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Partnership Protection Life Insurance UK

WeCovr Editorial Team · experienced insurance advisers
Last updated Feb 2, 2026
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TL;DR

Life cover designed to protect business partnerships For any business partnership, the individuals involved are its most valuable assets. Your collective vision, skills, and hard work are the engine of your success. But have you ever stopped to consider what would happen to the business if one of you were no longer in the picture?

Key takeaways

  • Unwanted Involvement: The inheritors may have no experience, knowledge, or even interest in running the business. Yet, they are now part-owners. They might want to become actively involved in management, leading to conflicts over business strategy and daily operations.
  • Forced Sale: More commonly, the family will want to access the value of their inheritance in cash. They will look to the surviving partners to buy them out. If the surviving partners don't have the personal funds to do this, the family could force the liquidation of business assets or even the sale of the entire company to release their capital.
  • External Sale: The deceased partner's family might try to sell their share to an outside third party. This could mean you suddenly find yourself in business with a complete stranger, or worse, a competitor.
  • Financial Paralysis: The uncertainty can paralyse the business. Banks may become nervous and restrict credit, suppliers might change their terms, and key employees could leave, fearing for their job security.
  • A multiple of annual profits: For example, 3x the average net profit over the last three years.

Life cover designed to protect business partnerships

For any business partnership, the individuals involved are its most valuable assets. Your collective vision, skills, and hard work are the engine of your success. But have you ever stopped to consider what would happen to the business if one of you were no longer in the picture? The death or serious illness of a partner is not just a personal tragedy; it can trigger a chain of events that could threaten the very survival of the business you’ve built together.

This is where Partnership Protection Insurance comes in. It’s a specialised form of business life insurance designed to provide a robust financial safety net, ensuring business continuity and a fair outcome for everyone involved during a time of immense stress and uncertainty.

In this definitive guide, we will explore every facet of Partnership Protection in the UK. We’ll break down how it works, why it’s essential, the crucial legal agreements that underpin it, and how to set it up correctly. Whether you’re in a traditional partnership, an LLP, or even a small limited company, understanding this protection is fundamental to responsible business planning.

What Exactly is Partnership Protection Insurance?

At its core, Partnership Protection Insurance is a straightforward concept. It's an insurance policy taken out by business partners that provides a cash lump sum if one of them dies or is diagnosed with a specified critical illness.

The primary purpose of this lump sum is to enable the surviving partners to purchase the deceased or critically ill partner's share of the business from their family or estate.

Think of it this way: without this insurance, the surviving partners would need to find a significant amount of cash, often at very short notice, to buy out their former partner's interest. This could mean draining personal savings, taking out expensive loans, or even being forced to sell the business. Partnership Protection provides the necessary capital precisely when it's needed most, allowing the business to continue operating smoothly under the control of the remaining partners.

The Critical Question: Why is Partnership Protection So Important?

To truly grasp the importance of Partnership Protection, you need to visualise the alternative. What happens if a partner dies and there is no protection in place? The scenario is often chaotic and can lead to the collapse of the business.

The "Do Nothing" Scenario: A Recipe for Disaster

When a partner dies, their share in the business automatically becomes part of their personal estate. This means their beneficiaries—typically their spouse and children—inherit their stake in your company.

This creates several immediate and severe problems:

  1. Unwanted Involvement: The inheritors may have no experience, knowledge, or even interest in running the business. Yet, they are now part-owners. They might want to become actively involved in management, leading to conflicts over business strategy and daily operations.
  2. Forced Sale: More commonly, the family will want to access the value of their inheritance in cash. They will look to the surviving partners to buy them out. If the surviving partners don't have the personal funds to do this, the family could force the liquidation of business assets or even the sale of the entire company to release their capital.
  3. External Sale: The deceased partner's family might try to sell their share to an outside third party. This could mean you suddenly find yourself in business with a complete stranger, or worse, a competitor.
  4. Financial Paralysis: The uncertainty can paralyse the business. Banks may become nervous and restrict credit, suppliers might change their terms, and key employees could leave, fearing for their job security.

The result is often a prolonged period of dispute, legal battles, and financial strain that can destroy a previously successful business and ruin long-standing relationships.

The table below starkly illustrates the difference between having a plan and having no plan.

Consequence of a Partner's DeathWithout Partnership ProtectionWith Partnership Protection
Business ControlSurviving partners lose control; deceased's heirs become part-owners.Surviving partners remain in full control of the business.
Funding the BuyoutPartners must find personal funds or take on large, high-interest loans.A tax-free lump sum is provided by the insurance policy.
The Deceased's FamilyInherit a non-liquid business share, leading to stress and potential conflict.Receive a fair cash value for the business share, quickly and cleanly.
Business ContinuityThe business is paralysed by uncertainty and may be forced to dissolve.The business continues to operate smoothly with minimal disruption.
Overall OutcomePotential for financial ruin, legal disputes, and destroyed relationships.Peace of mind for all partners and their families.

How Partnership Protection Works in Practice: The Mechanics

Setting up effective Partnership Protection involves three essential components working in harmony: the insurance policies, a legal agreement, and a trust.

Here’s a step-by-step breakdown of the process:

Before anything else, you must have a formal, written Partnership Agreement. This document should specify what happens in the event of a partner's long-term illness or death. This is often supplemented by a specific "Cross-Option Agreement" (more on this below), which is the legal mechanism that works with the insurance.

Step 2: Valuing Your Business

The partners must agree on a fair and realistic valuation of the business. This value determines the amount of insurance cover each partner will need. The valuation should reflect what a willing buyer would pay for a share of the business. Common valuation methods include:

  • A multiple of annual profits: For example, 3x the average net profit over the last three years.
  • A multiple of turnover: Common in certain industries.
  • Asset-based valuation: Based on the net value of the business's assets.

It's crucial to seek the help of your company accountant to arrive at a defensible valuation. This valuation should be reviewed regularly—at least annually—as the business grows, to ensure your cover remains adequate.

Step 3: Arranging the Insurance Policies

Once you know the value of each partner's share, you arrange the insurance policies. There are two primary ways to structure this:

  1. ‘Life of Another’ Policies: Each partner takes out an insurance policy on the life of every other partner. For a two-person partnership, this is simple: Partner A insures Partner B, and Partner B insures Partner A. However, this becomes administratively complex and expensive for partnerships with three or more partners. For a four-partner firm, you would need 12 separate policies.

  2. ‘Own Life’ Policies written in Trust (The Recommended Method): This is the modern, flexible, and most common approach. Each partner takes out a policy on their own life for the value of their share in the business. They then place this policy into a specially designed Business Trust. The other partners are named as the beneficiaries of the trust.

Why is the Trust method better?

  • Simplicity: If a new partner joins or leaves, it's much easier to amend the trust documentation than to cancel and re-write multiple policies.
  • Speed: A trust ensures the insurance payout goes directly to the surviving partners, bypassing the lengthy and complex probate process (the legal process of validating a will). This means funds are available in days or weeks, not months or years.
  • Tax Efficiency: A correctly structured trust keeps the policy proceeds outside of the deceased partner's estate, preventing it from increasing any potential Inheritance Tax (IHT) liability.

At WeCovr, we specialise in helping businesses navigate these options, ensuring the policies are structured correctly from the outset using the appropriate trust documentation provided by insurers.

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Step 4: Making a Claim

If the worst happens and a partner dies, the process is clear and efficient:

  1. A claim is made on the deceased partner’s life insurance policy.
  2. The insurer pays the lump sum into the Business Trust.
  3. The trustees (the surviving partners) receive the money from the trust.
  4. As per the Cross-Option Agreement, the surviving partners use these funds to purchase the deceased partner's share from their estate.
  5. The deceased's family receives a fair cash sum, and the surviving partners now own 100% of the business, ensuring its continuity.

While the insurance provides the money, the Cross-Option Agreement provides the legal framework to ensure the money is used for its intended purpose. It is a binding legal contract that must be drafted by a solicitor.

It’s often called a 'double option' or 'put and call' agreement and works like this:

  • The 'Call' Option: It gives the surviving partners the option to buy the deceased partner's share from their estate at a pre-agreed price or formula.
  • The 'Put' Option: It gives the deceased partner's estate the option to sell their share to the surviving partners.

This 'option' structure is critically important for tax reasons. If it were a binding agreement to buy and sell upon death, it could invalidate a valuable tax relief known as Business Property Relief (BPR) for Inheritance Tax purposes. By being an 'option' on both sides, BPR is generally preserved, but the commercial objective is still achieved.

Never attempt to set up Partnership Protection without a professionally drafted Cross-Option Agreement. It’s as vital as the insurance policy itself.

Key Policy Features and Decisions

When setting up your cover, you'll need to make several key decisions.

Life Cover vs. Critical Illness Cover

  • Life Cover: This is the most basic form and pays out only on the death of a partner.
  • Life and Critical Illness Cover: This is a comprehensive option that pays out on either death or the diagnosis of a specified serious condition (such as cancer, heart attack, or stroke) during the policy term.

Given that a partner suffering a critical illness can be just as disruptive as a death—they may be unable to work but still retain their ownership stake—including Critical Illness Cover is strongly recommended. The financial impact on a business can be immense if a partner is unable to contribute for a year or more. According to Cancer Research UK, there are around 393,000 new cancer cases in the UK every year (2018-2019 data), highlighting that serious illness is a significant risk for any business owner.

Policy Term

The 'term' is the length of time the policy will run for. This should typically be set to cover the partners until their planned retirement age, for example, age 65 or 70.

Regular Reviews

Your business is not static, and neither should your protection be. It is vital to review your Partnership Protection arrangement every 1-2 years, or whenever a significant event occurs, such as:

  • A significant change in business profitability or valuation.
  • A partner taking on more or less equity.
  • A partner taking out or repaying a large loan.
  • Changes in legislation.

Who Needs This Protection? (Hint: More Businesses Than You Think)

While the name is "Partnership Protection," the principle applies to any business where the ownership is shared between a small number of individuals.

  • Traditional Partnerships: The classic example, such as firms of solicitors, accountants, architects, or surveyors.
  • Limited Liability Partnerships (LLPs): The structure is legally different, but the problem of a member dying or becoming critically ill is identical. The solution, often called LLP Protection, works in precisely the same way.
  • Directors in Small Limited Companies: For private limited companies with multiple shareholder-directors, the equivalent protection is called Shareholder Protection Insurance. The risk is the same: a director dies, and their shares pass to their family. The solution is also the same: an insurance policy, a trust, and a cross-option agreement allow the surviving shareholders to buy the shares and maintain control.

As expert protection brokers, we at WeCovr can advise on the right structure whether you're a partnership, LLP, or limited company, ensuring your plan is tailored to your specific business entity.

Understanding the Tax Implications

The tax treatment of business protection is complex, and you must get professional advice. However, here is a general overview of the UK position.

Tax AspectGeneral Treatment of a Correctly Structured Plan
Policy PremiumsNot usually allowable as a tax-deductible business expense. HMRC considers it a capital-related payment.
Policy PayoutThe lump sum paid out from the trust is typically free from Income Tax and Corporation Tax.
Inheritance Tax (IHT)Using a Business Trust keeps the payout outside the deceased's estate. The Cross-Option Agreement helps preserve Business Property Relief (BPR) on the shares.
Capital Gains Tax (CGT)When the estate sells the shares, there is usually no CGT liability due to the "capital gains uplift" on death, which re-bases the asset's value.

Important Disclaimer: Tax rules are complex and can change. The information above is a general guide. You must consult with a qualified tax advisor and solicitor to understand the specific implications for your business.

What Does Partnership Protection Cost?

The cost of premiums is determined by several factors:

  • The amount of cover: The higher the business valuation, the higher the premiums.
  • The age of the partners: Premiums are lower for younger individuals.
  • Health and lifestyle: Smokers and those with pre-existing health conditions will pay more.
  • The policy term: Longer terms generally mean higher premiums.
  • Inclusion of Critical Illness Cover: This adds to the cost but provides far greater protection.

To give you an idea, here is a table with some illustrative monthly premiums. These are purely examples and the actual cost will depend on a full underwriting assessment.

Illustrative Monthly Premiums for a £500,000 Policy (15-Year Term, Non-Smoker)

AgeLife Cover Only (per month)Life & Critical Illness Cover (per month)
35£25 - £35£70 - £90
45£50 - £70£150 - £190
55£140 - £180£400 - £500

As you can see, the cost is a fraction of the value it provides. For the price of a monthly business utility bill, you can secure the entire future of your company.

A Step-by-Step Guide to Setting Up Partnership Protection

Feeling ready to put this vital protection in place? Here’s your checklist for success.

  1. Hold a Partners' Meeting: The first step is for all partners to agree on the need for protection and commit to the process.
  2. Value the Business: Work with your accountant to establish a fair, up-to-date valuation for the entire business and for each partner's share.
  3. Engage a Solicitor: This is non-negotiable. You need a commercial solicitor to draft or review your partnership/shareholder agreement and create the essential Cross-Option Agreement.
  4. Speak to a Specialist Broker: Contact an independent protection advisor like WeCovr. A broker's role is invaluable. We can:
    • Search the entire UK insurance market to find the most suitable and cost-effective policies.
    • Provide expert guidance on structuring the policies and trusts correctly.
    • Assist with the application forms and guide you through the underwriting process.
  5. Complete Applications & Trusts: Apply for the insurance policies and complete the necessary Business Trust forms provided by the insurer.
  6. Sign and Store Documents: Once the policies are in force, ensure all parties sign the Cross-Option Agreement. The legal agreement and policy documents should be stored safely, and all partners should know their location.
  7. Schedule Regular Reviews: Diarise an annual review to check that the valuation and cover levels are still appropriate for your business.

Partnership Protection is one part of a complete business continuity strategy. You should also consider:

  • Key Person Insurance: This protects the business against the financial loss resulting from the death or critical illness of a vital employee (who may or may not be a partner). The payout goes directly to the business to cover costs like lost profits, recruitment, or debt repayment.
  • Executive Income Protection: This provides a monthly income replacement if a director or key employee is unable to work due to long-term illness or injury. It can be paid for by the business and is a highly tax-efficient way to protect the incomes of your most important people.
  • Relevant Life Cover: A tax-efficient death-in-service benefit for directors and employees of small companies, allowing the business to provide valuable life cover for its people outside of a registered group scheme.

A Proactive Approach to Health and Wellbeing

While insurance protects your business from the financial fallout of illness, a proactive approach to health can reduce the risk in the first place. As business owners, your health is inextricably linked to the health of your business. Chronic stress, poor diet, and lack of sleep not only impact your wellbeing but also your cognitive performance, decision-making, and leadership.

At WeCovr, we believe in supporting our clients' holistic wellbeing. That's why, in addition to arranging robust protection policies, we provide our customers with complimentary access to CalorieHero, our AI-powered calorie and nutrition tracking app. It's a simple, effective tool to help you stay on top of your dietary goals, because we know that healthier business owners lead healthier businesses.

Consider embedding these simple habits into your routine:

  • Prioritise Sleep: Aim for 7-9 hours of quality sleep per night. It’s essential for memory, focus, and emotional regulation.
  • Mindful Nutrition: A balanced diet fuels your brain and body. Avoid relying on caffeine and sugar for energy.
  • Manage Stress: Incorporate short breaks, mindfulness exercises, or physical activity into your day to decompress.
  • Schedule Health Checks: Don't ignore symptoms. Regular check-ups with your GP can lead to early detection and better outcomes.

Your Questions Answered: Partnership Protection FAQs

What happens to the policies if a partner leaves the business?

If a partner leaves for a reason other than death or critical illness (e.g., they retire or resign), the arrangement needs to be updated. The Cross-Option Agreement would become void in respect to that partner. The policies can usually be handled in a few ways: the departing partner could take over their own policy for personal use, the policy could be cancelled, or it could potentially be reassigned to a new incoming partner. Your advisor can guide you on the best course of action.

Can we add a new partner to our protection plan?

Yes. When a new partner joins, the business should be re-valued to include them. A new policy will need to be arranged for the new partner, written into the existing Business Trust. The Cross-Option Agreement will also need to be updated by your solicitor to include the new partner. This is a key reason why the 'own life in trust' method is so flexible.

Is Critical Illness Cover really worth the extra cost?

In our expert opinion, absolutely. You are statistically more likely to suffer a critical illness before retirement than you are to die. A critically ill partner who cannot work but still owns their share of the business can create a huge financial and operational drain. Critical Illness Cover provides the funds to buy them out, allowing them to focus on their recovery and the business to move forward.

What if our business is an LLP? Is the process different?

The principles of protection for a Limited Liability Partnership (LLP) are identical. The risk is the same: a member dies or becomes seriously ill. The solution, often called LLP Protection, also uses life and critical illness policies, trusts, and a cross-option agreement to allow the remaining members to buy out the departing member's interest. The legal agreement will simply be drafted to reflect the specific LLP structure.

We have a verbal agreement between us. Isn't that enough?

No, it is not. A verbal or informal agreement is not legally binding and will not hold up when put under pressure. In the event of a death, emotions are high, and different parties (e.g., the deceased's family vs. the surviving partners) will have different priorities. A formal, written Partnership Agreement and Cross-Option Agreement, backed by correctly structured insurance, is the only way to guarantee a smooth and fair process.

Conclusion: Secure Your Business, Secure Your Future

Building a successful business partnership takes years of dedication, sacrifice, and trust. Leaving its future to chance is a risk no prudent owner should take.

Partnership Protection Insurance is not a business expense; it is a fundamental investment in the stability and longevity of your company. It transforms a potential catastrophe into a manageable, orderly process. It provides the capital to ensure the surviving partners retain control, the business continues to thrive, and the family of a deceased partner receives a fair cash value for their loved one's life's work.

Remember the three pillars of effective protection: the right insurance policies, a robust legal agreement, and the correct trust structure. Getting any one of these elements wrong can undermine the entire plan.

Don't wait for a crisis to reveal the cracks in your business's foundations. Take the proactive step today to explore your options and put a comprehensive protection plan in place. Contact an expert advisor to begin the conversation and secure the future you’ve worked so hard to build.

Sources

  • Office for National Statistics (ONS): Mortality, earnings, and household statistics.
  • Financial Conduct Authority (FCA): Insurance and consumer protection guidance.
  • Association of British Insurers (ABI): Life insurance and protection market publications.
  • HMRC: Tax treatment guidance for relevant protection and benefits products.

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WeCovr is an FCA‑regulated insurance broker. We may earn a commission if you purchase a policy via us. This guide is written to be impartial and informational.

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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!

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 experienced 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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How It Works

1. Complete a brief form
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2. Our experts analyse your information and find you best quotes
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3. Enjoy your protection!
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Any questions?

Life, income protection, and/or critical illness insurance are safety nets, very important at a difficult time. If anything happened to you before your cover ends, your life or critical illness insurance would pay a lump sum to your family and/or you (if you took a critical illness or income protection cover) to help cover the losses. Being diagnosed with a critical illness can be devastating, and it won't help matters to be also worrying about how you would cope financially. With a life, income protection, or critical illness policy, you can choose how much cover you need, how you want the policy to pay out, and whether you want cover for both you and your partner. Income protection insurance pays you a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire. Also known as permanent health insurance, it is quite important for anyone who relies on a paycheck to cover their living costs, but it's particularly important if you're self-employed or own a small business, where your income might be a bit less stable.

Life, income protection, and critical illness insurance pay out millions to families every day. Your expert will explain to you that you need to be honest and open when applying for your insurance.

If you're single with no dependants then it may be that you don't need life assurance. However, if you were to become seriously ill and unable to work, you may benefit from a critical illness or income protection policy. They can help you keep up to date with your rent, bills, food, and other expenses.

It's free to use WeCovr to find life, income protection, and critical illness insurance - we never charge you for quotes. Critical illness, income protection, and life insurance is an investment that pays many times over for you and/or your loved ones.

Life, income protection, and critical illness insurance are important financial products that insurance companies take a lot of care and diligence, so speaking to real human beings ensures that they understand your requirements fully so that you can get the right cover.

All of our partners are carefully vetted and authorised by the FCA, which means they are held to the highest standards that the FCA expects from them and treat all customers fairly!

Our insurance partners give us a few pounds when you take out a policy with one of their experts.

The cost of life insurance depends on several factors, including your age, occupation, health status, and the level of coverage you choose. Your life insurance policy is tailored to your needs, and the cost can vary based on the sum assured, policy term, and other factors.

Some life insurance policies offer an option to add critical illness cover as a rider or as a separate policy. This provides a lump sum payment if you are diagnosed with a critical illness covered by your policy, offering financial support during a difficult time.

Yes, life insurance is available to self-employed individuals to provide financial protection for their loved ones in the event of their death. It ensures that your family can maintain their standard of living and cover expenses such as mortgage payments, bills, and education costs.

If you outlive your life insurance policy and it expires without a claim, you will not receive any payout. Term life insurance policies are designed to provide coverage for a specific period, and once that period ends, the policy terminates without any residual value. However, you can typically renew or purchase a new policy if you still need coverage.

Critical illness insurance provides a lump sum payment if you're diagnosed with a serious illness covered by your policy, offering financial support during a difficult time. It can help cover medical expenses, mortgage payments, and other financial obligations while you focus on recovery.

Critical illness insurance covers a range of serious illnesses and medical conditions specified in your policy, such as cancer, heart attack, stroke, and organ failure. The lump sum payment can be used to cover medical treatment, ongoing care, and living expenses during your recovery.

The cost of critical illness insurance varies depending on factors such as your age, health status, lifestyle, and the level of coverage you choose. Our experts can provide personalised quotes to help you find affordable coverage.

Yes, you can have critical illness insurance alongside your health insurance coverage. Critical illness insurance provides additional financial protection specifically for serious illnesses, complementing your health insurance benefits.

Critical illness insurance policies typically have exclusions for pre-existing conditions and certain medical conditions not covered by the policy. It's essential to review the terms and conditions of your policy to understand what is and isn't covered.

Some critical illness insurance policies may provide coverage for recurring illnesses, while others may not. It's crucial to review the policy terms and understand the specific conditions under which you can make additional claims for recurring illnesses. Your insurer can provide more details on their coverage for recurring critical illnesses.

Yes, you can customise your life insurance policy to suit your individual needs and circumstances. Options may include choosing the sum assured, policy term, premium payment frequency, and additional riders for enhanced coverage.

If you miss a premium payment for your life insurance policy, your coverage may lapse, and your policy could be terminated. However, many insurers offer a grace period during which you can make the payment to keep your policy active. It's essential to contact your insurer to discuss your options if you're unable to make a payment.

Yes, you can typically change the beneficiary of your life insurance policy at any time by completing a beneficiary change form provided by your insurer. It's essential to keep your beneficiary designation up to date to ensure that the proceeds are distributed according to your wishes.

Term life insurance provides cover for a fixed period, such as 10, 20 or 30 years, and pays out a lump sum if you die during that time. It’s often chosen to protect a mortgage or to provide financial support while dependants still rely on your income. Whole-of-life insurance is designed to last for the rest of your life and guarantees a payout whenever you die, as long as premiums are maintained. It’s usually more expensive than term insurance and is sometimes used to help with inheritance tax planning or to leave a guaranteed legacy.

Some term life insurance policies offer the option to convert to a whole life insurance policy without the need for a medical exam or new underwriting. This conversion feature allows you to maintain coverage beyond the term of your policy and provides lifelong protection.

Some life insurance policies offer accelerated death benefits or living benefits that allow you to access a portion of the death benefit if you are diagnosed with a terminal illness. This feature provides financial assistance to help cover medical expenses and other costs during your final months.

While having savings can provide a financial cushion during tough times, income protection insurance offers additional security by replacing a portion of your income if you're unable to work due to illness or disability. It ensures that you can maintain your standard of living and cover essential expenses even if your savings are depleted.

Yes, self-employed individuals can claim income protection insurance if they're unable to work due to illness or disability. Income protection provides a regular income stream to replace lost earnings, helping self-employed individuals cover their living expenses and business costs during periods of incapacity.

The waiting period, also known as the elimination period, is the length of time you must wait after becoming unable to work due to illness or disability before you can start receiving benefits from your income protection insurance policy. Waiting periods typically range from 30 to 90 days, but longer waiting periods may result in lower premiums.

Income protection insurance is designed to provide financial support if you're unable to work due to illness or disability, not for redundancy. However, some policies may offer optional redundancy cover or unemployment cover as an additional benefit, providing a lump sum or monthly payments if you're made redundant.

The tax treatment of income protection insurance benefits depends on whether the premiums were paid with pre-tax or after-tax dollars. Benefits from policies funded with after-tax dollars are typically tax-free, while benefits from policies funded with pre-tax dollars may be subject to income tax. It's essential to consult with a tax advisor to understand the tax implications of your income protection insurance benefits.

Income protection insurance provides a regular income stream if you're unable to work due to illness or disability, while critical illness insurance provides a lump sum payment if you're diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. Critical illness insurance offers financial support to cover medical expenses, living costs, or other obligations during your recovery.

Income protection insurance policies typically have a waiting period (also known as an elimination period) during which you do not receive benefits. If you become unable to work before this waiting period ends, you will not receive any income protection benefits until the waiting period has elapsed. It's important to have sufficient savings or other financial resources to cover your expenses during this initial period.

Many income protection insurance policies allow you to increase your coverage amount if your income rises, without the need for additional underwriting or medical examinations. This feature, sometimes called a 'guaranteed insurability option,' ensures that your coverage keeps pace with your increasing income and financial obligations.

The maximum age to purchase critical illness insurance varies depending on the insurer and the specific policy. While some insurers may offer critical illness insurance up to age 70 or beyond, others may have lower age limits. It's essential to check with insurers to determine their age eligibility criteria for purchasing critical illness insurance.

Whether you can get critical illness insurance if you have pre-existing conditions depends on the insurer's underwriting guidelines and the specific medical conditions. Some insurers may offer coverage with exclusions for pre-existing conditions, while others may decline coverage altogether. It's essential to disclose any pre-existing conditions when applying for critical illness insurance and discuss your options with insurers.

While health insurance provides coverage for medical expenses, critical illness insurance offers financial protection for broader expenses associated with a serious illness, such as lost income, household bills, and lifestyle changes. Critical illness insurance complements health insurance by providing additional financial support during a challenging time, ensuring that you can focus on recovery without worrying about financial burdens.

If you don't make a claim on your critical illness insurance during the policy term, you won't receive a benefit payout. However, having critical illness insurance provides peace of mind knowing that you're financially protected if you're diagnosed with a covered critical illness during the policy term. It's a form of financial preparation for unexpected events and offers valuable protection for you and your family.

If you outlive your critical illness insurance policy and don't make a claim for a covered critical illness during the policy term, the coverage will expire, and you won't receive a benefit payout. Critical illness insurance provides financial protection for a specific period, typically until a specified age or policy term, and offers peace of mind knowing that you're prepared for the unexpected.

Yes, many insurers offer optional riders or add-ons that you can add to your critical illness insurance policy for enhanced coverage. Common riders may include waiver of premium, which waives future premium payments if you become disabled, or return of premium, which refunds a portion of your premiums if you don't make a claim during the policy term. It's essential to review available riders with insurers to customise your coverage to meet your specific needs.

To make a claim on your critical illness insurance policy, you'll need to notify your insurer of your diagnosis and submit a claim form along with any required medical documentation, such as medical reports, test results, and physician statements. Once your claim is reviewed and approved by the insurer, you'll receive the lump sum benefit payment, which you can use to cover medical expenses, living costs, or other financial needs during your recovery.

As we age, the likelihood of encountering health complications increases for us all. In the event that you develop a severe medical condition, critical illness protection can assist with the expenses of crucial bills – enabling you to concentrate on recuperation or adjusting to your new health circumstance.

The typical expense of a Critical Illness protection policy will fluctuate based on aspects such as your age and medical background. As per our investigation, you can secure a policy starting from as low as £8 (for a non-smoking 21-year-old individual).

The most prevalent critical illnesses in the UK are cancer, cardiac arrest, and cerebrovascular accident (stroke).

Cancer is one of the primary causes for critical illness insurance claims in the UK. Cancer constitutes over 80% of critical illness cover claims for females and about 45% of critical illness claims for males.

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