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Family life insurance

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Family life insurance policy is a great way to secure the future of your family including your spouse, children and sometimes, your grandchildren. You will need family life insurance if your family is dependent on you and you are concerned about who would support them in case of your accidental death.

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How does family life insurance work?

If you have a family which includes your spouse and children, you can request for family life insurance quotes. This will give a good idea about the premium you will have to pay in order to secure your familyís future. The coverage and hence the premium can be fixed to suit your budget. Family life insurance policy can provide coverage as low as $10000. You can have coverage that exceeds a million dollars too. The family life insurance policy will allow you to invest for your childrenís education and maintenance of your family, if something happens to you, while you are still the sole bread earning member.

Benefits of family life insurance

If you have a mortgage that has to be paid or other domestic debts, then you would need family life insurance to take care of them, in case of your untimely death. The lump sum amount that is offered to your family as death benefit could be used for your childrenís education, for repaying the mortgage debt or for other future expenses.

Even if you arenít the only breadwinner of your family, your demise could put substantial financial burden on your spouse. Even in such cases you can go for a joint family life insurance where a couple is insured through the same policy. You can choose the death benefits that are offered by your policy based on what premium you could afford every month.

Family life insurance offers variable coverage depending on what you plan. You can ensure that your liabilities are covered by the death benefits from your family life insurance. Family life insurance policies usually donít need you to take medical exams although a family life insurance company might demand otherwise. You can enhance the chances of approval by signing a joint family insurance policy with your spouse.

Who can benefit from family life insurance?

Your family which comprises of your dependent children and spouse will benefit from the coverage offered by family life insurance. For the benefits and automatic insurance coverage, family members have to be eligible. In other words, the dependents should be your children, who are usually below a particular age, as stipulated by the policy. It could include your children, foster and step children as well as adopted children who are living with you, although you might need to double check your policy to understand the rules. Some policies even cover grandchildren, if they are being taken care of in the same way as foster children would be. Only unmarried children would qualify for the eligibility. Those children above the specified age, but are not capable of supporting themselves due to mental illness or other causes, might qualify for the benefits too.

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