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What Is Family Life Insurance?

Family Life Insurance

Family Life Insurance is one of the cheapest methods to ensure that your family will be taken care of financially if you die. Well, I know that everyone will die, so surely it should be “when” you die, but I’m using “if” because it will only pay out if you die within the life term of the policy. Family life insurance is generally over a fixed term, so a parent may, for example, take out a family life insurance policy for a period of say 18 years, so that if the worst was to happen before the children were old enough to support themselves financially (when does that ever happen???) then there would be a pot of money to take care of things. It’s a pretty sobering thought that around one child out of every twenty loses a parent before they’ve finished their education.

Family Life Insurance, as with any other type of insurance, is calculated on risk factors. If you are deemed to be at a high risk of dying the price of your premiums will reflect this. One thing you can do to make sure that your premiums aren’t inflated is to stop smoking. Smokers do pay a higher rate than non-smokers for their family life insurance (or any other type of life insurance for that matter) because if you smoke, you are much more likely to die. If you are a smoker when you take out your family life insurance policy, then stop (you usually need to be stopped for a year just to prove that you can really do it) then you should contact the insurance company for reduced rates, so you see, you save money in more ways than one by stopping smoking.

Family Life Insurance really does offer peace of mind, it’s great to know that, if the worst should happen, your spouse/partner and family will not be left to struggle financially.

family life insurance

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