Guides

Life Insurance for families

How life insurance could help your family

Signing life insurance

The reference to life insurance protecting your family stems from the added financial security that a life insurance policy can provide for your loved ones. You can be reassured that your family will be taken care of and are able to cover all or any of your financial obligations and responsibilities.

Life cover doesn’t directly provide cover for your family, but will protect you and give you peace of mind that your beneficiaries don’t have to worry in the event of your death.

To give you a better idea of how a Beagle Street Life Insurance policy may be the right choice for you, take a look at this example.

A family of two parents, aged 35 and one child have an average household income of £40,000 per year and a £2,500 monthly spend on mortgage repayments, food and care for their child. If one parent takes out a single policy then passes away, their family could receive up to £750,000* which could be used to cover the household finances.

*Amount dependent on level of cover set on initial application

What can my family use my life insurance payout for?

The payout that your beneficiaries would receive in the event of your death can be used for anything that they wish, below lists just a few of the possible uses of life insurance payout.
  • Mortgage repayments / clearing the mortgage
  • Children’s school fees
  • Funeral costs
  • General day-to-day costs such as travel and food

What’s the best type of policy for my family?

There is no right or wrong answer, as needs can differ from family to family. There are two types of life insurance policy to be considered, level and decreasing term.

Level Term Insurance

Level term insurance ensures your family will receive a fixed pay-out if you die at any point during your policy term, so no matter whether you die at the start or before the end of your policy, your family still receives the same sum of money.
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Decreasing Term Insurance

Decreasing term life insurance covers you and could be used in the event of any future debt that will decrease over time, such as mortgage repayments or child costs. The pay-out in this instance will decrease in line with your debt over the duration of your policy term, making this the cheaper policy option.
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Critical Illness Cover

With added Critical Illness Cover, you will receive a lump sum pay-out if you were to be diagnosed with one of our listed illnesses. This payout can be used as you wish, for anything from specialist medical treatment to supplementing your income whilst you are not able to work.

Protecting your children with added critical illness cover

Critical illnesses can affect people of any age, and children especially can often need additional support or care in the event of a serious illness. If your child is diagnosed with any of our listed Critical Illnesses, you can receive a lump sum pay-out that can be used for anything you wish, from potentially lifesaving medical treatment or a change in lifestyle to help support their recovery.

How many children can I cover?

If you add Child Critical Illness to your policy, it will automatically cover any children you have now or after the policy has started.