Life Insurance

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What is family protection insurance?

Life insurance – also known as family protection insurance – is a type of insurance which is designed to protect your family from the worst should you pass away. Money can’t stop grief, but it can remove additional financial stress at a tragic time in your family’s life.

Family protection insurance is a life insurance which pays out a lump sum or specified income on the death of the policy holder. This gives a financial buffer to your family members, giving you the peace of mind that they are free from financial strain. A family protection policy could pay for school fees, or pay off a mortgage.

You might feel the added need to take out life insurance when you buy a home, become a parent or become a grandparent. Losing someone close to you can also act as a wake up call to remind you to invest in family protection insurance.


How much cover do I need?

The amount of cover you need will depend on:

  • How much you can afford
  • Whether you have any other cover (such as a policy from your employer)
  • The number of people relying on you for financial support
  • The size of your mortgage

How much does a life insurance policy cost?

Insurers have to allow for a number of risks when setting the cost of a policy, including;

  • The age of the policy holder
  • Any poor health
  • A dangerous job
  • Any dangerous hobbies

These factors can increase the risk for an insurer and therefore will increase the cost of the premium.


What types of family protection insurance are there?

  • Whole of life assurance –   this pays out with no set period to when you might die
  • Term insurance – only pays out if you die within a set period
  • Terminal illness – to claim if you have a fatal illness
  • Joint life insurance – this can be cheaper and is convenient, but it only pays out on the first death
  • Waiver of premium – cover for when you are unable to pay your life insurance premiums because of illness or injury
  • Critical illness – you get a lump sum if you get one of the serious illnesses that the policy lists

 

Other health insurance information:

What is Comprehensive Sickness Insurance?