Family life insurance is a policy that pays out a lump sum if you die, but also covers your children up to a set age. The payout you choose for yourself is usually much higher than the payout for your child.

How does family life insurance work?

Life insurance pays out a lump sum if you die during the term of the policy, and some insurers let you add cover for your children too.

Adding cover for your child means you get a lump sum if they die before you, up to a set age. This could give you financial support while you take time off work to grieve.

How to choose the best family life insurance policy

To get the right family life insurance policy, UK wide, you need to:

  • Choose a payout amount: This will be the lump sum paid out if you die during the term of the policy. The higher the payout, the higher your premiums are likely to be. Only get the cover you need to save money, e.g. enough to pay off your mortgage.

  • Decide how long the family life insurance policy should run for: Choose a term that suits your needs, but the longer you choose, the longer you pay premiums for. Most policies have age restrictions, so your options become more limited as you get older.

  • Consider your child's age: You can add your child to a life insurance policy, whether it is yours or a joint policy with your partner. This comparison shows the maximum age your child can be to get added to each policy.

Once you know what you want from a family life insurance policy, you can get quotes to find the best price.