Guaranteed vs Reviewable Premiums in Whole of Life Insurance UK
Whole of Life insurance is one of the most powerful tools in long-term financial planning. It offers the certainty that your loved ones will receive a financial payout, no matter when you pass away. But as you explore your options, you'll encounter a critical decision that will impact your finances for decades: should you choose guaranteed or reviewable premiums?
This isn't just a minor detail; it's the bedrock of your policy's affordability and sustainability. Making the wrong choice could mean paying far more than you need to or, worse, being forced to cancel your cover in later life when you and your family need it most.
This comprehensive guide will demystify the world of guaranteed and reviewable premiums. We'll explore how they work, who they're best suited for, and provide the insights you need to make a confident choice that aligns with your financial future.
Pick the premium structure that suits your long-term budget
The decision between guaranteed and reviewable premiums boils down to a single question: do you prefer the certainty of a fixed cost for life, or the initial affordability of a lower premium that is likely to rise in the future?
- Guaranteed Premiums offer predictability. You lock in a price from day one, and it never changes. This is the "set it and forget it" option, providing peace of mind and making long-term budgeting simple.
- Reviewable Premiums offer a lower entry point. They start cheaper, making essential cover more accessible. However, the insurer will review and likely increase the cost at regular intervals, introducing uncertainty into your future financial planning.
There is no one-size-fits-all answer. The right choice depends entirely on your personal circumstances, your risk appetite, and your long-term financial goals. Let's delve deeper to help you find the perfect fit.
What is Whole of Life Insurance? A Quick Refresher
Before we compare premium structures, it's essential to understand what Whole of Life insurance is and what it's designed to do.
Unlike 'term' life insurance, which only covers you for a fixed period (e.g., 25 years), Whole of Life insurance, as the name suggests, covers you for your entire life. As long as you keep paying the premiums, the policy guarantees to pay out a lump sum when you pass away.
This makes it a unique and permanent cornerstone of financial protection, primarily used for:
- Covering Inheritance Tax (IHT): For many, this is the primary reason to take out a Whole of Life policy. In the 2024/2025 tax year, IHT is charged at 40% on the value of an estate above the £325,000 threshold (with additional allowances for property left to direct descendants). A Whole of Life policy, when written 'in trust', can provide the exact funds needed to pay the tax bill, ensuring your home and other assets can be passed on intact to your beneficiaries.
- Leaving a Guaranteed Legacy: You might simply want to leave a tax-free lump sum to your children or grandchildren to help them with a house deposit, university fees, or simply to give them a better start in life.
- Covering Funeral Costs: The cost of a basic funeral in the UK can easily exceed £4,000, with some reports suggesting average costs are closer to £5,000 when including professional fees and disbursements. A Whole of Life policy can ensure these expenses are covered without burdening your family.
- Providing for a Dependent: If you have a child or family member with a lifelong disability or special needs, a Whole of Life policy can provide the funds to ensure they are cared for after you're gone.
Because the payout is a certainty, the choice of how you pay for it—via guaranteed or reviewable premiums—is profoundly important.
Understanding Guaranteed Premiums: Certainty and Peace of Mind
A guaranteed premium Whole of Life policy is the epitome of financial certainty. The monthly or annual premium you agree to on the first day of your policy is fixed and will not change for the entire duration of the policy.
How Guaranteed Premiums Work
When you apply for a policy with guaranteed premiums, the insurer conducts a thorough risk assessment. They look at your:
- Age
- Current health and medical history
- Family medical history
- Lifestyle (smoker status, alcohol intake)
- Occupation
Based on this snapshot, their underwriters and actuaries calculate a single, level premium that is designed to cover the risk of a claim over your entire expected lifetime. In effect, you may be slightly 'overpaying' in the early years to 'underpay' in your later, higher-risk years. The cost is averaged out over the life of the policy.
The Advantages of Guaranteed Premiums
- Absolute Budget Certainty: You know exactly what you will be paying in 5, 15, or 35 years. This predictability is invaluable for long-term financial planning, especially when coordinating with pensions and other investments.
- Long-Term Value: While the initial cost is higher than a reviewable premium, it almost always works out to be significantly cheaper over the full lifetime of the policy. Locking in a rate when you are younger and healthier protects you from future price increases due to age or declining health.
- Peace of Mind: You never have to worry about a future premium review resulting in a price shock. This simplicity allows you to focus on your life, knowing your protection is securely in place.
- Simplicity: There are no review dates to track or complex decisions to make down the line. Your payment remains a stable, predictable part of your monthly outgoings.
The Disadvantages of Guaranteed Premiums
- Higher Initial Cost: The primary drawback is that guaranteed premiums start at a higher price point than reviewable premiums. This can be a barrier for those on a tighter budget or in the early stages of their career.
Who Are Guaranteed Premiums Best For?
Guaranteed premiums are the ideal choice for individuals and business owners who:
- Prioritise budget stability and predictability.
- Are planning to cover a specific and long-term liability, such as Inheritance Tax.
- Are relatively young and healthy, allowing them to lock in a competitive rate for life.
- Are high-earners or have stable finances and can comfortably afford the higher initial premium.
- Need the policy for business purposes, such as shareholder protection, where financial certainty is paramount.
| Guaranteed Premiums | Summary |
|---|---|
| Pros | Budget certainty, cheaper long-term, total peace of mind |
| Cons | Higher initial monthly cost |
| Best For | Planners, those with stable finances, IHT planning |
| Risk Profile | Very Low - your premium is fixed for life |
Demystifying Reviewable Premiums: Flexibility with a Caveat
Reviewable premium policies are designed to be more affordable at the outset. They offer a lower initial cost, which can make getting crucial cover in place much more accessible. However, this initial affordability comes with a significant catch: the premiums are not fixed for life.
How Reviewable Premiums Work
With a reviewable policy, the insurer sets a premium for an initial period, typically 5 or 10 years. When this period ends, they conduct a review and adjust your premium for the next term.
The new premium will be based on several factors:
- Your Age: You are now older, which automatically places you in a higher-risk category. This is the single biggest driver of premium increases.
- The Insurer's "Reviewable Rates": These rates are influenced by wider trends, such as changes in overall life expectancy, advancements in medical treatments, and the insurer's own claims experience across their entire book of business.
- Investment Performance & Economic Factors: The underlying assumptions the insurer made about interest rates and investment returns can also impact the rates.
Crucially, your personal health at the time of review is not reassessed. You won't be penalised for developing a condition after the policy has started. However, the increase due to age alone can be substantial. It's not uncommon for premiums to double or even triple at a review point, especially in later life.
The Advantages of Reviewable Premiums
- Lower Initial Cost: This is the main appeal. Reviewable premiums can make a Whole of Life policy significantly more affordable to begin with, helping people on a tighter budget to secure cover they might otherwise be unable to afford.
- Short-Term Cost-Effectiveness: If you have a specific, shorter-term need, a reviewable policy might be a good strategy. For example, a Gift Inter Vivos policy is designed to cover the potential IHT liability on a large gift, which tapers to zero over 7 years. A policy with a 10-year review period could cover this risk window at a lower initial cost.
The Disadvantages of Reviewable Premiums
- Extreme Price Uncertainty: You have no way of knowing what your premiums will be after the first, or subsequent, reviews. This makes long-term budgeting extremely difficult, if not impossible.
- The Affordability Trap: The danger is that as you get older and your health may decline, the premiums can spiral to a point where they become unaffordable. If you are forced to cancel the policy, you lose all the premiums you've paid and, more importantly, you lose the cover at the very time you are most likely to need it.
- Complexity and Stress: You must be prepared for the review dates and the potential for significant price hikes. This lack of "peace of mind" is the direct trade-off for the lower initial cost.
Who Are Reviewable Premiums Best For?
Reviewable premiums can be a viable option for a very specific group of people who:
- Are on a very tight budget now but confidently expect their income to rise significantly in the near future, allowing them to handle future premium increases.
- Have a clear short-to-medium-term need for the cover and may plan to cancel or reduce it before the premiums become prohibitive.
- Fully understand and are comfortable with the significant risk of future price hikes.
It is crucial to work with an expert adviser, like our team at WeCovr, to model the potential future costs before committing to a reviewable premium policy.
| Reviewable Premiums | Summary |
|---|---|
| Pros | Lower initial cost, more accessible |
| Cons | Premiums can increase dramatically, unaffordable long-term |
| Best For | Those with tight budgets but expecting high income growth |
| Risk Profile | High - you are exposed to significant future price hikes |
Guaranteed vs. Reviewable Premiums: A Head-to-Head Comparison
To make the differences crystal clear, let's compare the two premium structures side-by-side across the most important factors.
| Feature | Guaranteed Premiums | Reviewable Premiums |
|---|---|---|
| Initial Cost | Higher. | Lower. |
| Long-Term Cost | Predictable and almost always cheaper over the full term. | Unpredictable and very likely to become significantly more expensive over the term. |
| Budgeting | Simple and stable. You know the cost for life. | Complex and uncertain. Requires planning for potentially large future increases. |
| Risk of Increase | Zero. The premium is fixed. | 100%. Premiums are designed to increase at each review. |
| Peace of Mind | High. Set it up and know you're covered. | Low. You must always be mindful of the next review and potential price shock. |
| Best For | Long-term planning, IHT cover, budget stability. | Short-term affordability, those expecting a large income increase. |
| Illustrative Example | A 40-year-old might pay £80/month, fixed for life. | The same 40-year-old might start at £45/month, rising to £120/month at 50, and £300+/month at 60. |
Real-Life Scenarios: Putting Theory into Practice
Let's look at how this choice plays out for different people with different needs.
Scenario 1: The Planner – Sarah, 45, Company Director
- Situation: Sarah is a successful company director. Her estate, including her home and business shares, is valued at approximately £1.2 million. She calculates a potential Inheritance Tax liability of around £350,000. She wants to ensure her children inherit the full value of her estate without having to sell assets to pay the tax bill.
- Considerations: Sarah's income is stable and she values certainty in her financial planning. She needs a solution that is reliable for the long term.
- Her Choice: Sarah opts for a Guaranteed Premium Whole of Life policy for £350,000, written in trust.
- The Outcome: Her premium is set at £210 per month. While this is more than a reviewable policy would have cost initially, she has complete peace of mind. She knows this cost is fixed and can budget for it alongside her pension contributions. Her business succession plan is secure, and her family's inheritance is protected, no matter what happens to insurance rates in the future.
Scenario 2: The Starter – Tom, 35, Self-Employed Plumber
- Situation: Tom has recently started his own plumbing business. He has two young children and wants to leave them a legacy of £150,000 if the worst should happen. His business is growing, but cash flow is tight right now.
- Considerations: Tom cannot afford the £70/month premium for a guaranteed policy. However, a reviewable option is quoted at just £35/month. He is confident his business will be much more profitable in 5-10 years.
- His Choice: After a detailed discussion with an adviser at WeCovr, Tom chooses a Reviewable Premium policy with a 10-year review period.
- The Outcome: Tom secures £150,000 of cover for an affordable monthly cost, giving his family immediate protection. He understands that his premium will increase significantly at age 45. His plan is to use the next decade to build his business and, before the first review, either switch to a guaranteed premium policy (which will require new underwriting) or be in a financial position to comfortably absorb the higher cost. This is a calculated risk, but one that provides essential protection now.
Scenario 3: The Gifter – Margaret, 68, Retired
- Situation: Margaret is in good health and has just gifted £150,000 to her son to help him buy a house. She knows that if she passes away within the next seven years, this gift will form part of her estate and could be subject to Inheritance Tax.
- Considerations: She needs life cover specifically to pay this potential tax bill. The liability reduces over time and disappears completely after seven years (this is known as the 'taper relief' rule for Potentially Exempt Transfers).
- Her Choice: Margaret considers a reviewable policy with a 10-year review period. The initial cost is very low. This seems logical, as she may not even need the policy in 10 years' time.
- The Outcome: This strategy can be effective. She gets low-cost cover for the precise 7-year risk window. However, she must be disciplined. If she decides she wants to keep the cover beyond the review point for other legacy reasons, she must be prepared for a very substantial premium increase due to her age. For her specific, time-limited need, it can be a cost-effective solution.
Factors That Influence Your Whole of Life Insurance Premiums
Whether you choose guaranteed or reviewable, the initial price you are quoted is determined by the insurer's assessment of your risk. Understanding these factors is key to securing the best possible price.
- Age: This is the most significant factor. The younger you are when you take out the policy, the cheaper your premiums will be. This is especially true for guaranteed premiums, where you lock in that youthful rate for life.
- Health: Insurers will ask detailed questions about your health, including any pre-existing conditions like diabetes, heart conditions, or cancer. They will also want to know your height, weight (BMI), and family medical history. Full transparency is crucial.
- Lifestyle: Your daily habits have a major impact.
- Smoking/Vaping: Being a smoker or user of nicotine products in the last 12-24 months can easily double your premiums compared to a non-smoker.
- Alcohol Consumption: Your weekly alcohol unit intake will be assessed.
- Hobbies: Participating in high-risk activities like mountaineering or scuba diving can also affect your premium.
- Occupation: A desk-based job is considered low-risk. However, some manual trades, or jobs that involve working at height or with hazardous materials, may attract a higher premium. This is also where products like Personal Sick Pay or Income Protection become vital for those in riskier professions.
- Sum Assured: This is straightforward – the higher the payout you want, the higher the premium will be.
- Premium Type: As we have explored in detail, choosing a guaranteed premium will result in a higher initial cost than a reviewable one for the same level of cover.
Special Considerations for Business Owners and the Self-Employed
Your working status brings unique challenges and opportunities for financial protection. Whole of Life insurance plays a crucial role for entrepreneurs.
For Company Directors
Beyond personal IHT planning, Whole of Life policies are a cornerstone of business succession.
- Shareholder or Partnership Protection: Imagine you run a business with a partner. If one of you were to pass away, the deceased's shares would pass to their family. Would the surviving partner have the funds to buy those shares back? Would the family want to be involved in the business? A Whole of Life policy, taken out on the life of each director and written in a business trust, can provide the exact amount of cash needed for the surviving director(s) to purchase the shares, ensuring a smooth transition and business continuity. For this, guaranteed premiums are almost always the right choice to provide the necessary financial certainty.
- Executive Income Protection: While not a life insurance product, it is vital for directors. It provides a replacement income paid directly to the business if a director is unable to work due to illness or injury, allowing the company to hire a replacement or simply cover the director's salary.
- Key Person Insurance: This is typically a term-based policy that pays a lump sum to the business if a crucial employee or director dies or suffers a critical illness. The funds can be used to cover recruitment costs or lost profits.
For the Self-Employed and Freelancers
When you work for yourself, you are your own safety net. There are no death-in-service benefits or employer-sponsored sick pay schemes.
- Replacing 'Death in Service': Many employees receive a benefit of around 4x their salary if they die while employed. The self-employed must create this protection for themselves. A Whole of Life policy can provide that foundational legacy for your family.
- Budgeting with Fluctuating Income: The choice between guaranteed and reviewable premiums is critical. If your income is variable, the stability of a guaranteed premium, even if higher, might be more manageable than the risk of a sudden price hike from a reviewable premium during a lean year.
- The Protection Foundation: For anyone self-employed, the absolute first priority should be Income Protection. This is your financial foundation, protecting your ability to earn an income. Once that is in place, you can build upon it with life and critical illness cover. Our team at WeCovr specialises in creating comprehensive protection portfolios for freelancers and the self-employed, ensuring all bases are covered.
The Role of an Expert Broker in Your Decision
In a market with dozens of insurers and complex products, trying to navigate the options alone can be overwhelming and lead to costly mistakes. This is where an independent, expert broker becomes your most valuable asset.
At WeCovr, we don't work for an insurance company; we work for you. Our role is to:
- Understand Your Needs: We take the time to understand your personal and financial situation, your goals for the future, and your budget.
- Scan the Entire Market: We have access to and deep knowledge of policies from all the major UK insurers. We compare the features, benefits, and critically, the pricing of both guaranteed and reviewable options on your behalf.
- Provide Tailored Advice: We won't just give you a list of prices. We'll explain why a certain policy or premium structure is the best fit for you, modelling potential future costs for reviewable plans and highlighting the long-term value of guaranteed ones.
- Handle the Application: Insurance applications can be lengthy and complex. We guide you through the process, ensuring all questions are answered accurately to secure the best terms and prevent any issues at the claim stage.
- Go the Extra Mile: We believe in our clients' holistic wellbeing. That's why, in addition to finding you the best protection, we also provide our customers with complimentary access to our AI-powered calorie and nutrition tracking app, CalorieHero. It's our way of showing we care about your health today, not just your financial security tomorrow.
Conclusion: Making the Right Choice for Your Future
Choosing between guaranteed and reviewable premiums for your Whole of Life insurance is a decision that will echo through your financial life for years to come.
Guaranteed premiums offer the ultimate peace of mind and long-term value, making them the default choice for anyone who can afford the higher initial cost, especially for needs like Inheritance Tax planning.
Reviewable premiums offer a gateway to essential cover for those on a tighter budget, but they come with a significant risk of future price hikes that must be understood and planned for.
There is no universally "correct" answer, only the answer that is right for you. It requires a careful assessment of your current finances, your future earnings potential, your appetite for risk, and the long-term purpose of the policy.
This is not a decision to be made lightly or in isolation. By engaging with an expert, you can gain the clarity and confidence needed to choose a premium structure that protects your family's future without jeopardising your own financial stability.
Can I switch from a reviewable to a guaranteed premium policy later?
Generally, you cannot simply 'switch' your premium type on an existing policy. You would need to apply for a brand new guaranteed premium policy. This would involve a full new application and underwriting process, where the insurer would assess your age, health, and lifestyle at that time. If your health has declined, you may find the new guaranteed premium is much more expensive or you may even struggle to get cover.
What happens if I can no longer afford my reviewable premiums?
This is the primary risk of reviewable policies. If the premiums increase to a level you can no longer afford and you stop paying, the policy will 'lapse'. This means your cover will cease immediately. You will not get any of the premiums back that you have already paid, and your family will receive no payout when you pass away. Some insurers may offer an option to reduce the sum assured to make the premium more manageable, but this should be discussed with an adviser.
Are Whole of Life insurance premiums tax-deductible?
For a personal Whole of Life policy, the premiums are not tax-deductible. They are paid from your post-tax income. However, for certain business-related policies, such as Relevant Life Cover (which is a form of death-in-service benefit for directors), the premiums are typically considered an allowable business expense and can be tax-efficient.
Does my health in the future affect my guaranteed premium?
No. Once your guaranteed premium policy is in force, the premium is fixed for life. Even if you were to develop a serious health condition later, your premium would not change. This is the core benefit and 'guarantee' of this premium structure.
How often are 'reviewable' premiums reviewed?
The review period is set out in the policy terms and conditions from the start. The most common review periods are every 5 or 10 years. However, some older policies may have annual reviews or different schedules. It is vital to check the policy documents to know exactly when your reviews are scheduled to take place.
Is Whole of Life Insurance the same as Over 50s cover?
No, they are different, although an Over 50s plan is a type of whole of life policy. Standard Whole of Life insurance is 'fully underwritten', meaning you must answer detailed health and lifestyle questions. This allows for much larger sums assured (often into the millions). Over 50s plans have 'guaranteed acceptance' with no medical questions for UK residents within a certain age bracket (e.g., 50-80). Because the insurer takes on more risk, the maximum payout is much lower (typically capped at £15,000-£25,000) and they often have a 1-2 year waiting period before the full lump sum is paid on death.
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!
There is no need to wait until the renewal of your current policy.
We can look at a more suitable option mid-term!
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!