The Something to leave for my family Plans
Something to leave for my family
Life shouldn't have to stop for your family if something happened to you. That's why we provide life insurance products that can provide peace of mind for you and your family. We can help families to cover essential living costs if a parent were to die, and help people plan for funeral costs with confidence. If you are looking for life insurance but don't know where to start, read on.
Life is full of surprises. The unpleasant ones can put your family in a difficult situation, especially if they rely on you financially. Imagine, if you were to die tomorrow what would be the financial impact on your family? Could they afford to pay for your funeral? Who would pay the mortgage? How would your debts or household bills be paid? Taking out life insurance will not only provide peace of mind for you now, but also financial support for your loved ones when it's needed most.
It's simple really. When you take out life insurance you pay a monthly premium, which depends on your age, the amount of cover you want, how long you want your cover to last and, in some circumstances, your medical status. Then, if you die during the cover period, a cash sum will be paid out, as long as you've paid your premiums when due.
We offer two types of life insurance plans - over 50 life insurance (called the Guaranteed Over 50 Plan) and term life insurance (called Family Life Insurance). Read on to find out more.
The Guaranteed Over 50 Plan is the UK’s No 1 choice^ for over 50 life insurance. It's a simple and affordable way to leave a cash sum as a gift for your loved ones, or to help towards funeral costs.
SunLife Family Life Insurance could make a big difference to those who depend on you most. If you die, it could provide some financial security at a difficult time. And because we know how busy you are, applying is simple. There’s no medical and you’ll get an instant decision.
^ Most popular whole of life guaranteed acceptance plan bought directly. ABI statistics - 12 months up to 31 December 2016.
†We offer the lowest monthly premium on the market for this type of product as at 20 October 2016.
To answer that, you should ask yourself, how would your family or partner cope financially if something happened to you? How would they cover expenses such as daily bills, mortgage payments or your funeral expenses?
It’s up to you really, but you should consider expenses that might need to be paid for should you die, like funeral expenses, unpaid bills and legal fees (such as probate). If there are people that are dependent on you financially, you may want to include some extra cover to help towards other expenses your loved ones would have to deal with like mortgage payments, household bills and childcare expenses. You should also make sure you choose a monthly premium that you are comfortable paying, because if you stop paying premiums your plan will be cancelled and you won’t get anything back.
It's not as much as you think. In fact, premiums for the Guaranteed Over 50 Plan (over 50 life insurance) start at just £3.90 per month and premiums for Family Life Insurance (term life insurance) start at just £5 per month. However, depending on the level of cover you want, you may need to pay higher monthly premiums.
The words life insurance, life assurance and life cover can all be used to describe the same product.
This is used to describe life insurance policies where you are covered for the whole of your life. The Guaranteed Over 50 Plan is a whole of life plan, which means that you are covered for life, as long as you continue to pay premiums for life.
With this type of insurance you are covered for a specified number of years e.g 10 years (called the term). A cash sum is paid out if the policyholder dies during the term of the policy. At the end of the term, the life cover ends. If the policyholder wishes to have life cover after that time, they will need to take out a new plan. Family Life Insurance is a term life insurance plan.
This depends on the type of plan that you choose. If you select the Guaranteed Over 50 Plan, there’s no medical so you’re guaranteed to be accepted. A fixed cash sum will then be paid on death, after you’ve had the Plan for two years. If you choose Family Life Insurance, you will be asked some health and lifestyle questions.
If you apply for a Guaranteed Over 50 Plan then you don’t need to worry about a medical as there are no health questions. If you apply for Family Life Insurance you will be asked to answer some health and lifestyle questions. You will not be asked to take a medical, however in the event of your death, we may write to your doctor in order to verify the claim.
We know that the last thing your loved ones need during a difficult time are any problems. So, we make sure we provide them with the best possible service and support when the time comes.