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Compare Family life insurance

Having a family is one of the most amazing and rewarding things about life, so protecting your family is important to every parent.

Getting the right cover to protect your partner and your children if the worst should happen will give you total peace of mind. As parents or partners, we naturally worry about our family and that’s why it’s important to protect them.

If you need advice then you can contact our friendly experts on 0800 009 6559 or CLICK HERE.

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"This company went above & beyond to get me cover even though I have MS, I am very happy I managed to get cover, Amazing staff, Dean went above & beyond, I highly rate this company."

by Elizabeth Turner-Long - 9th August 2023

A family life insurance policy is a type of insurance cover that is specifically there to protect our loved ones.

Your insurer will pay out a cash lump sum (usually tax free) to make sure that they do not suffer financially if you were to die. The benefit of the policy can be used for a number of reasons, such as:

  • Clear a mortgage
  • Pay off debts
  • School fees
  • Normal day-to-day expenses
  • Pay tax

It can be difficult to consider what to do if you were no longer around, but getting cover can be crucial should the worst happen.

A family life insurance policy (or ‘Term Assurance’) is similar to a mortgage life insurance policy (or ‘Decreasing Term Assurance’) apart from a few key points.

  • Level term: This means that your cover amount will never reduce over the policy term, unlike decreasing term cover.
  • Cost of cover: Premiums for family life insurance will always be slightly higher than mortgage life insurance, because of the extra cover it gives you, especially towards the end of the policy.

Do you need family life insurance?

If you have dependents (e.g. children, partner, or dependent parent) then it is strongly advised that you should have cover to protect them.

Leaving your family with no cover can leave them at serious risk of financial difficulty if you’re not around to support them. If your household relies on you either financially or as a carer then you will need to consider protection.

People to protect in your household:

  • Earners (income providers) are important to a household because without them the bills can’t be paid and the family can’t pay for things like food, clothing, holidays, and other essentials
  • Parental care is also incredibly important to give the best chances to our children, so if a parent passes away then the other parent will need to take care of the children
  • Carers who provide care to parents or other relatives are extremely important because if they pass away then that care will need to be replaced

Most people think that only the main breadwinner(s) in the household needs to be covered, but that isn’t the case.

Other reasons why you might not need family life insurance:

  • Savings: you may have sufficient savings in place should you pass away
  • Investments: there may also be an investment portfolio that can be passed down to your family
  • Properties: if you have a property portfolio then that can also be passed to your family
  • Businesses: a business owner may also have other means for providing money to their family, should they pass away
  • Death in Service: your employer may provide you with Death in Service as part of your employment (this may not be sufficient on its own)

There are lots of options when it comes to choosing the best family life insurance to protect your loved ones.

Some of the main points that you’ll need to consider are:

  • Sum assured (how much cover do you need)
  • Term (how long do you need to take cover for)
  • Insurance provider (which insurer is best for you)
  • Medical history (do you have any pre-existing medical conditions)
  • Occupations (is your job hazardous or dangerous)
  • Activities (do you take part in any extreme sports)
  • Lifestyle (are you a smoker or do you drink higher amounts of alcohol)

If you need help to get the BEST family life insurance then you can contact our experts free on 0800 009 6559 or CLICK HERE.

It is true to say that you can save on your monthly family life insurance premiums by following some simple steps.

You could end up paying more than you need to for cover and it is possible to get the wrong cover if you’re not careful. Applying for family life insurance can be confusing for many and so it’s usually a good idea to get advice.

Here are some ways to save money on your family life insurance premiums:

  1. Get expert advice – speak to an expert with good customer feedback so you know you’re getting the right advice
  2.  Apply to the right insurer – some insurers charge more than others for cover simply based on your age, health, and lifestyle
  3. Smoking – if you smoke then you’ll pay more for life insurance than a non-smoker simply because of the health risks for smoking
  4. Lifestyle – having a healthy lifestyle can also help to improve your life insurance premiums due to BMI, alcohol, and other factors

We’re always looking for the best life insurance deals for our customers and our insurance partners include:

Compare family life insurance quotes

With the iam|INSURED comparison tool you can now buy family life insurance online CLICK HERE.

We’re extremely proud to be able to offer you an INSTANT QUOTE for family life insurance via our online portal.

You can get instant quotes and buy online with our unique online system.

We also offer family life insurance quotes for people with:

The latest statistics provided by organisations such as The Association of British Insurers (ABI) shows.

Overall life insurance policies

  • 23.7 million life insurance policies in the UK (currently live)
  • Overall numbers of policies dropped by 1.5 million in 2020

Households in the UK

  • 10.96 million properties with a mortgage
  • Average mortgage debt is £131,724
  • Household bills on average are £19,500 per year
  • £3,150 is the average food spend per year
  • 42% of mortgage borrowers has life cover
  • Average cost of dying is £9,493

Life insurance claims statistics

  • £5.3 billion was paid out in life insurance claims in 2018
  • £14.5 million paid out every day in 2018
  • Average claim was £28,000
  • 189,000 customers received compensation from policies
  • 97% of claims were paid in 2018

There are some common myths about life insurance that can put people off applying for cover, such as:

  • “I don’t think I really need it”
  • “Life insurance is too expensive”
  • “I’ve got a medical condition so cover is unavailable or too expensive”
  • “It doesn’t pay out”
  • “I am better off paying in to a savings account”

The fact is that life insurance is still the foundation of any family financial planning and should be top of the list.

Can I have family life insurance?

People are often put off applying for family life insurance because they don’t understand it or think that they can’t have it.

The 2 main criteria for getting family life insurance are:

  • Are you over the age of 18
  • Are you a UK resident

Why should I take out family life insurance with iam|INSURED?

We’re very proud to be rated the UK’s #1 rated family life insurance SPECIALISTS with our AWESOME customer service rating of 5.0 out of 5.0 Stars on Feefo.

You can contact one of our SUPER FRIENDLY specialists and get the BEST cover to protect your family. We’re constantly reviewing our insurance partners to make sure that we give you the lowest premiums.

  • Price Match Promise
  • FREE expert advice
  • No obligation
  • FREE policy Trust service
  • 100% customer rating

Getting family life insurance with iam|INSURED is quick and easy, and we also have over 20 years expertise in helping people with:

  • Pre-existing medical conditions
  • Dangerous occupations
  • Hazardous activities and extreme sports

It’s wise to regularly review all of your insurance policies and the same applies to family life insurance.

We review our car insurance and house insurance annually because they generally will renew every year. Life insurance doesn’t have the same issues but we should still regularly check it to make sure that it’s adequate and up to date.

Some of the main reasons why you might want to review your family life insurance:

  • New child
  • Re-mortgaging your property
  • Buying a new home
  • Changing jobs
  • Marriage or divorce
  • Inheritance
  • Sale of a property or business

Family life insurance and critical illness cover

Often people will ask us for life insurance to protect their family and critical illness cover to protect themselves.

It’s important to consider what might happen to your family and your finances if you were to fall seriously ill. Most critical illnesses would prevent you from working at least for a significant period of time, or to have to change jobs completely.

You can take out family life insurance and critical illness cover to protect your loved ones financially in the event of major medical events.

Most common Critical illness cover claims:

How much family life insurance do I need?

There are a number of things to consider when you apply for life insurance to figure out the amount of cover that you need.

One of the biggest questions that you should ask yourself is ‘Can I afford to pay for the life insurance?’ and this is potentially the most important point. You will need to make sure that you can afford your premiums now and also as far in to the future as you can predict.

Once you have cancelled your life insurance policy, you would need to take out a new plan and that would be more expensive.

Some other things for you to consider:

  • How much is my mortgage?
  • Do I have other debts that I want to pay?
  • How old are my children?
  • Do I want to protect my children’s school fees?
  • Have I got any savings or investments?

Need family life insurance advice?

It is important to make sure that you pay the right price and get the best cover to protect your home and your family. You can speak to one of our EXPERTS to get FREE and FRIENDLY advice by calling 0800 009 6559 or CLICK HERE.

Useful resources

Finder.com – Life insurance statistics

Statista – Life insurance industry in the United Kingdom (UK)

iam|INSURED – Frequently asked life insurance questions

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