• How SunLife family life insurance works

    SunLife’s Family life insurance is a straightforward and affordable way to make sure some money will be there to support your family if you died unexpectedly.

    Money that could be used to pay the mortgage, household bills and the everyday small things that mean so much, like football training and ballet lessons.

    Anyone aged 18-59 and resident here in the UK can apply. You don’t need a medical. You simply answer some health and lifestyle questions to find out instantly whether you qualify for Family Life Insurance.

    Take a look at this short video to see how life insurance works and the difference it can make, if the worst were to happen.

    How does Life Insurance work?

    There are some things in life we can’t control. But life insurance could ensure your loved ones are left financially taken care of if you died unexpectedly.

    Life insurance works by paying out a lump sum of money if you die. Your loved ones could use this money to carry on living as they do now, paying things like the mortgage and everyday bills. Or even the weekly shop or it could simply enable your children to carry on having their ballet lessons or football training.

    Meet Matt. Matt’s wife Karen died when their children were 1 and 5. Karen did everything for the house and took care of the children whilst Matt was hard at work. Unfortunately Karen didn’t have life insurance and Matt struggled to cover the cost of childcare and the lifestyle they had; so he has had to change his working hours and cut back on life’s little luxuries like family holidays and days out for the kids. These changes, on top of losing Mum, have been really impactful. If Karen had life insurance to cover things like childcare, kids clubs and small luxuries… things would have been easier.

    It’s up to you how long you’d like cover for. Perhaps when your mortgage ends or when your children no longer rely on you for financial support. For your life insurance, you’ll pay a monthly payment. This premium will depend on the amount of cover you’d like, your age, health and lifestyle and how long you’d like the cover for. This is known as the ‘term’. Life insurance could often be more affordable than you think.

    The way our life insurance works is simple

    Here are some typical examples of life insurance in action.

    Meet Adam

    Adam received a life insurance payout of £130,000

    Adam’s wife Helen passed away leaving Adam and two children. Helen had been a busy stay at home parent doing all the things demanded by a young family. Adam works full time and now needs help with childcare so he can continue to earn enough to support his family.

    Luckily, when she was 38, Helen had taken out life insurance. She chose a term of 10 years to cover the time her children had left at school, and paid a £10 premium every month. She was in good health when she applied and didn’t smoke.

    When she sadly died 7 years later, her family received a cash payout of £130,000. This gave Adam the financial security to get the help he needed with childcare and meant the family could carry on doing the things they enjoyed.

    Meet Sue

    Sue received a life insurance payout of £250,000

    Sue’s husband Tom passed away leaving Sue with one child. Sue and Tom both worked full time and relied on both their incomes to pay the mortgage on the family home.

    This was the main reason Tom took out life cover when he was 35. He chose a term of 10 years to cover the period his daughter was likely to be living at home and a cash payout big enough to pay off a large chunk of the mortgage. When he applied he was in good health and a non-smoker. He paid a premium of £13.21 every month.

    When Tom sadly died 5 years later, Sue received a cash payout of just under £250,000 which helped them to maintain their lifestyle in the family home.

    All figures correct as at 23/09/2016

    What you need to know about SunLife's Family Life Insurance

    Family Life Insurance is provided by Scottish Friendly.

    If you don’t pay your premiums every month throughout the term, you won’t be covered any more and you won’t get any money back.

    The amount of your payout will depend on your age, the premium and the term you choose and your answers to the health and lifestyle questions asked when you apply.

    The payout is a fixed amount of money, so inflation will reduce how much it will buy in the future. You can be sure your cash payout will never go down so you know exactly how much would be there to support your loved ones.

    SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, pet insurance, home insurance, ISAs and Will writing services.