Enter your ZIP Code
to get insurance quotes in your area

Car insurance isn't the same in every state

Learn about your state

Wrong zip code

Family Life Insurance

Family life insurance is life insurance that covers all your immediate family members. Getting individual life insurance, you would have to deal with separate policies and that could be expensive and complicated. Family life insurance allows coverage for everyone in your immediate family under one policy and for one rate. Individual life insurance is typically set to cover the spouse that handles most of the financial responsibilities for of the family. However, if there is a spouse that handles the daily duties at home, works part time, or gives part of the financial necessities to the family, they still can benefit if they should pass away under family life insurance. Additionally, life insurance is equally important for children. If kids are covered early on it may assist them in the future to continue life insurance when they are adults. As adults, they can convert their policy to make it work to whatever their coverage needs may be. 

Many life insurance providers offer child life insurance and an additional spouse life insurance that can be added to your plan to make sure all in your family are covered and protected. 

There are also life insurance policies that protect both individuals in a marriage. This is known as a joint life insurance policy and is usually a form of universal life insurance. These may be more expensive and another way for both partners’ in a union to receive benefits is to individually obtain life insurance policies. 

Individual children’s life insurance can be beneficial to parents trying to cover funeral expenses and allows for grieving time off from their place of employment. Children’s policies don’t need to be much in terms of benefits besides covering the costs of the funeral. There are two main types of children’s life insurance: child rider that would be added to your term life insurance policy and specialized child life insurance policy. 

If you decide to add a child rider to your term life insurance policy it won’t cost you much. It typically costs around 5 dollars annually for every thousand dollars worth of coverage. Also, you would only need to purchase one child rider, as it will cover all the children in your family. 

Child life insurance can be costly and only covers one child per policy. It is basically whole life insurance for children.  It’s more expensive yet could help your child in the event that he or she develops a health condition in the future that makes obtaining life insurance difficult. Under this policy, your child will be protected for their future. 

Coverage for children under the child rider life insurance term policy and a term policy for each adult in the household will protect the whole family. When all in the family are covered it can provide piece of mind and also insure that if there is an untimely death that the family gets taken care of. 

Additionally, many life insurance providers offer a college plan that generally helps families save for the future of their children’s education and also allow for life insurance protection of your children. That means you are securing your child’s future as college plans usually increase in value over time. You will also be guaranteed payment of up to 150 thousand dollars when the life insurance policy reaches maturity as long as your payments are made. 

Family plans including all the for mentioned separate plans cost can be figured out free through quotes on life insurance provider websites or via phone. This is the simplest way to find out how much it would be annually or monthly to protect your entire family with life insurance. 

Planning for your family’s financial future is important as it secures what they will be able to accomplish in the face of a fatal accident of you, your spouse, or if you as partners have to deal with an untimely death to one of your children. Minimizing the financial impact of the loss can occur through obtaining life insurance. 

Life insurance for all members of your family may seem daunting in expense but there are many ways to keep the cost down depending on the options you chose when signing up for the policy. 

5.0out of 57 user reviews

Add new comment

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.