A “family floater” plan provides life insurance coverage to all family members. These policies are a smart choice for many families. Also called “family life insurance”, your entire family has a life insurance policy with a single insurance policy, a much simpler and more efficient process.
Life insurance policies are usually purchased to cover the parents. Should one of the family’s breadwinners suddenly pass away, the bereaved may suffer extreme financial stress. Life insurance is the perfect way to protect a family facing this situation, as it pays out quickly (as opposed to having to go through estate registration) and is not taxed. With a family life insurance, both parents and the other family members are covered without several insurances.
Life insurance for the whole family
Family life insurance is more affordable and gives a young family security in the knowledge that your loved ones are protected. Whole life insurance policies have the advantage of building cash value over time. If you need help determining life insurance, talk to one of our local agents who can show you all of your options, including family life insurance.
Full life insurance for the family
A family life insurance policy for life can be suitable for your family. These insurances do not expire if all premiums are paid. A portion of each premium payment each month will increase the cash value of the insurance. Once the cash value has been built up, you have the opportunity to borrow from the insurance, which can be a significant advantage. You can choose the level of coverage that makes sense for your family, such as the repayment of the mortgage, the cost of educating a child and other needs.
Family time insurance
Family insurance is a more affordable option for young families. Young parents may decide to apply one of these policies to ensure that the rest of the family does not have financial problems if one parent dies. For your family̵7;s safety and security, a family policy is the most affordable version.
A family life insurance – is it right for you?
A family life insurance plan protects families as they grow. These policies provide the resources your loved ones need when the unexpected happens. The funds from the insurance can help your family pay:
- Mortgages: Your mortgage payment is probably the largest monthly expense. Based on the insurance limits, the monthly payment can be covered with funds from the life insurance or the entire mortgage can be paid off.
- College: Educating a child is expensive. The benefits paid from the policy can help your children achieve the education they deserve without going deep into student debt.
- Cost of living: A family’s cost of living continues to increase and keeping food on the table, vehicles in working order and keeping up to date with monthly bills can increase rapidly. Insurance benefits can pay for living expenses and more.
- Leave a legacy: Life insurance can leave a lump sum to your loved ones. The funds can be invested or used to help your children with the down payment on their first home or whatever is needed.
If you want to know more about family life insurance, talk to one of our helpful local agents. We can help you find the best policy that fits your budget.