How to Protect Your Family with Life Insurance

Make sure your family is financially protected should something happen to you. Insurance companies have some great offers available to ensure your entire family, including your partner and children, are covered.

We can help prepare affordable family insurance quotes for you and your partner or children.

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What is life insurance for the family?

Select life insurance companies offer discounts for couples who both take out coverage from the same provider. The discount varies depending on your choice of insurance company and cover type. However, generally, you can expect a discount of up to 10%. Furthermore, you might also be able to add your children to your policy for an extra fee or free of charge, depending on your insurer.

When reviewing your family insurance comparison, make sure to ask your consultant what the available discounts are.

Who should take out family insurance?

If you’re married, have children or planning to buy a home or start your family, you may want to consider taking out cover that protects your all your loved ones. Even if your partner or spouse doesn’t work, taking out cover for them to protect your family financially may make all the difference.

What types of family cover are available?

Couples life insurance

Both you and your partner can generally take out any life insurance policy in any combination. For example, you might decide to take out Life Insurance and Income Protection for yourself but only Life Insurance for your partner.

While joint life insurance policies are not available, most insurers do offer discounts when both partners take out cover.

Child Cover

While some insurers offer free child cover of up to $10,000, most companies generally provide a standalone child policy. For Children, most family life insurance policies cover them for:

  • Death
  • Terminal Illness
  • Critical Illnesses, such as cancer, heart attack, major head trauma, and stroke.

Benefits of life insurance for the family

 1. Protecting the breadwinner

Taking out life cover for the working spouse generally allows your family to continue their lifestyle and not be forced to move and lose their established support network. Should the working partner pass away or be diagnosed with a terminal illness, the life insurance lump sum benefit could help:

  • Provide you with funds for day to day living expenses such as groceries and utilities.
  • With mortgage payments or rent.
  • With funding for your children’s education, including university.

 2. Coverage for the homemaker

You might be wondering why you should insure your wife or husband if they do not work. However, life insurance for parents may be one of the most important decisions you can make in protecting your family. Often, the non-working spouse takes care of the children and/or running the home. If you were working full time, who would take care of the cooking, cleaning, laundry, and taking the children to and from school and other activities?

By making sure your non-working spouse/partner is insured, the money from their policy can help you employ some much-needed help. For example, a nanny, a cook or cleaner to help care for the children and home while you are working.

3. Free Built-in Child cover

Many of the insurers we compare offer free child cover of up to $10,000 for each child when you take out a policy. This generally covers you financially should your child pass away or suffer from a terminal or critical illness.

This type of cover is generally available for children aged between 2 and 16 years old, depending on your life insurance company.

4. Additional Child Cover Options

Select insurers may also offer increased Child Cover as an additional option. Generally, you will be able to increase your level of child cover up to $200,000, which usually includes cover for death, terminal illness and critical illness.

How do I add child cover to my policy?

While some insurers will offer free child cover of up to $10,000, other insurers may only provide child cover as an optional benefit you can add to your policy. This will generally require you to provide the child’s medical history.

Additional benefits available within child cover:

When child cover sits as a stand-alone policy it often comes with many options and benefits:

  • Conversion option: Allows the policy to convert into a full standalone trauma policy at a certain age, usually 21.
  • Indexation: Keeps the policy up to date with inflation.
  • Premiums: You can generally choose between stepped or level premiums.
  • Continuation of cover: Allows the child’s policy to continue if the policy owner (parent) passes away.

Who offers the best family life insurance plans?

Each insurer will offer different benefits for you and your family. Some will offer multi-policy discounts, some will provide free child cover, while others might offer both.

One of the most important things you can do is compare family life insurance quotes across a number of providers so you can see which policy might suit your specific requirements.

Can I get life insurance if I am currently pregnant?

Lump Sum Cover (Life insurance, Trauma insurance, TPD insurance)

For a lump sum cover, select providers will allow you to apply for cover up until the date of your child’s birth. However, this differs from company to company, with some providers only allowing applications up until the end of your second trimester if:

  • You have had no previous complications with pregnancy or;
  • You are not currently experiencing complications.

You may need to wait f 6 weeks after the birth of your child before you can apply for coverage if you:

  • Previous experiences complications; or
  • Are currently experiencing complications or;
  • Are ineligible for cover as you are in your third trimester.

This allows time for any complications to be resolved and for you to make a complete recovery from giving birth.

Income Protection Insurance

If you have had no previous complications or are currently not experiencing any complications, select providers will allow you to apply for income protection cover right up until the end of the second trimester.

However, as income protection protects your personal exertion income, you will need to confirm your return to work intentions including:

  • How many hours you intend on working when you return,
  • Whether it is full time or part time,
  • If part-time, how many hours per week on average will you be working.

If you have no plans to return to work, you will generally not be eligible to apply for income protection as it only protects against your personal exertion income, which you won’t be earning if you’re not working.

You should always consult with an insurance specialist before making any decision.

Published: March 18, 2019

Ask an Expert?


  • Lindsay |

    Are there policies that cover 65 year old and over. We have been told that after you turn 65 the cover you had is no longer any good and that a 65 year old person can not take out a Life Insurance cover of 300,000 that policies stop when you reach the age of 65. Can you please advise if this is correct.

      Brett Lenertz |

      Hi Lindsay, Thanks for your making contact. We are able to provide Life Insurance to people aged over 65. When you refer to Life Insurance policies ceasing at the age of 65, you may be referring to Group Life Insurance policies that are often held during employment and are held within a employer structured superannuation policy. Outside of the superannuation environment we can look at cover for over 65’s with many Life Insurers able to offer cover either up to 70 or 75 years of age for policy commencement. Generally, these policies will cease cover at the age of 99. Keep in mind that there may be restrictions over the age of 65 around stepped and level premiums and sums insured but you are welcome to call us on 1300 135 205 and one of our Life Insurance Specialists can provide options here for you.

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