Future-Proof Your Growth: Life's Unseen Safety Net
The Growth Derailment Dilemma: Why Financial Protection Isn't Just Insurance, It's the Invisible Foundation for Uninterrupted Personal Development and Legacy Building. With 2025 projections showing stark health realities—like 1 in 2 people facing a cancer diagnosis in their lifetime—discover how strategic safeguards from Family Income Benefit and Income Protection to tailored Personal Sick Pay for tradespeople, nurses, and electricians, alongside critical illness cover and vital private health insurance (offering rapid access to specialist care and bypassing waiting lists), empower you to pursue your best self and secure your family’s future, even through the unexpected. Learn how Life Protection and Gift Inter Vivos add critical layers to this holistic security.
We all have aspirations. Whether it’s climbing the career ladder, launching a business, raising a family, or simply becoming the best version of ourselves, our lives are defined by a forward momentum—a journey of growth. But what happens when that journey is abruptly halted? This is the Growth Derailment Dilemma: the unforeseen illness, accident, or loss that doesn't just impact our health, but shatters our financial stability, stalls our personal development, and jeopardises the future we’re working so hard to build.
Consider the landscape we're navigating. Projections from leading health bodies like Cancer Research UK indicate that a staggering 1 in 2 people in the UK will be diagnosed with cancer in their lifetime. The Office for National Statistics (ONS) reports that millions of working days are lost each year due to long-term sickness. This isn't fear-mongering; it's the statistical reality of modern life.
In this context, financial protection transcends its traditional label of 'insurance'. It’s not merely a policy in a drawer; it's the invisible scaffolding that supports your ambitions. It’s the mechanism that allows you to continue growing, developing, and providing for your loved ones, even when life throws its most challenging obstacles in your path. This guide will explore the comprehensive suite of tools—from Income Protection to Private Medical Insurance—that form this essential safety net, empowering you to build your legacy with confidence and peace of mind.
Deconstructing the Growth Derailment Dilemma
Imagine you’re a freelance web developer, finally hitting your stride with a portfolio of high-value clients. Your goal for the next two years is to scale your business into a small agency. Then, a serious back injury from a minor fall leaves you unable to sit at a desk for six months. Your income stops, but your mortgage, bills, and business overheads do not. The dream of expansion is replaced by the nightmare of depleting your savings just to stay afloat.
This is the Growth Derailment Dilemma in action. It’s the chasm that opens up between the life you’ve planned and the one you’re forced to live when a crisis strikes without a financial buffer.
The domino effect of an unprotected crisis:
- Financial Instability: The immediate loss of income is the first domino. Savings are drained, debts can accumulate, and major assets like your home could be put at risk.
- Career Stagnation: Promotions are missed, business opportunities are lost, and professional skills can atrophy during a prolonged absence from work. The momentum you've built vanishes.
- Mental and Emotional Strain: The stress of financial worries layered on top of a health crisis can be overwhelming. This can impede recovery and have a lasting impact on your mental wellbeing and that of your family.
- Compromised Lifestyle: Tough decisions become necessary. Children's extracurricular activities might be cut, holidays cancelled, and long-term goals like saving for university or retirement are put on hold.
- Impact on Recovery: Worrying about bills is the last thing you need when you should be focused on getting better. Financial stress can physically and mentally hinder your recovery process.
Without a safety net, a temporary health issue can cause permanent damage to your life's trajectory. Financial protection is the tool that prevents this, transforming a potential catastrophe into a manageable challenge.
The Pillars of Your Financial Fortress: Core Protection Explained
Building a robust financial safety net isn't about buying a single product; it's about layering different types of protection to create a comprehensive shield. Each policy serves a unique purpose, working together to protect you, your income, and your family from different angles.
Think of it like building a house. You need strong foundations (Income Protection), solid walls (Critical Illness Cover), a secure roof (Life Insurance), and modern utilities for comfort and speed (Private Medical Insurance).
Here's a breakdown of the core pillars:
| Protection Type | What It Does | Who It's For |
|---|---|---|
| Income Protection (IP) | Replaces 50-70% of your gross income if you're unable to work due to illness or injury. | Every working adult, especially the self-employed and those with limited sick pay. |
| Critical Illness Cover (CIC) | Pays a tax-free lump sum on diagnosis of a specific, serious illness (e.g., cancer, heart attack). | Anyone with major debts like a mortgage, or who would need funds to adapt their life post-diagnosis. |
| Life Insurance | Pays out on death to support your dependents, clear debts, or cover funeral costs. | Anyone with financial dependents (spouse, children) or a mortgage. |
| Private Medical Insurance (PMI) | Covers the cost of private medical treatment, from diagnosis to surgery, bypassing NHS waiting lists. | Individuals and families wanting fast access to the best possible healthcare. |
1. Income Protection: Your Financial Bedrock
If you could only choose one policy, a strong argument could be made for Income Protection. Why? Because your ability to earn an income is your most valuable asset. It underpins everything else—your mortgage, your bills, your lifestyle, your savings.
How it works:
- You select a monthly benefit amount (typically up to 70% of your pre-tax salary).
- You choose a deferment period—the time you wait after you stop working before the payments begin. This can range from one day to 12 months. A longer deferment period means a lower premium. You can align this with any sick pay you receive from your employer.
- Payments continue until you can return to work, the policy term ends, or you retire, whichever comes first.
Crucially, look for policies with an 'own occupation' definition of incapacity. This means the policy will pay out if you are unable to do your specific job, not just any job. For a surgeon with a hand injury, this distinction is vital.
2. Critical Illness Cover: A Financial Lifeline in a Crisis
While Income Protection replaces lost monthly earnings, Critical Illness Cover provides a one-off, tax-free lump sum to handle the significant, immediate costs of a serious health diagnosis.
According to the Association of British Insurers (ABI), over £1.2 billion was paid out in critical illness claims in 2022 alone, with the average payout being over £67,000. The most common reasons for claims were cancer, heart attack, and stroke.
How can this lump sum be used?
- Clear a mortgage or other large debts, removing a huge financial burden.
- Pay for specialist medical treatment not available on the NHS.
- Adapt your home (e.g., install a ramp or stairlift).
- Allow a partner to take time off work to care for you.
- Simply provide a financial cushion to allow you to focus entirely on recovery without money worries.
3. Life Insurance: Securing Your Family's Future
Life Insurance provides a payment upon your death. It’s a fundamental act of care for those you leave behind, ensuring they are not left with a financial crisis on top of their grief.
Main Types:
- Level Term: The payout amount remains the same throughout the policy term. Ideal for covering an interest-only mortgage or providing a lump sum for your family's future.
- Decreasing Term: The payout amount reduces over time, typically in line with a repayment mortgage. This makes it a very cost-effective way to ensure your largest debt is cleared.
- Family Income Benefit (FIB): A variation of term insurance that pays a regular, tax-free monthly or annual income rather than a lump sum. This is explored in more detail below.
- Whole of Life: This policy has no end date and is guaranteed to pay out whenever you die. It's often used for estate planning and covering Inheritance Tax.
4. Private Medical Insurance (PMI): The Fast-Track to Health
The NHS is a national treasure, but it is under immense pressure. NHS England data from early 2025 shows waiting lists for routine treatments remain at historically high levels, with many people waiting over 18 weeks for care.
PMI is not a replacement for the NHS but a powerful complement to it. It gives you choice, control, and speed when you need it most.
Key Benefits of PMI:
- Prompt Diagnosis: Quickly see a specialist to find out what's wrong.
- Fast-Track Treatment: Bypass long waiting lists for surgery and other procedures.
- Choice of Care: Choose your specialist, consultant, and hospital.
- Access to Advanced Treatments: Gain access to drugs and therapies that may not yet be available on the NHS due to cost or approval delays.
- Comfort and Privacy: Benefit from a private room during your hospital stay.
For anyone whose livelihood—or quality of life—depends on being physically and mentally well, PMI is a critical investment in their continued health and productivity.
Protection for Every Walk of Life: A Tailored Approach
Financial protection is not one-size-fits-all. Your career, family situation, and business structure all influence the type of cover that will be most effective for you. An expert broker, such as WeCovr, can help navigate these complexities, ensuring you get protection that is perfectly aligned with your unique circumstances.
For Young Families: The Stability of Family Income Benefit (FIB)
For parents of young children, the thought of leaving their family without a stable income is terrifying. A large lump-sum life insurance payout can be daunting to manage for a grieving partner.
This is where Family Income Benefit shines. Instead of a single payout, it provides a regular, tax-free income stream that runs until a specified date (e.g., when your youngest child is expected to finish university).
Example: Mark and Chloe have two children, aged 4 and 6. They take out an FIB policy that will pay out £3,000 per month until their youngest child turns 22. If Mark were to pass away tomorrow, Chloe would receive £3,000 every month for the next 18 years. This predictable income would cover the mortgage, bills, childcare, and school costs, providing immense stability during a difficult time. It's often more affordable than an equivalent lump-sum policy, making it a brilliant choice for families on a budget.
For the Self-Employed and Freelancers: The Non-Negotiable Safety Net
When you work for yourself, you are the business. There is no statutory sick pay, no compassionate leave, and no one to cover your work if you’re ill. This makes Income Protection an absolute essential.
For freelancers and sole traders, a well-structured IP policy offers:
- Peace of Mind: The knowledge that your personal bills are covered allows you to focus on recovery.
- Business Survival: It can provide the funds to cover business overheads like software subscriptions, rent, or even hiring a temporary replacement to service clients.
- Flexibility: Policies can be adapted to suit fluctuating incomes, which is a common reality for the self-employed.
For Tradespeople, Nurses, and Electricians: Personal Sick Pay
Many physically demanding jobs carry a higher risk of injury. A plumber with a broken arm or a nurse with a back injury cannot work. For these professions, a traditional Income Protection policy with a long deferment period might not be suitable.
Personal Sick Pay is a form of short-term Income Protection designed for this reality.
- Very Short Deferment Periods: You can choose to have payments start from day 1, day 8, or after a few weeks of being unable to work.
- Affordable Cover: Because the payment period is usually limited to 12 or 24 months per claim, the premiums are highly affordable.
- Peace of Mind for Physical Roles: It bridges the immediate financial gap, ensuring that a short-term injury doesn't spiral into a long-term debt problem.
For Company Directors and Business Owners: Protecting Your Greatest Asset
If you run a limited company, you have access to a suite of highly tax-efficient protection policies that can safeguard both your family and your business.
| Business Protection | What it Covers | Who a Payout Goes To | Key Benefit |
|---|---|---|---|
| Key Person Insurance | The financial loss to the business if a key employee dies or suffers a critical illness. | The Business. | Covers lost profits, recruitment costs, or loan repayments. Premiums are often a deductible business expense. |
| Executive Income Protection | An individual director's or employee's salary if they are unable to work. | The Employee (via the business). | The business pays the premium, which is an allowable business expense. It's a high-value employee benefit. |
| Relevant Life Cover | A 'death-in-service' benefit for an individual employee/director. | The employee's Family/Trust. | Highly tax-efficient. Not treated as a P11D benefit, and premiums are not subject to National Insurance. |
These policies are not just 'nice to have'; they are fundamental to business continuity and resilience. Losing a key rainmaker or a technical genius can cripple a small business. Key Person cover provides the cash injection needed to survive that shock. Similarly, offering Executive Income Protection and Relevant Life Cover is a superb way to attract and retain top talent.
Building a Lasting Legacy: Advanced Protection Strategies
True financial planning goes beyond immediate needs and looks towards the future you want to leave behind. This is where more specialised protection products come into play, helping you preserve your wealth for the next generation.
Gift Inter Vivos: Protecting Your Gifts from the Taxman
Inheritance Tax (IHT) is a complex area. When you give away a significant sum of money or an asset (a 'gift'), it is known as a Potentially Exempt Transfer (PET). If you survive for seven years after making the gift, it falls outside of your estate for IHT purposes.
However, if you die within that seven-year window, the gift becomes a Chargeable Transfer, and the recipient could face a hefty IHT bill.
Gift Inter Vivos Insurance is the solution. It is a specialised life insurance policy designed to cover this potential tax liability.
- How it works: You take out a policy for a seven-year term, with the cover amount matching the potential IHT bill.
- The benefit: If you pass away during the term, the policy pays out, giving the recipient the funds to pay the tax bill without having to sell the asset you gave them.
- Example: You gift your son £100,000 for a house deposit. This is above your annual gift allowance. You take out a Gift Inter Vivos policy. If you were to die in year four, the IHT due would be significant, but the insurance payout would cover it completely.
Life Protection, Trusts, and Estate Planning
For those with estates likely to exceed the IHT threshold (the 'nil-rate band'), a Whole of Life insurance policy is a powerful estate planning tool.
The strategy is simple yet brilliant:
- Calculate your potential IHT liability.
- Take out a Whole of Life policy for that amount.
- Crucially, write the policy 'in trust'.
Writing a policy in trust means the payout from the life insurance does not form part of your legal estate. It is held separately by trustees for your chosen beneficiaries.
The advantages are twofold:
- Avoids IHT: The insurance payout itself is not subject to Inheritance Tax.
- Avoids Probate: The money is paid directly to the trust and can be accessed by your beneficiaries much faster, without waiting for the lengthy probate process.
Your beneficiaries can then use this swift, tax-free payout to settle the IHT bill on the rest of your estate, ensuring the assets you worked your whole life to build—your home, your investments, your business—can be passed on intact.
The Wellness Bonus: More Than Just a Payout
Modern insurance is evolving. Insurers now recognise that it's better to help customers stay healthy than to simply pay out when they get sick. This has led to a surge in value-added benefits and wellness programmes, transforming a protection policy from a passive safety net into an active partner in your health journey.
These benefits can include:
- 24/7 Virtual GP Services: Speak to a doctor via phone or video call, often getting a diagnosis and prescription the same day.
- Mental Health Support: Access to confidential counselling and therapy sessions.
- Second Medical Opinions: Get your diagnosis and treatment plan reviewed by a world-leading expert.
- Fitness and Nutrition Support: Discounts on gym memberships, fitness trackers, and health food.
- Proactive Health Screenings: Access to regular check-ups to catch potential issues early.
At WeCovr, we believe deeply in this proactive approach. That’s why, in addition to finding you the most suitable policy from the UK's leading insurers, we provide our clients with complimentary access to CalorieHero, our proprietary AI-powered calorie and nutrition tracking app. It's a small way we can support your daily health goals, empowering you to make informed choices that contribute to your long-term wellbeing. This holistic view—combining robust financial protection with tangible wellness tools—is the future of the industry.
How to Secure Your Growth: Navigating the Market
The world of financial protection is complex. With dozens of providers and hundreds of policy variations, trying to find the right cover on your own can be overwhelming and risky. A missed detail in the small print could render a policy useless when you need it most.
This is why seeking expert, independent advice is not just recommended; it's essential.
The Role of an Expert Broker:
- Needs Analysis: A good adviser, like our team at WeCovr, will take the time to understand you. We'll discuss your career, your family, your finances, your health, and your future aspirations.
- Market Comparison: We use our expertise and technology to search the entire market, comparing policies from all the major UK insurers (like Aviva, Legal & General, Zurich, Royal London, and Vitality) to find the most suitable options at the most competitive price.
- Application Support: We guide you through the application form, ensuring all questions about your health and lifestyle are answered accurately. Full and honest disclosure is vital to guarantee a successful claim in the future.
- Trusts and Administration: We can help with the crucial step of placing your policy in trust, ensuring the right people get the money quickly and tax-efficiently.
- Regular Reviews: Life changes. You get married, buy a new home, have a child, or get a promotion. We will be there to review your cover regularly, making sure it continues to meet your needs as your life evolves.
Your Future Self Will Thank You
The conversation around insurance is too often framed by cost. The real question isn't "What does it cost?" but "What is the cost of not having it?". The cost is your ambition, your peace of mind, your family's stability, and the legacy you hope to build.
Investing in a robust, tailored financial protection plan is one of the most profound acts of self-care and responsibility you can undertake. It’s the ultimate expression of confidence in your own future. It frees you from the 'what if' anxieties, allowing you to dedicate your full energy to your personal and professional growth, secure in the knowledge that you have an unshakable foundation beneath you.
Don't let the Growth Derailment Dilemma be a part of your story. Take control, build your safety net, and empower yourself to pursue your best life, uninterrupted.
Your Questions Answered
Is financial protection insurance expensive?
The cost of protection insurance varies significantly based on several factors, including:
- Your Age: Younger applicants generally get lower premiums.
- Your Health and Lifestyle: Smokers or those with pre-existing medical conditions will pay more.
- Your Occupation: A riskier job can lead to higher premiums for some types of cover.
- The Type and Amount of Cover: The larger the payout and the longer the term, the higher the cost.
- The Deferment Period (for Income Protection): A longer waiting period before the policy pays out will reduce your premium.
However, cover is often more affordable than people think. For example, a healthy 30-year-old could secure significant life insurance or income protection for the price of a few cups of coffee a week. A broker can help find a policy that fits your budget.
Do I need a medical exam to get cover?
Not always. For many policies, especially for younger applicants seeking standard levels of cover, insurers can make a decision based on the answers you provide on your application form and, with your permission, a report from your GP.
However, a medical examination (which may involve a nurse visit to take blood pressure, a blood sample, or a urine test) might be required if:
- You are older.
- You are applying for a very large amount of cover.
- You have a complex medical history or have disclosed certain health conditions.
It is crucial to be completely honest in your application to ensure your policy is valid.
Will insurers actually pay out when I claim?
This is a common concern, but the statistics show that the vast majority of claims are paid. According to the Association of British Insurers (ABI), in 2022 UK insurers paid out on 97.4% of all protection claims (including life, critical illness, and income protection). That equates to over £6.8 billion paid to families and individuals.
The very small percentage of claims that are declined are typically due to:
- Non-disclosure: The applicant was not honest about their health, lifestyle, or occupation when they applied.
- The condition not being covered: The definition of the illness claimed for did not meet the specific definition in the policy terms and conditions.
Working with a broker helps minimise these risks by ensuring you understand the policy and complete the application accurately.
What does 'writing a policy in trust' mean?
Writing a life insurance policy 'in trust' is a simple legal arrangement that separates the policy payout from your personal estate. Instead of the money being paid to your estate upon your death, it is paid to a group of people you appoint (the 'trustees'), who then manage it for your chosen 'beneficiaries'.
The main benefits are:
- Speed: The money is paid directly to the trustees without needing to wait for probate, which can take many months.
- Control: You specify who you want to benefit, which is particularly important for unmarried couples or complex family structures.
- Tax-Efficiency: The payout does not form part of your estate, so it is not liable for Inheritance Tax.
It's a straightforward process that a good adviser can help you with, and it's one of the most effective ways to manage a life insurance policy.
How does Private Medical Insurance (PMI) work with the NHS?
Private Medical Insurance works alongside, not in place of, the NHS. The NHS will always provide emergency care (e.g., for a heart attack or a serious accident).
Where PMI comes in is primarily for non-emergency conditions. A typical journey would be:
- You visit your NHS GP with a health concern.
- Your GP recommends you see a specialist.
- Instead of joining the NHS waiting list, you contact your PMI provider.
- They authorise you to see a private specialist of your choice, often within days.
- If you need further diagnostic tests (like an MRI or CT scan) or treatment (like surgery), the PMI policy covers the cost at a private hospital.
It gives you faster access to diagnosis and treatment, more choice over your care, and a more comfortable experience, while still relying on the NHS for emergencies and routine GP services.
Related guides
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!