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Family life insurance

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Ready to buy life insurance for you and your family? Look into a family policy to get coverage to protect the ones you love.

Life insurance makes sure that your family will be able to maintain the same quality of life in the event that you pass away or suffer a terminal illness. Many providers offer a family life insurance plan which can provide a financial safety net under the same policy for your spouse and children.

It’s important to discuss life insurance with your family, particularly with your partner, before you take out a life insurance plan. You need to have an idea of what sort of plan you want and how much coverage you’ll need.

You can determine what level of coverage is going to be sufficient by discussing the following factors with your family:

  • Your family’s financial needs in the event of your death
  • Who are are main income earners?
  • Your level of debt and ongoing expenses
  • What financial commitments you have

Why we like:

Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.

  • Offers on-the-spot coverage
  • No annual or cancellation fees
  • 30-day money back guarantee

Why we like: Bestow

Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.

  • Application takes less than 10 minutes.
  • Available to people ages 25 to 54-years-old.
  • Currently offered in 40 states.

Consider these companies to protect your family

Name Product Issue Ages Coverage Range Medical Exam Required
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
Compare quotes from 16 life insurance companies side by side.
18 - 75 years old
$100,000 to $5,000,000
Depends on provider and policy
Apply for a simple instant-decision policy free of charge. Compare quotes from multiple A-rated carriers.
21 - 54 years old
$50,000 to $1,000,000
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
18 - 80 years old
$50,000 to $25,000,000
Depends on provider and policy
Get a quote within minutes from more than a dozen insurers.
18 to 80 years old
$25,000 to $10,000,000
Depends on provider and policy
Compare quotes from over 40 highly rated carriers and get coverage shortly after approval.
20 - 80 years old
$25,000 to $10,000,000
Quickly get a quote for coverage with this marketplace, which compares term life insurance policies from 45+ carriers.
20 to 60 years old
$100,000 to $8,000,000
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
18 - 75 years old
$25,000 to $10,000,000
Yes, for policies over $1 million
Term life insurance with no medical exams for $1 million of coverage or less. Online application gets you a decision in 10 minutes.

Compare up to 4 providers

Why should I consider a family life insurance policy?

Some people feel that only the breadwinner of the family should have coverage in place — this isn’t always the case. There are expenses that can arise that won’t be covered by a standalone life insurance policy include:

  • The price of keeping the home operational if a stay at home parent were to pass
  • The cost of treatment for children with a serious illness or injury

Coping with the loss of a loved one is hard enough to manage without having to worry about the financial loss that could come with a family member passing away. To financially protect themselves, families should make sure enough coverage is in place for each family member.

How to get a family life insurance plan

Family coverage can be taken out as:

  • A joint life insurance policy to protect both the policy owner and their spouse

    Under this coverage, there’s a joint-ownership where the spouse is a co-owner of the policy and the benefit is paid to both or one owner following the death of the other. Here’s how it can be beneficial:

    • Can be more affordable. Generally much more affordable than having two separate policies in place — some providers offer premium discounts.
    • Peace of mind. Both parties will be protected from financial loss if the other is to pass away or suffer a terminal illness.
    • Less fees. There will only be one set of fees for policy owners to worry about.
    • Convenient. Only one policy to maintain, this includes the initial application, premium payments, and future policy adjustments.
  • Individual policies for the child or spouse
  • A policy rider that includes the child and/or spouse

What kind of expenses can family life insurance cover?

It’s important for applicants to understand what kind of expenses can appear following the loss of a loved one that’s not the main income earner. Below are some common costs:

Immediate costs

Household expenses

  • Cost of child care
  • Groceries
  • Housekeeper for daily chores
  • Expenses for children — school, clothing, transportation

Other ways life insurance can benefit your family financially are:

  • Leave behind an inheritance for your wife, children and grandchildren
  • Help with funeral and burial expenses
  • Can accumulate cash value depending on the type of life insurance policy
  • Help with recovery after an accident or illness

The amount that these expenses will cost will be different for each family, so it’s important for applicants to assess their own situation to help them determine an appropriate benefit.

What events will generally be covered by a family life insurance plan?

Conditions covered will differ from policy to policy, but can include:

  • Death
  • Terminal illness
  • Cancer such as leukaemia, invasive cancer and skin cancer
  • Coronary attacks including heart attack, stroke and Cardiomyopathy
  • Coma
  • Blindness
  • Kidney failure
  • Major burns
  • Paralysis

What factors do I need to consider when it comes to family life insurance?

In addition to calculating the family’s current and future finances, there are other factors that you need to think about when determining your family’s life policy coverage:

  • Your age and your spouse/partner’s age.
  • Account for inflation when thinking about your income and future expected earnings.
  • Employment status of your spouse/partner.
  • Each partner’s contributions to the family (such as family savings and paying off debts).
  • The number of children you have and their age.
  • How long you’re considering to have a policy that can cover your family’s ongoing needs.
  • Total of available assets and investments.

It’s essential to calculate your family’s needs to figure out what sort of expenses that would need to be accounted for if you were no longer around. This will help you find the policy that makes the most sense for your family and give you an idea of the appropriate amount of coverage to apply for so you’re not being over insured and paying too much in premiums.

Should I consider adding children’s insurance?

Many think that children’s insurance isn’t something that’s absolutely necessary. But, safeguarding your family’s well-being should also include having adequate protection for your children, as you never know if they’ll get sick or pass away unexpectedly.

Can I add a child to my existing policy?
Most insurers will allow applicants to add a child rider to their existing policy for an additional cost which is relatively a fraction of what the adult premium costs. The convenience of child coverage is that it’s often included as an additional benefit to critical illness or life policies.

Some policies already include coverage
Some insurance providers may provide children protection as an additional option at an extra cost or others may include it in the policy free of charge. If you’re looking to protect your family as a whole, make to include your children when comparing family life insurance quotes.

Children’s insurance will pay a benefit to the parents if the child is to suffer from (but not limited to):

  • Major head trauma
  • Meningitis
  • Encephalitis
  • Total and permanent loss of one or both limbs
  • Loss of sensory abilities; deafness, blindness
  • Paralysis
  • Accidental death

These conditions will vary between insurance providers, so it’s important to read the fine print before you sign the dotted lines.

Talk with your family

The importance of discussing your policy with your family after you’ve taken it out stems from the need to go over exactly what the life insurance plan covers, how the claims procedure works and if it will need to be adjusted in the future.

  • Knowing what’s covered. Having an understanding of what’s covered will help your family avoid any false expectations.
  • Claims procedure. Knowing what to do in the event of a claim will mean the family can focus less energy on working out what to do and more time on grieving and recovering.
  • Whether your premium will go up each year. Some premiums will rise each year and you should budget accordingly for increasing expenses.

If you fail to talk to your partner or family about your life insurance plan, they could be left beyond confused if something were to happen to you that warranted a claim. By discussing how to handle a claim with your family, it’ll help remove any unneeded stress at a time when they already have enough going on.

Last minute tips

To help you find the right life insurance policy for your family, consider the following tips:

  • Find and compare multiple quotes. Don’t just go with the first or cheapest policy you can get. It’s important to get as many quotes as possible to determine which policy can give you the most comprehensive coverage, without sacrificing affordability.
  • Consider a jointly-owned policy. Besides having the advantage of costing less than individually owned policies, it provides an additional layer of protection should one or both parents pass away unexpectedly.
  • Include children in the policy. Consider adding children as a rider onto your family life policy to give you peace of mind when it comes to your kids.
  • When in doubt, speak to an insurance adviser. Doing all the research on different types of family life insurance on your own may be time-consuming and confusing; however, you can always ask for assistance from an insurance. They can assess your needs and personal circumstances and recommend life insurance policies that are tailored to match your needs.

Bottom line

Finding an affordable life insurance policy for the whole family may take a little bit of research, but that return on time invested will ensure that your family is financially protected when the unexpected happens.

With everyone under your roof covered, you won’t have to worry about who’ll take care of the mortgage, loan payments, credit card debt, cost of college or any other expenses that come up if you’re no longer around.

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