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Family Life Insurance - Summary     

Family Life Insurance - Term Lump Sum

This is the simplest type of life insurance for the family to pay out a lump sum. It is known as term insurance because the cover runs for a set term ie; how long you're covered for, say, 15 or 30 years ( the term ).

Term life assurance only pays out if you die within that term you've agreed. If you live longer this you usually get nothing, as most plans have no surrender value. As a couple, you can also take out joint Family Life Insurance term cover in both your joint names, with the policy paying out if either of you die during the term upon 1st death.

Also consider how large the family life assurance cover you need ie; common practise was 10 x salary. Things to look out for if requesting this type of life insurance for a family ?
For example

  • Increasing family life insurance policy (where cover & premiums rise over the years)
  • Renewable policies (which let you extend the original term).
  • Guaranteed (where life insurance premiums stay the same throughout the term)
  • Reviewable premiums (where life cover premiums may go up every year or 5 years gone up at a review)
  • Waiver of Premium (where the Insurer waives/protects & covers your premiums after a deferred period of 4/8/13/26 weeks due to sickness or accident)

Family Life Assurance - Income Benefit

This policy pays out income via life insurance to your Family, rather than a lump sum & maybe suitable for those who require income for their family on death. However in essence this is reducing cover as the income paid out would only be the balance of the term. This Family Life Insurance or Family Income Benefit plan may be increasing to help offset inflation. 

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