Family Life Insurance

Family Having Fun At Home TogetherUnder most policies, family insurance plans cover adults and dependent children,  which can include biological children, stepchildren, adopted children, foster children, and even grandchildren. These policies are intended to provide simple, affordable benefits for the entire family.

While the ages of the covered children are usually limited to 21 years or younger, insurance companies will often allow those who are incapable of supporting themselves to be covered past the age of 21 on the life insurance policy.

Family life  insurance coverage is available as both term and permanent life insurance policies, and carries all the features and benefits that come with those insurance policies. Family life insurance plans pay off at a set rate when the death of the first parent or insured person happens, and then pay off in full upon the death of the second insured party.

The death of the insured parents does not have to happen simultaneously, though most family insurance plans have a feature included that pays an additional lump sum amount if both insured people die within the first policy term.

Family life insurance plans will generally offer you the option of increasing your death benefit at any time during the insurance term, without necessarilyincreasing your premiums as well. Families with children under the ages of 18 can supplement their family insurance with separate children’s insurance plans.

These plans provide additional family security and the assurance that your children’s education will be covered when it’s time for them to attend college. Plus, as your children get older, they can often also buy permanent insurance without proof of insurability. Family life insurance plans that are originally set up as term life insurance can be converted to a vast array of whole life or permanent life insurance plans.

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