UK Regional Property Market & Insurance Needs
The UK Regional Property Market: How Local Trends Shape Insurer Solutions, Your LCIIP, and Vital Protection Needs
UK Regional Property Market & Your LCIIP: How Local Trends Shape Insurer Solutions & Your Protection Needs
The place we call home is far more than just bricks and mortar; it's the epicentre of our financial lives, often representing our largest asset and our most significant debt. In the United Kingdom, the property market is a complex tapestry woven with threads of local economics, social trends, and diverse regional characteristics. From the bustling streets of London to the serene valleys of Wales, and from the industrial heartlands of the Midlands to the vibrant cities of Scotland, each region presents a unique financial landscape.
But how do these localised property trends directly influence your personal financial safety net – specifically, your Life, Critical Illness, and Income Protection (LCIIP) insurance needs? And critically, how do these regional nuances impact the solutions offered by UK insurers? This comprehensive guide delves into the intricate relationship between the UK's diverse regional property market and the essential protection that LCIIP policies provide, offering insights vital for securing your financial future.
The Intertwined Realities: Property, Protection & Prosperity
At its core, LCIIP insurance is designed to safeguard your financial stability in the face of life's major uncertainties. Life insurance provides a lump sum or regular income to your loved ones if you pass away, helping them manage ongoing expenses, including mortgage repayments. Critical Illness Cover pays out a tax-free lump sum if you're diagnosed with a specified serious illness, providing funds to cover medical costs, lifestyle adjustments, or mortgage payments. Income Protection replaces a portion of your lost earnings if you're unable to work due to illness or injury, ensuring you can continue to meet your living costs, predominantly rent or mortgage payments.
For most UK households, property is the single largest financial commitment. Whether you're a homeowner with a substantial mortgage or a renter navigating escalating costs, your housing situation dictates a significant portion of your monthly outgoings and forms the foundation of your long-term financial planning. Given this centrality, it's no surprise that regional variations in the property market – from fluctuating house prices and rental costs to localised employment opportunities and health disparities – have a profound and often overlooked impact on how much LCIIP cover you need, and even how insurers assess your risk.
The UK is not a homogenous entity; it's a nation of distinct regions, each with its own economic pulse and property market dynamics. Understanding these differences is the first step towards ensuring your LCIIP coverage is truly fit for purpose.
Understanding the UK's Diverse Regional Property Landscape
The UK property market is characterised by significant regional disparities, driven by a myriad of factors including economic growth, employment opportunities, housing supply, and population density. These variations directly influence affordability, demand, and, consequently, the financial burdens placed upon individuals.
House Price Dynamics
Recent years have seen considerable volatility in UK house prices. Following a period of rapid growth spurred by the pandemic and low interest rates, the market has experienced a slowdown and recalibration in response to higher interest rates and inflationary pressures. However, this national picture masks substantial regional differences.
London, for instance, consistently commands the highest average property prices, reflecting its status as a global financial hub, strong employment market, and limited housing supply. This makes entering the property market incredibly challenging, often requiring substantial deposits and larger mortgages, or committing to higher rental costs.
In contrast, regions like the North East of England or parts of Wales often exhibit significantly lower average house prices, though they may also contend with different economic challenges, such as slower wage growth or varying employment prospects.
Table 1: Illustrative Average House Prices by UK Region (as of early 2024 trends)
| UK Region | Average House Price (Illustrative) | Key Drivers |
|---|---|---|
| London | £520,000 | Strong economy, high demand, limited supply, global investment |
| South East | £390,000 | Commuter belt, good transport links, strong employment |
| East of England | £360,000 | Proximity to London, tech hubs, rural appeal |
| South West | £330,000 | Coastal appeal, tourism, retirement, limited supply |
| West Midlands | £260,000 | Manufacturing heritage, re-development, HS2 impact |
| East Midlands | £250,000 | Logistics hubs, central location, affordability |
| North West | £240,000 | City regeneration (Manchester, Liverpool), affordability |
| Yorkshire & The Humber | £230,000 | Varied economy, affordability, improving infrastructure |
| North East | £160,000 | Highest affordability, regeneration, varying economic growth |
| Scotland | £190,000 | Varied market, strong cities (Edinburgh, Glasgow), energy sector |
| Wales | £220,000 | Rural appeal, coastal areas, affordability, transport links |
Source: Based on general trends from ONS, Nationwide, and Halifax house price indices, early 2024 data.
These price variations directly translate into different mortgage burdens. A family in London with a £400,000 mortgage faces significantly higher monthly repayments than a family in the North East with a £120,000 mortgage, even at the same interest rate. This disparate financial commitment forms the bedrock of their respective LCIIP needs.
Affordability Challenges
Beyond outright prices, affordability is a critical measure. The ratio of average house prices to average earnings reveals stark contrasts. London, again, stands out with some of the highest ratios, meaning it takes a far greater proportion of income to afford a home there compared to other regions. This drives demand for high loan-to-value (LTV) mortgages, increasing the financial vulnerability of homeowners if their income ceases.
Renters face similar, if not greater, pressures. In many urban centres, rental costs have soared, often consuming a significant portion of household income. For these individuals, the loss of earnings due to illness or injury can immediately jeopardise their ability to keep a roof over their heads.
Local Economic Drivers
The health of a regional property market is intrinsically linked to its economic vitality. Regions with strong employment growth, diverse industries (e.g., tech, professional services), and high average wages tend to support higher property values and greater financial stability for residents. Conversely, areas reliant on a single industry or facing economic decline may experience slower house price growth, higher unemployment rates, and greater financial insecurity.
For example, areas with a burgeoning tech sector might see an influx of high-earning professionals, driving up demand and prices. Meanwhile, regions impacted by the decline of traditional industries might face outward migration and stagnant wages, affecting property values and residents' ability to save or afford comprehensive insurance.
How Regional Property Trends Shape Your LCIIP Needs
The geographical nuances of the UK property market don't just affect how much your home costs; they fundamentally alter the scale and nature of your financial protection needs.
Life Insurance
The primary purpose of life insurance, especially for homeowners, is often to cover outstanding mortgage debt and provide financial stability for dependents.
- Mortgage Protection: If you live in a high-value property region like London or the South East, your mortgage is likely to be significantly larger. This necessitates a higher sum assured on your life insurance policy to ensure that, in the event of your death, your loved ones can remain in their home, free from the burden of large mortgage repayments. A £500,000 mortgage requires substantially more cover than a £150,000 one.
- Family Dependency & Cost of Living: Beyond the mortgage, life insurance also provides for ongoing living expenses. In regions with a higher cost of living (including childcare, transport, and general goods and services), a larger sum will be needed to maintain a family's standard of living for a prolonged period. This extends beyond property costs to the entire economic fabric of a region. For example, a family of four living in Brighton will likely require a larger capital sum to sustain their lifestyle than a similar family in Carlisle.
Table 2: Hypothetical Life Insurance Needs Based on Regional Mortgage Size
| UK Region | Illustrative Mortgage Debt | Recommended Life Cover (Mortgage) | Additional Family Needs (Estimate) | Total Illustrative Life Cover Needed |
|---|---|---|---|---|
| London | £400,000 | £400,000 | £250,000 | £650,000 |
| South East | £300,000 | £300,000 | £200,000 | £500,000 |
| North East | £120,000 | £120,000 | £100,000 | £220,000 |
| Scotland (Central Belt) | £180,000 | £180,000 | £120,000 | £300,000 |
Note: Additional family needs are highly variable and depend on individual circumstances, number of dependents, and desired lifestyle duration. This table provides a simplified illustration.
Critical Illness Insurance
A critical illness diagnosis can be life-altering, often leading to a loss of income and significant expenses.
- Debt Repayment & Financial Buffer: Just like life insurance, critical illness cover can pay off your mortgage or provide a substantial financial buffer. If you live in an area with a large mortgage, the lump sum needed to clear that debt will be commensurately higher. Without adequate cover, a critical illness could force a sale of your home, especially if you live in an expensive area where the cost of living means you have less savings.
- Property Adaptations: In some cases, a critical illness or injury may require significant home adaptations (e.g., wheelchair access, bathroom modifications). The cost of such renovations can vary widely by region, influenced by local labour costs, material availability, and specialist tradespeople's rates. While this might be covered by personal savings or specific grants, a higher critical illness sum could directly contribute to ensuring your home remains suitable for your needs.
- Access to Private Healthcare: While the NHS provides universal healthcare, some individuals opt for private treatment, rehabilitation, or nursing care to speed recovery or access specific specialists. The cost and availability of these private services can differ regionally, meaning a larger critical illness payout might be more beneficial in areas where private care is expensive or where you might need to travel for it.
Income Protection
Income Protection (IP) is arguably the most fundamental LCIIP policy, as it protects your most vital asset: your ability to earn a living. The regional property market directly impacts its necessity and the sum required.
- Mortgage/Rent Payments as Primary Concern: Your monthly housing costs – whether mortgage repayments or rent – are typically your largest fixed outgoing. If you live in a region with high property costs, your monthly IP benefit needs to be substantial enough to cover these and other essential bills. A person paying £2,000 a month in rent in Bristol requires a higher IP benefit than someone paying £600 a month in Glasgow.
- Maintaining Lifestyle in High-Cost Areas: Beyond housing, the general cost of living varies. If you're accustomed to a certain standard of living in a high-cost area, your IP needs to reflect this to prevent a drastic reduction in your quality of life if you can't work. This includes transport, food, utilities, and discretionary spending.
- Regional Employment Vulnerability: While IP doesn't directly protect against redundancy, the economic stability of your region can indirectly influence its perceived value. If your local economy is less diverse or more susceptible to downturns, the prospect of prolonged unemployment due to illness (and subsequently needing IP) might feel more salient. For instance, areas reliant on seasonal tourism might experience higher fluctuations in employment compared to regions with stable public sector jobs.
The Renters' Dilemma
It's a common misconception that LCIIP is primarily for homeowners. For renters, these policies are equally, if not more, vital.
- Protecting Rent Payments: Without mortgage protection, income protection becomes the absolute lifeline. If you can't work, your rent still needs to be paid. Loss of income can quickly lead to eviction and homelessness, especially in competitive rental markets where landlords may be less flexible.
- Saving for a Deposit: Many renters aspire to homeownership. An illness or injury that stops you from working, even temporarily, can derail years of saving for a deposit, pushing that dream further out of reach. LCIIP can provide the financial bridge to keep those savings intact.
- Lack of Equity: Homeowners have the option of selling or remortgaging to release equity in times of financial distress. Renters lack this safety net, making their reliance on regular income even more pronounced.
Insurer Solutions: Underwriting & Product Adaptations
From an insurer's perspective, risk assessment is paramount. While individual health, lifestyle, and occupation are primary underwriting factors, regional data points can also subtly influence pricing, product availability, and even the approach to certain applications. Insurers leverage vast amounts of data to assess risk, and geographic location often correlates with various health and economic outcomes.
The Insurer's Perspective on Risk
Insurers don't assess risk solely on an individual's current health. They use aggregated data to identify trends and probabilities. While they won't typically decline an application based purely on postcode, regional data can feed into their broader risk models.
- Correlation vs. Causation: Insurers understand that correlation doesn't always equal causation. However, if data consistently shows a higher incidence of certain critical illnesses or longer periods of work absence in specific postcodes or regions, this might subtly influence their overall risk algorithms. These factors are rarely transparently disclosed to applicants, but they are part of the sophisticated modelling used by actuaries.
- Deprivation Indices: Insurers may consider deprivation indices (e.g., the English Indices of Deprivation) at a granular level. Areas with higher deprivation scores are often associated with poorer health outcomes, lower life expectancies, and higher unemployment rates. While this doesn't mean you'll pay more if you live in such an area, it forms part of the complex picture insurers use to price their overall books of business and manage risk.
Geographical Risk Factors
- Health Disparities: The UK unfortunately exhibits significant health inequalities across its regions. The "North-South divide" is often cited, with typically poorer health outcomes, lower life expectancies, and higher rates of chronic diseases in Northern regions compared to the South. For example, Public Health England data has consistently shown higher prevalence of obesity, heart disease, and certain cancers in more deprived areas, many of which are concentrated in industrial heartlands.
- Impact on Critical Illness & Life Insurance: While insurers primarily assess individual medical history, these regional health statistics contribute to their broader understanding of population health trends. This can influence the perceived risk for critical illness and life insurance across different cohorts, even if not directly leading to postcode-specific premium increases for healthy individuals.
- Occupational Risks: Certain regions have concentrations of specific industries. For example, agricultural regions might have higher rates of farming-related accidents, while industrial areas could see higher incidences of occupationally linked illnesses.
- Impact on Income Protection: If you work in an occupation common to your region that carries higher inherent risks (e.g., construction in areas with high development, heavy industry in the Midlands), this might factor into income protection underwriting. While individual occupation is assessed, the regional prevalence of certain higher-risk jobs can inform insurer's overall risk appetite for specific areas.
Table 3: Regional Health Disparities & Potential (Indirect) Impact on Insurance
| UK Region | General Health Trends (Broad) | Potential (Indirect) Insurance Impact |
|---|---|---|
| London | Generally good, but urban lifestyle risks (stress, pollution) | Standard underwriting; focus on lifestyle factors |
| South East | Good overall health, access to services | Standard underwriting |
| North East | Higher rates of chronic diseases, lower life expectancy | Insurers monitor regional health data; careful individual assessment |
| Scotland | Varied; some areas with significant health challenges | Similar to North East; individual health history crucial |
| South West | Good health, but high proportion of elderly, long-term conditions | Focus on age-related conditions, individual health history |
| West Midlands | Varied; pockets of good health and deprivation | Mixed picture; individual assessment paramount |
Note: Insurers primarily underwrite based on individual health history, occupation, and lifestyle. Regional health data informs their broader actuarial models and risk management, rather than directly imposing postcode penalties.
Product Flexibility
While location doesn't typically lead to different types of LCIIP products being available, it does heavily influence the sum assured and benefit period that is suitable.
- Tailored Sums Assured: Insurers offer policies with flexible sums assured, allowing individuals in high-value property regions to obtain the substantial cover needed for larger mortgages, or individuals in high-cost-of-living areas to ensure a sufficient income replacement benefit.
- Deferred Periods for IP: For income protection, individuals in regions with higher living costs might consider shorter deferred periods (the time before benefits start) if their emergency savings are limited. Conversely, those with greater savings in more affordable areas might opt for longer deferred periods to reduce premiums.
- Role of Brokers: This is where expert insurance brokers, like WeCovr, become invaluable. We understand the nuances of the UK's regional markets and how they translate into your specific protection needs. We work with all major UK insurers and can help you compare plans, ensuring the sum assured, benefit period, and policy terms are precisely tailored to your local circumstances – whether that's a large London mortgage or protecting rent payments in a regional city. We act as your guide, explaining how your location and financial commitments impact the best policy for you.
Navigating the Nuances: Practical Steps for UK Homeowners & Renters
Understanding the regional landscape is one thing; translating it into effective personal financial protection is another. Here’s a practical guide to ensuring your LCIIP is robust enough for your specific environment.
1. Assess Your True Needs
This is the foundational step. Don't guess. Conduct a thorough financial audit:
- Current Mortgage/Rent Obligations: What is your exact monthly payment? How much capital remains on your mortgage? In higher-cost regions, this figure will naturally be larger and needs commensurate cover.
- Dependent Needs: How many dependents do you have? What are their anticipated financial needs for education, living expenses, and future aspirations? Factor in the local cost of living. Providing for a child’s university education in an expensive city will require more capital.
- Savings and Emergency Funds: How much do you have set aside? This will influence the amount of income protection you might need or the deferred period you can tolerate.
- Local Cost of Living: Beyond housing, quantify your average monthly spend on utilities, food, transport, childcare, and other essentials. This will help determine the necessary income replacement for IP and the capital sum for life cover.
- Existing Employer Benefits: Do you have any death-in-service benefits or sick pay from your employer? These can offset some of your private insurance needs.
2. Don't Guess, Get Advice
The complexity of linking regional property dynamics, personal financial goals, and the myriad of LCIIP policies available means that professional guidance is not just helpful, but essential.
- Expert Guidance: An independent insurance broker understands the intricacies of the market and can interpret how your specific regional circumstances – from house prices to local health statistics – might influence the best policy for you. They can identify the right sum assured, policy term, and specific features that align with your local cost of living and financial commitments.
- Compare Options: This is where WeCovr excels. We provide a platform to compare a wide array of plans from all major UK insurers. We simplify the comparison process, helping you navigate complex policy wordings and find the right coverage that precisely matches your needs and budget, regardless of which UK region you call home. Our expertise ensures you make an informed decision that protects your regional-specific financial obligations.
3. Regular Reviews
Life isn't static, and neither are regional property markets. What was adequate cover five years ago might be insufficient today.
- Life Changes: Marriage, birth of children, career changes, salary increases, or taking on a larger mortgage (e.g., moving from a less expensive region to a higher-cost one) all warrant a review of your LCIIP policies.
- Regional Trends: If your property value has significantly increased, or if local living costs have soared, your existing sum assured might no longer be enough. Similarly, if you relocate to a region with different economic or health characteristics, your protection needs may shift.
- Policy Evolution: Insurers regularly update their products. A review ensures you’re not missing out on better terms or more comprehensive cover available today. We can assist with these ongoing reviews to ensure your protection remains agile and adequate as both your life and your local market evolve.
4. Understand the Small Print
No matter where you live, understanding the specifics of your policy is paramount.
- Exclusions: Be aware of any conditions or circumstances under which a policy might not pay out.
- Critical Illness Definitions: These are specific and vary between insurers. Ensure you understand what conditions are covered and under what severity.
- Deferred Periods (Income Protection): How long must you be unable to work before benefits begin? This should align with your emergency savings.
Future Outlook: What's Next for Property, Protection, and You?
The landscape of the UK's regional property market and its interaction with LCIIP is constantly evolving. Several emerging trends are likely to shape protection needs and insurer solutions in the coming years:
- Evolving Work Patterns: The shift towards remote and hybrid working, accelerated by the pandemic, is influencing internal migration patterns. More people are choosing to live in more affordable regions, balancing commutes with lower housing costs. This could lead to a 'levelling up' of regional property prices and potentially shift the geography of insurance needs. However, it could also exacerbate pressures in previously affordable areas.
- Climate Change Impact: While primarily affecting property insurance (home and contents), climate change and increasing frequency of extreme weather events could indirectly influence LCIIP. For example, if a region becomes more prone to flooding, this could impact local economies, employment, and the overall stability that underpins financial wellbeing.
- Technological Advancements in Underwriting: AI and advanced data analytics are continually refining how insurers assess risk. This could lead to even more granular risk assessments based on a wider array of data points, potentially creating more personalised (and complex) pricing structures.
- Cost of Living Pressures: Continued inflation and high interest rates may keep pressure on household finances, making LCIIP even more crucial for maintaining financial resilience, especially for those in higher-cost regions.
The interplay between your local property market and your financial protection is dynamic and complex. Whether you're a first-time buyer in Leeds, a seasoned homeowner in Surrey, or a long-term renter in Edinburgh, your geographical location plays an integral role in shaping your financial exposures and, consequently, the type and amount of LCIIP coverage you need.
Conclusion
The UK's regional property market is a vibrant, diverse, and often challenging environment. Its nuances, from varying house prices and rental costs to local economic stability and health disparities, fundamentally influence the financial protection individuals require. Life, Critical Illness, and Income Protection insurance are not one-size-fits-all solutions; their effectiveness is directly tied to the specific financial landscape of your region.
By understanding how local trends shape your protection needs and how insurers assess risk within this diverse geography, you can make informed decisions that genuinely safeguard your financial future. Don't underestimate the power of tailored protection. Your home, your family, and your financial security deserve a robust safety net that accounts for every local variable.
Taking the time to assess your unique situation, considering the regional context, and seeking expert advice will ensure your LCIIP policies provide the precise coverage you need to weather life's unpredictable storms, no matter where in the UK you choose to call home.
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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Who Are WeCovr?
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!