Future-Proofing Your Potential: The 2025 Resilience Blueprint
The Unseen Foundation of Growth: How Proactive Financial Wellbeing, from Family Income Benefit and Income Protection to Critical Illness Cover and Personal Sick Pay (Crucial for Tradespeople, Nurses, Electricians), Builds a Bulletproof Future for Your Life and Relationships in 2025; Navigating the Stark Reality of Health – As 1 in 2 People Face Cancer – With Strategic Life Protection, Gift Inter Vivos, and the Immediate Access & Care of Private Health Insurance, Transforming Uncertainty into Unstoppable Personal Development.
In 2025, the pursuit of personal and professional growth has never been more ambitious. We strive for career progression, richer relationships, and deeper personal fulfilment. Yet, beneath these aspirations lies an often-overlooked foundation: resilience. True, lasting growth isn't just about seizing opportunities; it's about having the strength to withstand the unexpected shocks that life inevitably throws our way.
This is the essence of the 2025 Resilience Blueprint. It’s a proactive strategy that transforms financial and health uncertainty from a source of anxiety into a catalyst for unstoppable personal development. It’s about understanding that the most profound acts of self-care and love for our families are often rooted in pragmatic financial planning.
Imagine a future where a sudden illness doesn’t derail your family's financial stability, where a health diagnosis is met with immediate access to the best care, and where your life’s work is protected, no matter what. This isn't a distant dream; it's an achievable reality built on a strategic combination of modern protection policies. From the steady income provided by Income Protection to the lump-sum relief of Critical Illness Cover, these tools are the unseen architecture supporting your ambitions.
This guide will navigate the stark realities of modern health, including the sobering statistic that one in two people will face a cancer diagnosis in their lifetime, and illuminate the path forward. We will explore how solutions like Life Protection, Family Income Benefit, and specialised Personal Sick Pay are not just insurance policies, but fundamental components of a secure, thriving life. For business owners, we'll delve into the critical role of Key Person and Executive Income Protection. For those planning their legacy, we'll demystify Gift Inter Vivos cover.
Welcome to your definitive guide to building a bulletproof future.
The Modern Health Landscape: A Call for Proactive Defence
We live in an era of incredible medical advancement, yet our vulnerability to health challenges remains a profound and universal truth. Ignoring this reality is a gamble with the highest possible stakes: our health, our finances, and the wellbeing of our loved ones.
The statistics paint a clear and urgent picture. According to Cancer Research UK, a staggering 1 in 2 people in the UK will be diagnosed with some form of cancer during their lifetime. This is no longer a remote possibility but a statistical probability that touches almost every family. While survival rates are improving, a diagnosis often brings a long and arduous journey of treatment, recovery, and significant time away from work.
Beyond cancer, other health challenges are prevalent. The British Heart Foundation reports that millions of people across the UK are living with heart and circulatory diseases. Meanwhile, data from the Office for National Statistics (ONS) consistently shows that long-term sickness is a leading cause of economic inactivity, with hundreds of thousands of people unable to work due to health conditions. In 2024, stress, depression, or anxiety accounted for the highest number of sick days in the UK.
The impact is twofold:
- The Emotional Toll: The shock of a diagnosis and the physical strain of treatment are immense. Worrying about mortgage payments, bills, and putting food on the table only adds a crushing layer of stress at the worst possible time.
- The Financial Devastation: Statutory Sick Pay (SSP) in the UK provides a minimal safety net, amounting to just over £116 per week as of 2025. For most families, this is a fraction of what is needed to cover essential outgoings, leading to a rapid depletion of savings and the accumulation of debt.
This is where the Resilience Blueprint begins. It’s about acknowledging this reality not with fear, but with strategic action.
Your Financial Bedrock: Mastering Income Protection
If your ability to earn an income is your most valuable asset, then Income Protection (IP) is the single most important policy to protect it. It is designed to do one thing brilliantly: pay you a regular, tax-free monthly income if you are unable to work due to any illness or injury.
Unlike Critical Illness Cover, which pays a lump sum for a specific condition, Income Protection provides a continuous financial lifeline, supporting you month after month until you can return to work, your policy ends, or you retire.
Key Features of Income Protection Explained
Understanding the components of an IP policy is crucial to tailoring it to your needs.
- Benefit Amount: You can typically cover 50-70% of your gross annual income. This is designed to replace a significant portion of your take-home pay without disincentivising a return to work.
- Deferment Period: This is the pre-agreed waiting period from when you stop working to when the policy starts paying out. It can range from 1 week to 12 months. The longer the deferment period, the lower your monthly premium. A common strategy is to align it with your employer's sick pay scheme or your personal savings buffer.
- Payment Term: This dictates how long the policy will pay out for. A 'full term' policy will pay out until your chosen retirement age (e.g., 68). Shorter-term policies, offering 1, 2, or 5 years of payment per claim, are a more budget-friendly option.
Income Protection vs. Statutory Sick Pay (SSP)
The difference is stark and highlights why relying on state support alone is a perilous strategy.
| Feature | Income Protection | Statutory Sick Pay (SSP) |
|---|---|---|
| Benefit Amount | Up to 70% of your salary | £116.75 per week (2024/25 rate) |
| Payment Duration | Potentially up to retirement age | Maximum of 28 weeks |
| Coverage Scope | Any illness/injury preventing work | Subject to employer/gov rules |
| Control & Choice | You choose your cover level | Fixed, non-negotiable amount |
A Lifeline for the Self-Employed and Freelancers
For the UK's millions of self-employed individuals, freelancers, and contractors, there is no employer sick pay. You are your own safety net. One day off work is one day of lost income. A month off could be financially damaging; a year could be catastrophic.
Income Protection is not a luxury for the self-employed; it is an essential business continuity tool. It ensures that your personal financial obligations—your mortgage, bills, and family costs—are met while you focus entirely on your recovery.
Personal Sick Pay: Vital Cover for Hands-On Professionals
While traditional Income Protection is comprehensive, some roles carry specific risks. Tradespeople like electricians, plumbers, and builders, as well as hands-on professionals like nurses, physiotherapists, and dentists, face a higher likelihood of accidents or injuries that could temporarily halt their ability to work.
Personal Sick Pay (also known as Accident, Sickness & Unemployment cover, though often sold as standalone Accident & Sickness) is a specific type of insurance often favoured by those in these professions. It typically has:
- Shorter Deferment Periods: Often as short as one day or one week, which is crucial when you have no other sick pay.
- Focus on Accidents: Many policies are designed to pay out quickly for physical injuries.
- Shorter Payment Terms: They usually pay out for a maximum of 12 or 24 months, making them more affordable than full-term IP and ideal for covering recovery from common injuries.
This makes it a perfect complement, or a budget-friendly alternative, to long-term Income Protection. It plugs the immediate financial gap, ensuring a broken leg doesn’t break the bank.
Facing the Unthinkable: The Power of Critical Illness Cover
While Income Protection shields your monthly budget, Critical Illness Cover (CIC) provides a powerful financial cavalry charge when you need it most. It pays out a tax-free lump sum upon the diagnosis of a specific, serious illness listed in the policy.
The "big three" conditions covered by virtually all CIC policies are cancer, heart attack, and stroke. However, modern comprehensive policies can cover over 50, and in some cases, over 100 defined conditions, including multiple sclerosis, major organ transplant, and Parkinson's disease.
This lump sum provides financial breathing space and choice. It can be used for anything, including:
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Clearing a mortgage or other major debts, removing the biggest financial burden.
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Funding private medical treatment or specialist consultations not available on the NHS.
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Making adaptations to your home, such as installing a ramp or a walk-in shower.
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Paying for a recuperative holiday to aid recovery.
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Replacing a partner's income so they can take time off to care for you.
Income Protection vs. Critical Illness Cover: A Vital Distinction
It's crucial to understand that these two policies serve different, complementary purposes. Many people benefit from having both.
| Feature | Income Protection (IP) | Critical Illness Cover (CIC) |
|---|---|---|
| Purpose | Replaces lost monthly income | Provides a one-off lump sum |
| Payout Trigger | Inability to work due to any illness/injury | Diagnosis of a specific listed condition |
| Payout Structure | Regular monthly payments | Single tax-free payment |
| Benefit Usage | Covers regular outgoings (bills, mortgage) | Covers large capital costs, treatment, etc. |
| Classic Example | Covers months off for severe back pain | Pays out for a defined cancer diagnosis |
A broker, such as WeCovr, can be invaluable here, helping you analyse your needs to determine the right balance of cover. We help clients navigate the complex definitions and options from all major UK insurers, ensuring you get a policy that truly protects you.
Protecting Your Legacy: Life Insurance Reimagined for 2025
Life insurance, or Life Protection, is perhaps the most well-known form of cover. Its premise is simple: it pays out a lump sum to your loved ones when you die. This money provides them with financial stability at a deeply emotional and challenging time, ensuring that your death doesn’t also lead to a financial crisis.
The funds can be used to:
- Pay off the mortgage, securing the family home.
- Cover funeral expenses.
- Provide an inheritance for your children.
- Replace your lost income for years to come.
There are two main types of term-based life insurance:
- Level Term Assurance: The payout amount (sum assured) remains the same throughout the policy term. Ideal for covering an interest-only mortgage or providing a set lump sum for your family's future.
- Decreasing Term Assurance: The payout amount reduces over time, typically in line with a repayment mortgage. As you pay off more of your mortgage, you need less cover. This makes it a very cost-effective way to protect your home.
Family Income Benefit: A Smarter Way to Protect Your Family
For many young families, the prospect of their partner receiving a huge lump sum can be daunting. How should it be invested? Will it last long enough?
Family Income Benefit (FIB) offers a more manageable and often more logical alternative. Instead of a single lump sum, it pays out a regular, tax-free monthly or annual income from the point of claim until the end of the policy term.
Example: Mark, 35, takes out a 25-year FIB policy to provide £2,500 a month. This term covers him until his youngest child is expected to be financially independent.
- If Mark dies 5 years into the policy, his family receives £2,500 every month for the remaining 20 years.
- If he dies 20 years into the policy, they receive £2,500 every month for the remaining 5 years.
FIB provides a direct replacement for a lost salary, making budgeting simple and providing long-term security. It is often significantly cheaper than an equivalent level term policy.
The Business Resilience Blueprint: Protecting Your Enterprise
For company directors and business owners, your personal financial health is intrinsically linked to the health of your business. A robust resilience plan must therefore extend to protect your enterprise.
Key Person Insurance: The Unsung Hero of Business Continuity
What would happen to your business if your top salesperson, your genius lead developer, or even you, were suddenly unable to work due to long-term illness or death? The financial impact could be devastating, leading to lost revenue, delayed projects, and a drop in confidence from clients and investors.
Key Person Insurance is a policy taken out and paid for by the business on the life or health of a crucial employee. If the insured person dies or is diagnosed with a specified critical illness, the policy pays a lump sum directly to the business.
This money can be used to:
- Recruit and train a suitable replacement.
- Clear business loans or reassure lenders.
- Compensate for the loss of profits during the transition period.
- Buy back the deceased person's shares from their estate.
It is a cornerstone of responsible corporate governance and provides the stability needed to weather a significant personnel crisis.
Executive Income Protection: A Director's Safety Net
While an individual can take out their own Income Protection, a business can provide it for its directors and senior employees through an Executive Income Protection policy.
This works just like a personal policy, providing a replacement income in the event of illness or injury. However, it offers significant advantages:
- Tax Efficiency: The premiums are paid by the business and are typically treated as an allowable business expense, making it more tax-efficient than a director paying for a personal plan from their post-tax income.
- Higher Cover Limits: Insurers often allow for higher levels of cover (up to 80% of total remuneration, including dividends) under an executive scheme.
- Attraction & Retention: It is a highly valued employee benefit that can help attract and retain top talent.
Comparing Personal vs. Executive Income Protection
| Feature | Personal Income Protection | Executive Income Protection |
|---|---|---|
| Who Pays? | The individual, from post-tax income | The business |
| Premiums | Not tax-deductible for the individual | Usually an allowable business expense |
| Benefit Payout | Paid tax-free to the individual | Paid to the business, which then pays the employee via PAYE |
| Typical Cover | Up to 70% of salary | Up to 80% of total remuneration |
| Primary Beneficiary | The individual and their family | The employee (via the business) and the business itself |
Proactive Health Management: Private Insurance & Everyday Wellness
A true resilience blueprint goes beyond purely financial protection; it embraces proactive health management. In 2025, with NHS waiting lists for certain procedures remaining a significant concern, Private Medical Insurance (PMI) has become a vital component of this strategy.
PMI gives you fast-track access to private specialists, diagnostic scans (like MRIs and CTs), and treatment in a private hospital. The core benefit is speed and choice—reducing the anxiety of waiting and allowing for a quicker return to health and work.
Modern PMI policies are increasingly holistic, often including:
- Comprehensive mental health support, from counselling to psychiatric care.
- Access to a 24/7 digital GP service.
- Preventative health screenings and wellness incentives.
Beyond Insurance: Cultivating Everyday Resilience
Insurance is the safety net, but your daily habits are the foundation of your health. Building resilience is also about the small, consistent choices you make every day.
- Nutrition: A balanced diet rich in whole foods is fundamental to physical and mental energy. Understanding your caloric needs and macronutrient balance can be transformative.
- Sleep: Prioritising 7-9 hours of quality sleep per night is one of the most powerful things you can do for your cognitive function, immune system, and mood.
- Activity: Regular physical activity—whether it's walking, gym sessions, or team sports—is proven to reduce the risk of many chronic illnesses and is a powerful antidote to stress.
- Mindfulness: Practices like meditation or simply taking quiet time can build mental fortitude, helping you manage the pressures of modern life more effectively.
At WeCovr, we believe so strongly in this proactive approach that we provide our customers with complimentary access to our AI-powered calorie tracking app, CalorieHero. It’s a small way we can go above and beyond, supporting your health journey long before you ever need to make a claim.
Strategic Legacy Planning: The Gift Inter Vivos Policy
As you build wealth, thought naturally turns to how you can pass it on to the next generation. In the UK, Inheritance Tax (IHT) can significantly reduce the value of the estate you leave behind. The standard IHT rate is 40% on assets above the nil-rate band (currently £325,000).
One common IHT planning strategy is to make large financial gifts to your children or grandchildren during your lifetime. These are known as Potentially Exempt Transfers (PETs). If you live for 7 years after making the gift, it falls completely outside of your estate for IHT purposes and no tax is due.
However, if you die within 7 years, IHT may be payable on the gift. The amount of tax due reduces on a sliding scale, known as 'taper relief', for gifts made between 3 and 7 years before death.
This is where a Gift Inter Vivos policy comes in. It is a specialised form of life insurance designed to cover this potential IHT liability.
How it works: You make a large gift of, say, £200,000 to your child. You then take out a Gift Inter Vivos policy with a sum assured of £80,000 (40% of £200,000). The policy is a 7-year decreasing term assurance plan. The level of cover reduces over the 7 years, mirroring the tapering IHT liability. If you die within that period, the policy pays out to cover the exact IHT bill due on the gift, ensuring your child receives the full amount you intended.
It’s a clever, cost-effective tool for ensuring your generosity isn't penalised by an unexpected tax bill.
Your 2025 Action Plan: Building Your Resilience Blueprint
Building a robust protection portfolio can feel complex, but it can be broken down into simple, manageable steps.
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Assess Your Situation:
- What is your monthly income?
- What are your essential outgoings (mortgage/rent, bills, food)?
- Who depends on you financially (partner, children, aging parents)?
- What debts do you have (mortgage, loans, credit cards)?
- What savings or employer benefits do you have?
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Understand Your Risks:
- What are the specific health risks associated with your job (e.g., physical injury for a tradesperson, stress for a manager)?
- Do you have any pre-existing health conditions or a family history of certain illnesses?
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Explore Your Options:
- Based on your assessment, which products are your priority?
- Priority 1 (Protecting Income): Income Protection or Personal Sick Pay.
- Priority 2 (Protecting against Major Illness): Critical Illness Cover.
- Priority 3 (Protecting Your Family): Life Insurance or Family Income Benefit.
- Priority 4 (Business/Legacy): Key Person, Executive IP, or Gift Inter Vivos.
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Seek Expert Advice:
- This is the most critical step. An independent broker can save you time, money, and costly mistakes. They will conduct a full fact-find, understand your unique circumstances, and search the entire market to find the most suitable policies at the most competitive prices.
This is where WeCovr excels. Our expert advisors live and breathe the protection market. We cut through the jargon and provide clear, impartial advice, helping you assemble the precise combination of policies that form your personal Resilience Blueprint.
Conclusion: From Uncertainty to Unstoppable Development
The 2025 Resilience Blueprint is not about dwelling on worst-case scenarios. It is the complete opposite. It is about neutralising them. It's about making a series of smart, proactive decisions that remove the financial fear of the "what if," freeing you up to focus on what truly matters.
When you know your income is protected, your mortgage is safe, and your family's future is secure, you operate from a position of strength. You can take calculated career risks, invest in your personal growth, and be fully present in your relationships, confident that you have built a foundation that can withstand any storm.
Transforming uncertainty into a platform for growth is the ultimate power move. By taking control of your financial wellbeing today, you are not just buying an insurance policy; you are investing in a future of limitless potential.
Frequently Asked Questions (FAQs)
Can I get life or health insurance with a pre-existing medical condition?
- Offer cover on standard terms.
- Offer cover with a 'loading', which means your premium will be higher.
- Offer cover with an 'exclusion', meaning the policy will not pay out for claims related to that specific condition.
- In some cases, postpone or decline the application.
How much cover do I actually need?
- For Life Insurance: A common rule of thumb is to cover 10 times your annual salary. However, a more precise method is to calculate your outstanding debts (mortgage, loans), future family spending (until children are independent), and any specific costs like university fees.
- For Income Protection: You can typically cover up to 70% of your pre-tax income. You should aim to cover all your essential monthly outgoings.
- For Critical Illness Cover: Consider a lump sum that could clear your major debts and provide a buffer for 1-2 years' worth of income to allow for a stress-free recovery.
Is this type of insurance expensive?
- Your Age: The younger you are when you take out a policy, the cheaper it will be.
- Your Health & Lifestyle: Smokers, or those with existing health conditions, will pay more.
- Your Occupation: A riskier job (e.g., a construction worker) will lead to higher premiums for income protection than an office-based role.
- The Policy Details: The amount of cover, the length of the term, and the deferment period (for IP) all affect the price.
What's the difference between 'guaranteed' and 'reviewable' premiums?
- Guaranteed Premiums: The price you pay is fixed for the entire life of the policy. It will not change unless you alter the cover. This provides certainty and is generally recommended for long-term policies.
- Reviewable Premiums: The insurer has the right to review and increase your premiums at set intervals (e.g., every 5 years). While they may start cheaper, they can become significantly more expensive over time, potentially making the policy unaffordable when you are older and need it most.
Do I need a medical exam to get insurance?
- A report from your GP (which they will arrange and pay for).
- A mini-screening with a nurse (e.g., blood pressure, cholesterol, BMI).
- A full medical examination.
Why should I use a broker like WeCovr instead of going direct to an insurer?
- Whole-of-Market Access: A broker can compare policies and prices from dozens of insurers, not just one. A direct insurer can only sell you its own products, which may not be the best fit or price for you.
- Expert Advice: We are specialists. We understand the complex policy wordings, definitions, and underwriting stances of different insurers. We can guide you to the provider most likely to offer you the best terms for your specific health and occupation.
- Application Support: We help you complete the application forms correctly, ensuring full disclosure to prevent issues at the claim stage.
- Trust & Claims Assistance: We can help you place your policy in trust to ensure the payout is fast and avoids inheritance tax. If you need to claim, we can also offer guidance and support.
What is 'underwriting' and why is it important?
Should I put my life insurance policy in trust?
- Avoids Probate: A policy in trust can be paid out much faster, as it doesn't have to go through the lengthy probate process. This means your family gets the money in weeks, not months or even years.
- Avoids Inheritance Tax: Because the policy payout doesn't form part of your estate, it is not subject to 40% inheritance tax. This ensures your loved ones receive the full amount of cover.
- Control: You specify who the 'trustees' and 'beneficiaries' are, giving you control over who manages and receives the money.
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!