you took the original plan out no longer applies
- Conversely, your lifestyle maybe worse so the original plan is best left alone
- eg; later diagnosed with raised blood pressure & cholesterol
- Be careful with changing critical illness providers just based on price alone
- Is the original plan setup in trust to help avoid inheritance tax issues
- Always get professional advice when considering swapping Insurers
Men pay the same as Women?
Since 2012 in the UK, your male or female gender no longer counts toward most insurance pricing. Therefore, Gender neutral insurance rates since have applied, even though we are no longer in the EU.
What is ‘Insurable Interest in Life Insurance’?
What is Insurable interest in life insurance? It means that ‘you could be adversely affected financially (not emotionally) if that family member who you are insured with died’.
The reasoning behind insurable interest for life insurance, is so that the death of an insured person may not create personal financial gain (rather than loss) for a policyholder.
So who has insurable interest in life insurance? Well for example, you may have taken out a joint mortgage or secured home-owner loan together with someone.
In this instance insurable interest in a life policy must exist here, as if one person died the other maybe affected financially as they would wish the joint mortgage or homeowner loan to be repaid.
Or another insurable interest example in life insurance is a couple have a child together. So there is also ‘legal insurable interest here’, as the rules state between the 2 parties involved.
However, you cannot just randomly take out a life insurance on a family member like a son, daughter, sister or brother.
Or indeed an ex-wife, ex-husband or partner, unless there is some type of financial transaction link eg; you still pay family child maintenance & need to help insure this if you died.
Neither can you take life insurance on your parents just because you would be very sad if they died. However, some Insurers could allow you to take out an Over 50’s life cover to help pay towards funeral costs
It must be there is a financial transaction loss (rather than emotional loss) for there to be this legal insurable interest on any life insurance plans for family.
Note: Also you cannot take life insurance on someone else without their legal consent to do so and being aware of it.
With the rise of the internet, and direct purchase insurance websites sometimes this is harder to check on for the Insurers upfront. The issue could however come at the point of claim.
Is Terminal Illness the same as Critical Illness Insurance?
- NO is the straight answer.
- Terminal Illness on your ‘life insurance for a family’ policy – means a claim as you may sadly have less than 12 months to live
- Terminal Illness is often included for free as part of your life insurance family plan benefits
- Once agreed, the Insurers claim team will then payout the life insurance death ‘claim’ earlier in advance ie; incurable illness
- Critical Illness however is ‘paid for’ benefit, claimed upon survival & recovery. It often covers a large range of benefits
- Benefits for lifecover and critical illness payouts may include types of cancer, heart disease, stroke, multiple sclerosis, diabetes, parkinsons etc;
- Many critical illness plans also may include child critical illness as a free or paid for rider benefit
How to get ‘Life Insurance Family’ Quote > 15 secs
- Answer a few personal questions about yourself, smoker status, amount of cover needed & term
- You can quote in sole names or add a 2’nd applicant to make it a joint life insurance policy
- Whether you want level term cover or mortgage decreasing term cover
- Some prices shown will be guaranteed and others can be reviewable
- If you want to add lifecover and critical illness – then you can do this by selecting ‘Add critical illness cover’
NOTE: We offer this no obligation service via a fully advised process. This means it doesn’t allow you to buy online re any life insurance plans for family.
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Article on ‘Life Insurance for the Family’ by Martyn Spencer Financial Adviser (2024)
For reassurance re health for men & women – we review many of the best life insurers for UK life insurance (inc NI)
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