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- Optional critical illness cover
You would generally take out life insurance so your loved ones can maintain the same quality of life should you no longer be around or to pay off any large outstanding debts such as a mortgage.
Yet, you may also be concerned about the financial impact it might have if one of your loved ones were to suffer from a serious illness or even die. In which case, you might want to cover your family under the same policy.
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In most cases, it’s the breadwinner of the family who takes out a life insurance policy, so they can rest assured their loved ones will be looked after should they die. However, a standard life insurance policy won’t cover certain expenses, such as the following:
Taking care of finances will be the least of your worries during a time of grief or shock. Yet there could well be expensive funeral fees to handle and debts to pay off.
There will be your everyday finances to think about too, such as paying the mortgage, going to the supermarket and managing other expenses like energy bills.
If you or a family member suffer from a serious injury or illness, you could have to make modifications to your home or bring a carer in either part time or full time.
Depending on the type of cover you get, life insurance can help with these costs and offer a vital safety net while you grieve or adapt to a major injury or illness.
How much your family will need in the event of a death, or serious illness or injury, will depend on your own situation. Sit down and work out how big of a financial safety net your family would need, and then take out the appropriate level of cover.
You can choose one of the following types of family coverage:
Losing a parent can be a painful and distressing period in your life, yet it can unfortunately also leave you with a significant financial burden. You might have to pay thousands of pounds in funeral fees or take care of unpaid debts.
So taking out life insurance for your parent could be a good way to prepare for this emotionally turbulent time by offering you peace of mind now and giving you room to grieve in the future.
Discussing life insurance with your parent might prove awkward, but you might decide it’s necessary. If you do decide to get cover for your parents, you might opt for one of the following policies:
You might find it difficult getting affordable cover for your parents. Insurers will look at a number of factors, with age and health being two of the main reasons they’ll up prices or even reject your application. This is because elderly people are more at risk of developing a serious illness, disease or suffering from an injury.
Buying life insurance for your elderly parent is just like taking out a policy for yourself, but there are a couple of additional steps to think about. Here’s a general guide to help you out:
If you are married or have a partner, one main decision you’ll have to make when taking out life insurance is whether you need a single policy or a joint policy.
There are advantages and disadvantages to taking out a joint policy:
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It’s worth bearing in mind that a joint policy will only pay out once, while individual policies will pay twice.
When people take out life insurance, one main reason they do so is to provide money for their children. Yet it can also offer you financial support if something should happen to them. Should they fall sick or suffer from a serious injury.
Several insurers will cover your child as standard if you take out critical illness protection for yourself. However, this isn’t always the case. Sometimes you have to pay extra to cover a child on your critical illness policy, so double-check before signing up.
There are several reasons why taking out a life insurance policy for your child can be a good idea. For example, it can help pay for the following:
What conditions are covered?
The conditions your child will be insured for will depend on the provider, but generally the insurer will pay out for the following health issues:
These conditions will vary between insurance providers, so it’s important to read the fine print before you sign the dotted lines.
Conditions covered will differ from policy to policy, but can include the following:
As well as working out your family’s current and future finances, you will need to consider the following factors before taking out a life insurance policy for you and your family members.
Ultimately, you might decide to go for a “term life insurance” policy that will cover you and your family for a set number of years. If you just need financial protection while you pay off debts and wait for your kids to grow up, this can be a good idea as premiums are typically more affordable.
However, if you want a guaranteed payout when you die, you would go for a “whole life insurance” deal. These can be useful if you’re struggling to get cover for your family due to age or health reasons.
Or if you want, you can try to increase the size of your payout by linking it to an investment fund – a feature that some whole life policies offer.
To help you find the right life insurance policy for your family, consider the following tips:
Read our comprehensive guide on shareholder protection cover, including how it works, pros and cons for taking out a policy and how to set cover up correctly.
Use our online calculator to find out how much life insurance you need based on your own personal circumstances.
Find out all about life insurance beneficiaries and the current rules around them in the UK.
We take a closer look at the pros and cons of taking out more than one life insurance policy.
We explain the effect smoking has on life insurance claims and premiums, how to save and different ways to get cheaper cover.
If you are a new parent and looking for life insurance, read our comprehensive guide to find out what type of cover you need and what’s included.
Are you self-employed and looking for life insurance? Read our comprehensive guide on what options are available and what’s included.
If you’re thinking of cancelling your life insurance policy, rest assured that it can be done. Find out how to cancel, how much it costs and what the consequences might be.
Life insurance for mums can help ease the financial burden should something happen to you. Find out what’s covered and get a quote here.
Looking for life insurance for your children? Read our comprehensive guide on child life insurance and get quotes online today.