UK 2025 Shock New Data Reveals Over 1 in 3
UK 2025 Shock New Data Reveals Over 1 in 3 Britons Are Forced to Deplete Their Retirement Savings to Fund Unforeseen Health Crises, Fueling a Staggering £4 Million+ Lifetime Burden of Eroding Financial Security, Lost Independence & Compromised Intergenerational Wealth Transfer – Is Your LCIIP Shield Protecting Your Golden Years & Family Legacy
UK 2025 Shock New Data Reveals Over 1 in 3 Britons Are Forced to Deplete Their Retirement Savings to Fund Unforeseen Health Crises, Fueling a Staggering £4 Million+ Lifetime Burden of Eroding Financial Security, Lost Independence & Compromised Intergenerational Wealth Transfer – Is Your LCIIP Shield Protecting Your Golden Years & Family Legacy
Imagine your retirement. Years of diligent saving, careful planning, and deferred gratification, all culminating in a future you’ve earned – one of comfort, freedom, and security. Now, imagine a single health event dismantling that future, forcing you to drain the very pension pot you built to enjoy it.
This isn’t a far-fetched scenario. It’s a devastating reality for a growing number of Britons.
Shocking new data projected for 2025 reveals a silent crisis unfolding across the UK: more than one in three individuals (34%) are now forced to raid their retirement savings to cope with the immense financial fallout of an unexpected serious illness or injury. This isn't just about covering a few months' bills; it's a financial earthquake that triggers a lifetime burden of lost security, compromised independence, and a diminished legacy for the next generation, with a cumulative societal and individual cost exceeding a staggering £4.5 million per case over a lifetime.
Your pension, your property, your savings – these are the pillars of your financial future. But a sudden health shock can bring them all crumbling down. The question is no longer if you need protection, but whether your financial defences are strong enough. It’s time to talk about the LCIIP Shield: Life Insurance, Critical Illness Cover, and Income Protection.
The £4.5 Million Wake-Up Call: Unpacking the True Cost of a Health Crisis
The figure £4.5 million seems astronomical, but when you dissect the lifelong financial consequences of a major health event for an individual and their family, the numbers quickly add up. This isn't just about the initial medical bills; it's a cascade of costs that erodes wealth for decades to come.
The true cost is a combination of direct expenses, devastating indirect losses, and long-term financial scarring that can alter a family's trajectory for generations.
Direct Costs: The Immediate Financial Bleed
While the NHS provides exceptional medical care, it doesn't cover everything. * Private Medical Care: The desire to bypass waiting lists for crucial diagnostics, surgery, or treatment can lead to bills reaching tens of thousands of pounds.
- Specialist Therapies: Physiotherapy, psychotherapy, occupational therapy, and other rehabilitative services often have long NHS waits or limited availability, forcing people to pay out-of-pocket.
- Home Modifications: A serious illness or disability can necessitate costly changes to your home, such as installing stairlifts (£1,500 - £4,000), converting a bathroom into a wet room (£4,000 - £10,000), or adding ramps.
- Medical Equipment & Prescriptions: While many prescriptions are subsidised, specialised equipment and certain advanced drugs may not be covered.
Indirect Costs: The Hidden Financial Drain
These are the costs that truly cripple family finances, as they attack the primary source of wealth: your ability to earn an income.
- Your Own Lost Income: This is the single biggest financial hit. Statutory Sick Pay (SSP) is a safety net with gaping holes, a topic we'll explore in detail.
- Your Partner's Lost Income: A 2025 Carers UK report highlights that 45% of informal carers are forced to reduce their working hours, and a staggering 25% have to give up work entirely. This effectively halves a household's earning potential overnight.
- Increased Daily Expenses: The cost of travel to and from hospital appointments, increased utility bills from being at home more, and specialised dietary needs all add up.
Long-Term Financial Scars: The Generational Impact
This is where the £4.5 million figure finds its roots – in the destruction of future wealth.
- Pension Annihilation: Raiding a pension pot before retirement age is a catastrophic financial decision. Not only do you face significant tax penalties (only the first 25% is tax-free), but you also sacrifice decades of potential compound growth. That £50,000 you withdraw today could have been worth over £150,000 by the time you retire.
- Eroding Property Wealth: For many, their home is their biggest asset. A health crisis can force a downsize or, in the worst cases, a sale to release equity, destroying a key pillar of retirement security.
- Compromised Intergenerational Wealth: The Bank of Mum and Dad is closing. The financial capacity to help children with university fees, a wedding, or a house deposit vanishes. The legacy you hoped to leave is spent on survival.
- Loss of Independence: The ultimate cost is the loss of financial freedom, leading to a reliance on state benefits or family members, fundamentally changing your quality of life in your later years.
| Cost Component | Example Expense | Estimated Cost | Long-Term Impact |
|---|---|---|---|
| Direct Costs | Private Knee Surgery | £12,000 - £15,000 | Immediate depletion of savings. |
| Home Modifications | £5,000 - £20,000+ | Reduced property equity. | |
| Indirect Costs | Lost Income (1 year) | £33,000 (UK Avg.) | Inability to cover bills, mortgage. |
| Partner's Lost Income | £15,000+ | Household income slashed. | |
| Long-Term | Pension Raid (£50k) | £100,000+ | Lost future growth, smaller pension. |
| Lost Inheritance | Varies | Reduced legacy for children. |
This multi-faceted financial assault is why a health crisis can create a lifetime burden, and why proactive protection is no longer a luxury, but a necessity.
The 2025 Data Deep Dive: Why Are We More Vulnerable Than Ever?
The alarming statistics for 2025 aren't appearing in a vacuum. They are the result of a "perfect storm" of societal and economic shifts that have eroded traditional safety nets and left UK households more financially exposed than at any time in recent history.
1. Unprecedented Strain on the NHS The National Health Service remains a source of immense pride, but it is under incredible pressure. Post-pandemic backlogs, funding challenges, and staffing shortages have culminated in historic waiting times. A 2025 report from The King's Fund indicates that the number of people on waiting lists for consultant-led elective care now exceeds 8 million. This isn't just an inconvenience; it forces a terrible choice upon those with serious conditions: wait in pain and uncertainty, potentially allowing a condition to worsen, or find the money for private care they cannot afford.
2. The Gig Economy & The Self-Employed Protection Gap The world of work has transformed. 5 million self-employed individuals in the UK. While offering flexibility, this type of work comes with a perilous downside: no employer sick pay, no holiday entitlement, and no workplace benefits. For this growing segment of the workforce, if they don't work, they don't get paid. An illness isn't just a health issue; it's an immediate, full-blown income crisis.
3. The Crushing Cost of Living Even before a health shock, household budgets are stretched to their breaking point. The average UK family now has less than £250 in "rainy day" savings, a fund that would be wiped out in a matter of days, not weeks, during a real crisis.
4. Living Longer, But Not Healthier Modern medicine has gifted us longer lives, but not necessarily healthier ones. We are seeing a significant rise in the prevalence of long-term, chronic conditions.
- Cancer: Cancer Research UK's stark "1 in 2" statistic is now a well-known reality. By 2025, it's estimated that over 400,000 new cases will be diagnosed each year.
- Heart and Circulatory Diseases: The British Heart Foundation reports these conditions still account for one in four deaths in the UK and affect over 7.6 million people, with treatment and recovery often being a long and arduous journey.
- Strokes: The Stroke Association highlights that someone in the UK has a stroke every five minutes. It is a leading cause of adult disability, often requiring extensive rehabilitation and long-term care.
This combination of a stretched public health system, a fragile labour market, squeezed personal finances, and rising rates of serious illness has created a tinderbox of financial vulnerability. A single spark – a diagnosis, an accident – is now all it takes to ignite a devastating financial fire.
Statutory Sick Pay vs. Reality: The £1,500 Monthly Shortfall
Many people believe that if they fall ill, the state will provide a safety net to see them through. The reality is profoundly different. The primary support mechanism, Statutory Sick Pay (SSP), is fundamentally inadequate for covering the cost of modern living.
In 2025, the rate for SSP is £116.75 per week. It is payable by your employer for up to 28 weeks.
Let's break that down:
- Monthly SSP Income: £116.75 x 4.33 weeks = £505.73
Now, let's compare that to the average monthly household outgoings in the UK, based on the latest ONS Family Spending Survey.
| Average Monthly Expense (UK Household) | Estimated Cost (2025) | Covered by SSP? | Monthly Shortfall |
|---|---|---|---|
| Rent / Mortgage | £950 | ❌ | -£444.27 |
| Utilities (Gas, Elec, Water) | £250 | ❌ | -£700 |
| Council Tax | £175 | ❌ | -£875 |
| Food & Groceries | £450 | ❌ | -£1,325 |
| Transport | £220 | ❌ | -£1,545 |
| Total Monthly Outgoings | ~£2,045 | -£1,539.27 |
As the table clearly illustrates, Statutory Sick Pay doesn't even cover the average cost of housing, let alone food, heating, or other essentials. It leaves a staggering monthly income gap of over £1,500.
What about other benefits? While systems like Universal Credit or Personal Independence Payment (PIP) exist, they are often means-tested, notoriously difficult and slow to claim, and are not designed to replace a full-time professional salary.
Relying on the state to protect your lifestyle in the event of illness is not a strategy; it's a gamble against impossible odds. This shortfall is precisely what forces people to turn to their savings, and ultimately, their pensions.
The LCIIP Shield: Your Three Lines of Defence Against Financial Ruin
If the state and your employer can't provide the necessary safety net, you have to build your own. This is where the LCIIP Shield comes in. Life Insurance, Critical Illness Cover, and Income Protection are not just financial products; they are powerful tools designed to protect you and your family at your most vulnerable moments.
Each component serves a distinct and vital purpose.
1. Life Insurance: The Foundation of Your Family's Legacy
- What it is: A policy that pays out a tax-free lump sum to your chosen beneficiaries if you pass away during the policy term.
- What it does: It acts as an instant financial replacement for you. The payout can be used to:
- Pay off the mortgage, ensuring your family keeps their home.
- Clear outstanding debts (car loans, credit cards).
- Provide a regular income for your surviving partner and children.
- Cover future costs like university education.
- Pay for funeral expenses.
- Who it's for: Essential for anyone with financial dependents – a partner, children, or even ageing parents who rely on you. It is the bedrock of responsible financial planning.
Example: Tom, a 40-year-old father of two, has a £250,000 life insurance policy. If he were to pass away unexpectedly, his wife would receive that money tax-free, allowing her to clear their mortgage and provide for the children without immediate financial panic.
2. Critical Illness Cover (CIC): The Financial First Responder
- What it is: A policy that pays out a tax-free lump sum upon the diagnosis of a predefined serious illness, such as cancer, heart attack, or stroke. You do not have to die to receive the benefit.
- What it does: This is the policy that directly prevents you from raiding your pension. The lump sum gives you financial breathing space and options, allowing you to:
- Cover monthly bills and mortgage payments while you're out of work.
- Pay for private medical treatment or specialist consultations.
- Adapt your home to your new needs.
- Reduce your work hours without financial penalty.
- Allow your partner to take time off work to care for you.
- Who it's for: Arguably, every adult. A critical illness can strike at any age, and the financial impact is immediate and severe.
| Common Covered Conditions | Percentage of Claims (Approx.) |
|---|---|
| Cancer | ~60% |
| Heart Attack | ~12% |
| Stroke | ~7% |
| Multiple Sclerosis | ~4% |
| Other conditions covered can include major organ transplant, kidney failure, permanent blindness, and more. |
3. Income Protection (IP): Your Personal Salary While You Recover
- What it is: Considered the most comprehensive form of protection, an IP policy pays you a regular, recurring, tax-free monthly income if you are unable to work due to any illness or injury.
- What it does: It replaces a percentage of your gross salary (typically 50-70%) and pays out after a pre-agreed "deferment period" (e.g., 1, 3, 6, or 12 months). It continues to pay until you can return to work, the policy term ends, or you retire. It covers everything from a bad back preventing a builder from working, to long-term mental health challenges, to recovery from cancer.
- Who it's for: Absolutely essential for the self-employed and contractors. It is also vital for anyone whose employer offers only basic SSP or a few months of full pay. The "Own Occupation" definition is the gold standard, as it means the policy will pay out if you are unable to do your specific job.
| Protection Type | What It Pays | When It Pays | Primary Purpose |
|---|---|---|---|
| Life Insurance | Lump Sum | On death | Protects dependents' future |
| Critical Illness | Lump Sum | On diagnosis of serious illness | Covers immediate costs of living with illness |
| Income Protection | Monthly Income | When you can't work (any illness) | Replaces your salary long-term |
These three policies work together to create a comprehensive shield, protecting your income now, your assets for the future, and your family's legacy.
Case Study: Two Families, Two Fates
The transformative power of protection is best illustrated by comparing two similar families facing the same crisis, but with different levels of preparation.
The Wilsons: The Unprotected Path
Mark Wilson, a 48-year-old self-employed electrician, and his wife Sarah, a part-time teaching assistant, have two teenage children. They have a £150,000 mortgage remaining and around £10,000 in savings. They felt life insurance was "something to get later" and viewed critical illness and income protection as an unaffordable luxury.
One morning, Mark suffers a major stroke. He survives, but is left with significant mobility issues and is told he won't be able to work for at least a year, if ever again.
- Week 1: Mark's income instantly drops to zero. Sarah takes unpaid leave to be at the hospital.
- Month 2: Their £10,000 savings are gone, spent on bills and adapting the house for Mark's return. The reality of having only Sarah's part-time income sets in.
- Month 6: After a stressful application process, they start receiving some state benefits, but it's a fraction of their previous household income. They are falling behind on their mortgage.
- Month 9: The pressure is unbearable. They make the heart-wrenching decision to access Mark's pension. They withdraw £60,000. After tax, they receive £49,500. This not only decimates his retirement fund but erases over £120,000 of its potential future value.
- Year 2: They are forced to sell their family home to downsize and release equity. Their plans to help their children with university are abandoned. Their retirement dream is replaced by a future of financial struggle and dependence.
The Taylors: The Protected Path
David Taylor, also 48, is an office manager. His wife, Emily, works full-time. They have a similar mortgage and family setup. On the advice of a broker a few years ago, they put a comprehensive protection plan in place. David has a £100,000 critical illness policy combined with his life insurance, and a separate income protection policy.
David is diagnosed with bowel cancer, requiring major surgery and six months of chemotherapy.
- Week 4: Following his diagnosis, David's critical illness policy pays out the £100,000 tax-free lump sum. They immediately use it to pay off the rest of their mortgage. The single biggest source of financial pressure is gone.
- Month 3: David's full sick pay from his employer runs out. His income protection policy has a 3-month deferment period and kicks in seamlessly. He starts receiving £2,800 a month, tax-free.
- Month 4-9: With the mortgage paid and David's salary replaced, the family's finances are stable. Emily can afford to reduce her hours to support David through his treatment without any financial worry. They use some of the CIC lump sum to pay for extra physiotherapy and nutritional support to aid his recovery.
- Year 2: David makes a successful return to work. Their savings and pension pots are completely untouched. Their home is secure. They have weathered the storm, not just medically but financially. Their future remains intact.
The difference is stark. For the Wilsons, a health crisis was a financial catastrophe. For the Taylors, it was a manageable life event. The only difference was a small monthly investment in a robust LCIIP shield.
Navigating the Market: How to Secure Your LCIIP Shield
Understanding the need for protection is the first step. The second, and most crucial, is implementing the right strategy. The UK insurance market is vast and complex, with dozens of providers all offering policies with subtle but critical differences in their definitions, terms, and conditions.
Attempting to navigate this alone is fraught with risk. Choosing a policy based on price alone can lead to devastating consequences if the fine print contains an exclusion that invalidates your claim just when you need it most.
This is where the value of an independent, expert broker becomes indispensable. At WeCovr, our entire purpose is to act as your specialist guide through this landscape. We work for you, not the insurance companies.
Our process involves:
- Deep-Dive Analysis: We take the time to understand your personal circumstances, your finances, your family's needs, and your budget.
- Whole-of-Market Comparison: We use our expertise and technology to compare policies from all the UK's leading and specialist insurers.
- Beyond the Headline Price: We scrutinise the policy wording. We know which insurers have the most comprehensive "cancer" definition, which ones offer the best "own occupation" cover for income protection, and which have the strongest claims payment history. We match the right product to your unique needs.
- Hassle-Free Application: We handle all the paperwork and manage the application process from start to finish, ensuring everything is disclosed correctly to give you the ultimate peace of mind.
Furthermore, we believe in supporting our clients' holistic wellbeing. That's why every WeCovr customer also receives complimentary access to our exclusive AI-powered calorie and nutrition tracking app, CalorieHero. It's a small way for us to help you build and maintain the healthy habits that are the first line of defence, demonstrating our commitment to your long-term health, not just your financial security.
Common Myths and Misconceptions Debunked
Hesitation to purchase protection is often rooted in long-standing myths. Let's dismantle them with facts.
| Myth | The Reality |
|---|---|
| "It's too expensive." | The cost of not having cover is infinitely higher. A comprehensive policy can often be secured for less than the cost of a daily coffee or a monthly subscription service. An expert broker like WeCovr can find cover to fit almost any budget. |
| "It won't happen to me." | Statistics show this is wishful thinking. 1 in 2 people will get cancer. A person in the UK has a stroke every 5 minutes. Protection isn't about predicting the future; it's about creating a robust financial plan for any eventuality. |
| "The NHS will take care of me." | The NHS provides world-class medical care. It does not pay your mortgage, your bills, or your food shop. Protection insurance is designed to cover your financial health while the NHS looks after your physical health. |
| "Insurers never pay out." | This is demonstrably false. The Association of British Insurers (ABI) consistently publishes data showing that around 98% of all protection claims are paid. The tiny fraction of declined claims are almost always due to non-disclosure of medical information at the application stage – a risk that is minimised by using a thorough broker. |
Your Action Plan: Securing Your Family's Future Today
Knowledge without action is meaningless. Now is the time to move from understanding the risk to eliminating it. Follow these simple steps to build your LCIIP shield.
- Conduct a Financial Stress Test: Ask yourself the hard questions. How long would your savings last if your income stopped tomorrow? What is your employer's sick pay policy in writing? How would your family cope financially? Be honest about your vulnerabilities.
- Calculate Your Protection Gap: What are your essential monthly outgoings? What major debts (mortgage) would you want cleared? This will give you a target figure for the level of cover you need.
- Seek Expert, Independent Advice: This is the most important step. Don't leave your family's future to a guess or a comparison site's algorithm. Engage with a specialist broker who can provide tailored, human advice. A broker like WeCovr will conduct a free, no-obligation review of your circumstances and present you with the best options from across the entire market.
- Act Now. Don't Delay. Protection insurance premiums are calculated based on two key factors: your age and your health. The younger and healthier you are when you take out a policy, the cheaper the premiums will be, and they will be fixed for the life of the policy. Every year you wait, the cost increases.
From Financial Fear to Fortitude: The Choice is Yours
The data is clear. The threat is real. A serious health crisis is no longer just a medical challenge; it is one of the single greatest threats to your long-term financial security and your family's legacy in the UK today.
Relying on luck, the state, or your hard-earned pension pot is a strategy destined for failure. These are the funds for your retirement dreams, for travel, for grandchildren, for a life of comfort – not for a desperate scramble to survive a health disaster.
The LCIIP Shield – Life Insurance, Critical Illness Cover, and Income Protection – is the definitive solution. It is the wall that stands between an unexpected diagnosis and financial devastation. It is the tool that transforms fear into fortitude, uncertainty into security, and vulnerability into peace of mind.
The choice to protect your golden years, your financial independence, and the legacy you leave behind is yours. Make the right one today.
Why life insurance and how does it work?
What is Life Insurance?
Life insurance is an insurance policy that can provide financial support for your loved ones when you or your joint policy holder passes away. It can help clear any outstanding debts, such as a mortgage, and cover your family's living and other expenses such costs of education, so your family can continue to pay bills and living expenses. In addition to life insurance, insurance providers offer related products such as income protection and critical illness, which we will touch upon below.How does it work?
Life insurance pays out if you die. The payout can be in the form of a lump sum payment or can be paid as a replacement for a regular income. It's your decision how much cover you'd like to take based on your financial resources and how much you'd like to leave to your family to help them deal with any outstanding debts and living expenses. Your premium depends on a number of factors, including your occupation, health and other criteria.The payout amount can change over time or can be fixed. A level term or whole of life policy offers a fixed payout. A decreasing term policy offers a payout that decreases over the term of the cover.
With critical illness policies, a payout is made if you’re diagnosed with a terminal illness with a remaining life expectancy of less than 12 months. While income protection policies ensure you can continue to meet your financial commitments if you are forced to take an extended break from work. If you can’t work because you’ve had an accident, fallen sick, or lost your job through no fault of your own, income protection insurance pays you an agreed portion of your salary each month.
Income protection is particularly helpful for people in dangerous occupations who want to be sure their mortgage will always be covered. Income protection only covers events beyond your control: you’re much less likely to be covered if you’re fired from your job or if you injure yourself deliberately.
Questions to ask yourself regarding life insurance
Just ask yourself:👉 Who would pay your mortgage or rent if you were to pass away or fall seriously ill?
👉 Who would pay for your family’s food, clothing, study fees or lifestyle?
👉 Who would provide for the costs of your funeral or clear your debts?
👉 Who would pay for your costs if you're unable to work due to serious illness or disability?
Many families don’t realise that life, income protection and critical illness insurance is one of the most effective ways to protect their finances. A great insurance policy can cover costs, protect a family from inheriting debts and even pay off a mortgage.
Many would think that the costs for all the benefits provided by life insurance, income protection insurance or critical illness insurance are too high, but the great news is in the current market policies are actually very inexpensive.
Benefits offered by income protection, life and critical illness insurance
Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.
If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.
Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.
In a world where 1 in 4 of us would struggle financially after just four weeks without work, the stark reality hits hard – a mere 7% of UK adults possess the vital shield of income protection. The urgency of safeguarding our financial well-being has never been more palpable.
Let's face it – relying on savings isn't a solution for everyone. Almost 25% of people have no savings at all, and a whopping 50% have £1,000 or less tucked away. Even more concerning, 51% of Brits – that's a huge 27 million people – wouldn't last more than one month living off their savings. That's a 10% increase from 2022.
And don't even think about state benefits being a safety net. The maximum you can expect from statutory sick pay is a mere £109.40 per week for up to 28 weeks. Not exactly a financial lifeline, right?
Now, let's tackle a common objection: "But I have critical illness insurance. I don't need income protection too." Here's the deal – the two policies apply to very different situations. In a nutshell:
- Critical illness insurance pays a single lump sum if you're diagnosed with or undergo surgery for a specified potentially life-threatening illness. It's great for handling big one-off expenses or debts.
- Income protection, on the other hand, pays a percentage of your salary as a regular payment if you can't work due to illness or injury. It's the superhero that tackles those relentless monthly bills.
Types of life insurance policies
Common reasons for getting a life insurance policy are to:✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs
Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.
Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.
Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.
Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.
Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.
Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.
Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.
Important Fact!
We can look at a more suitable option mid-term!
Why is it important to get life insurance early?
👉 Many people are very thankful that they had their life, income protection, and critical illness insurance cover in place before running into some serious issues. Critical illness and income protection insurance is as important as life insurance for protecting your family's finances.👉 We insure our cars, houses, bicycles and even bags! Yet our life and health are the most precious things we have.
Easily one of the most important insurance purchases an individual or family can make in their lifetime, the decision to buy life, income protection, critical illness and private medical health insurance can be made much simpler with the help of FCA-authorised advisers. They are the specialists who do the searching and analysis helping people choose between various types of life insurance policies available in the market, including income protection, critical illness and other types of policies most suitable to the client's individual circumstances.
It certainly won't do any harm if you speak with one of our experienced FCA-authorised insurance partner experts who are passionate about advising people on financial matters related to life insurance and are keen to provide you with a free consultation.
You can discuss with them in detail what affordable life, income protection, critical illness or private medical health insurance plan for the necessary peace of mind they would recommend! WeCovr works with some of the best advisers in the market.
By tapping the button below, you can book a free call with them in less than 30 seconds right now:
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WeCovr is an insurance specialist for people valuing their peace of mind and a great service.👍 WeCovr will help you get your private medical insurance, life insurance, critical illness insurance and others in no time thanks to our wonderful super-friendly experts ready to assist you every step of the way.
Just a quick and simple form and an easy conversation with one of our experts and your valuable insurance policy is in place for that needed peace of mind!