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Relevant Life Insurance for Medical Devices Company Directors

WeCovr Editorial Team · experienced insurance advisers
Last updated Mar 14, 2026
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TL;DR

WeCovr helps UK MedTech directors secure highly tax-efficient Relevant Life Insurance, a company-paid death-in-service benefit that protects their family's financial future while reducing the company's Corporation Tax bill.

Key takeaways

  • Relevant Life Insurance is a company-paid life policy that provides a tax-free lump sum to a director's family if they die.
  • Premiums are typically a tax-deductible business expense, and they are not a P11D benefit for the director.
  • The policy is ideal for small businesses, like MedTech startups, that are too small for a traditional group life scheme.
  • Cover is written into a discretionary trust, ensuring the payout avoids probate and is free from Inheritance Tax.
  • Combining Relevant Life with Key Person and Shareholder Protection creates a robust financial safety net for the business and its leaders.

Maximizing tax-efficient life insurance for MedTech founders and executives

As a director or founder in the UK's dynamic medical devices (MedTech) sector, you operate at the intersection of innovation, high stakes, and immense pressure. Your focus is on developing life-changing technologies, securing funding, and navigating complex regulatory pathways. But in the pursuit of business success, it's easy to overlook a critical component: your own financial security and that of your family.

Personal life insurance is a vital safety net, but for a limited company director, there is a far more intelligent and tax-efficient solution: Relevant Life Insurance.

This comprehensive guide explores how MedTech founders and executives can leverage Relevant Life cover to provide substantial, tax-free financial protection for their loved ones, all while creating a legitimate business expense for their company. It is one of the most powerful and often under-utilised tools in the financial planning toolkit for directors of small and medium-sized enterprises (SMEs).

At WeCovr, we specialise in helping business owners navigate the complexities of protection insurance. We understand the unique challenges you face and can help you compare plans from across the UK market to find a solution that is both robust and cost-effective.

What is Relevant Life Insurance? A Plain-English Guide for Directors

A Relevant Life Plan is a type of death-in-service benefit designed specifically for individual employees of a business, including salaried directors. In simple terms, it's a life insurance policy that the company pays for, but the benefit is paid directly to the employee's family or financial dependants if they die while employed.

Here's the essential mechanism:

  1. The Company Pays: Your limited company pays the monthly or annual premiums for the policy.
  2. The Director is Covered: The policy provides a lump sum payout if you, the director, pass away or are diagnosed with a terminal illness (and are not expected to live more than 12 months).
  3. A Trust is Key: The policy is written into a discretionary trust from the outset. This is a crucial step.
  4. The Family Benefits: Upon a valid claim, the insurer pays the money to the trust. The trustees (whom you appoint) then distribute the funds to your nominated beneficiaries (e.g., your spouse, children).

The result? Your family receives a significant, tax-free cash sum, and the money never becomes part of your business's assets or your personal estate for Inheritance Tax (IHT) purposes. It is, in effect, a highly tax-efficient method of providing personal life insurance through your business.

The Unbeatable Tax Advantages of a Relevant Life Plan

The primary reason Relevant Life cover is so compelling for MedTech directors is its exceptional tax efficiency. It offers significant advantages for both the company and the individual director, making it far more cost-effective than a personal life insurance policy paid from post-tax income.

Benefits for Your MedTech Company

  • Corporation Tax Relief: As long as the policy meets HMRC's criteria (see below), the premiums are generally treated as an allowable business expense. This means they can be offset against your company's profits, reducing its Corporation Tax liability.

Benefits for You, the Director

  • No Income Tax: The premiums paid by your company are not considered part of your salary, so you pay no income tax on them.
  • No National Insurance: Neither you nor your company pays National Insurance contributions on the premiums.
  • Not a P11D Benefit: Unlike many other employee benefits (like a company car or private medical insurance), a Relevant Life Plan is not typically treated as a 'benefit in kind'. This means you don't have to declare it on your P11D form or pay tax on it.
  • Inheritance Tax (IHT) Free Payout: Because the policy is held in a trust, the proceeds on death are paid outside of your estate. This means your family receives the full amount without it contributing to your IHT liability, which currently stands at 40% on assets above the threshold.

Cost Comparison: Relevant Life vs. Personal Life Insurance

To illustrate the powerful financial savings, let's consider a typical scenario. Imagine a 45-year-old MedTech director who is a higher-rate taxpayer (40%) and wants £1,000,000 of life insurance cover.

FeaturePersonal Life InsuranceRelevant Life Insurance
Gross Monthly PremiumN/A (paid from net income)£100
Gross Annual PremiumN/A£1,200
Corporation Tax Relief (at 25%)£0-£300
Net Cost to CompanyN/A£900
Gross Salary Needed to pay premium£2,000N/A
(To get £1,200 net after 40% income tax)
Net Personal Cost£1,200£0
Total Effective Annual Cost£1,200 (from post-tax income)£900 (from pre-tax company funds)

The Result: In this example, arranging the cover through a Relevant Life Plan is over 58% more tax-efficient when you consider the gross salary needed to fund a personal plan. The company benefits from a reduced tax bill, and the director receives the cover without any impact on their personal finances.

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Is Your MedTech Company Eligible for a Relevant Life Plan?

Relevant Life Plans are governed by specific HMRC legislation, so it's essential to ensure both your company and the person being insured are eligible.

Who can be covered?

  • Directors of a limited company
  • Salaried employees of a business

The key is that the individual must be an employee receiving a salary through PAYE.

Who is NOT eligible?

  • Sole traders
  • Equity partners in a Limited Liability Partnership (LLP)
  • Individuals who are shareholders but not employees (i.e., they receive only dividends and no salary)

Company Requirements

  • The business must be a UK-registered limited company or a charity.
  • The policy must be for the purpose of providing benefits for an employee, not purely for the benefit of the business or its shareholders (this is known as the 'wholly and exclusively' test).

For most MedTech startups and established firms structured as limited companies, directors and key employees will almost certainly be eligible. An expert adviser at WeCovr can confirm your eligibility in minutes.

Relevant Life vs. Personal Life vs. Group Life: A Director's Comparison

It's helpful to see where Relevant Life fits in relation to other forms of life insurance. Small businesses often fall into a gap: too small for a cost-effective Group Life scheme but able to benefit from a more tax-efficient structure than a simple personal policy.

FeatureRelevant Life InsurancePersonal Life InsuranceGroup Life Insurance
Who pays the premium?The limited companyThe individualThe limited company
Premiums as a business expense?Yes, usuallyNoYes, usually
Is it a P11D benefit?NoNoNo, if within a registered scheme
Is the payout IHT-free?Yes (via mandatory trust)Only if written into trustYes (via scheme trust)
Minimum number of employeesOneN/AUsually 3-5+
Medical underwritingFully underwritten per personFully underwritten per personOften 'free cover limits' (no medicals)
PortabilityOptions exist to continue personallyFully portableCover ends when you leave the company
Best suited for...Directors & key employees of SMEsEveryone, including sole tradersCompanies with 5+ employees

As the table shows, a Relevant Life Plan is effectively a 'group scheme for one', offering the tax benefits of a larger corporate plan to individual directors and key staff in smaller organisations. This makes it a perfect fit for the lean, agile structure of many MedTech companies.

Why Relevant Life Insurance is a Strategic Asset for MedTech Founders

Beyond the clear tax advantages, a Relevant Life Plan serves several strategic functions for a MedTech founder or director.

1. Attracting and Retaining Top Talent

The MedTech industry is fiercely competitive. Attracting and keeping the best scientists, engineers, and commercial leads is paramount. A generous benefits package can be a deciding factor for a high-calibre candidate choosing between a startup and a corporate giant. Offering a substantial death-in-service benefit via a Relevant Life Plan demonstrates that you value your key people and are invested in their and their family's welfare.

2. Providing Essential Founder Peace of Mind

Leading a MedTech venture is a high-stress, high-stakes role. You may have secured seed funding or a Series A round, but personal finances can still be a source of anxiety, especially if you have a mortgage and a young family.

Knowing that a significant, tax-free lump sum is in place to protect your family should the worst happen allows you to focus your energy on the business. It removes a major personal 'what if?' from your mind, freeing you up to take the calculated risks necessary for growth.

3. A Highly Cost-Effective Employee Benefit

As demonstrated in the cost comparison, providing life cover through a Relevant Life Plan is significantly cheaper for the business than increasing an employee's salary to allow them to buy the same cover personally. This allows you to offer a high-value benefit for a relatively low net cost, preserving precious company capital.

4. Enhancing Business Stability and Investor Confidence

While a Relevant Life Plan is designed to protect the director's family, its existence has a positive ripple effect on the business. Investors and stakeholders are reassured when they see that key leadership has robust personal financial plans in place. In the tragic event of a founder's death, knowing their family is financially secure prevents a potential secondary crisis, allowing the remaining management team and board to focus on business continuity.

Real-Life Scenario: Dr. Ben Carter, CTO of a Diagnostics Startup

Let's put this into a practical context.

  • The Person: Dr. Ben Carter, aged 38, is the co-founder and CTO of a promising MedTech diagnostics company. He is married with two children (aged 6 and 8), has a £450,000 mortgage, and takes a salary of £70,000 plus dividends.
  • The Need: Ben wants to ensure that if he were to pass away, his mortgage would be cleared and his family would have a substantial fund to cover living and education costs. He calculates he needs £1,250,000 of life cover.

Option 1: A Personal Term Life Insurance Policy

  • Ben gets a quote for a 25-year level term policy for £1,250,000. The premium is £75 per month (£900 per year).
  • To pay this £900 from his net income, Ben, as a higher-rate taxpayer, needs to earn approximately £1,500 in gross salary (£1,500 - 40% tax = £900).
  • The effective cost to the business (in terms of gross salary) is £1,500 per year.

Option 2: A Relevant Life Plan through his Company

  • The company takes out a Relevant Life Plan for Ben for the same £1,250,000. The premium is identical at £900 per year.
  • The company treats this £900 as a business expense. At a 25% Corporation Tax rate, this saves the business £225 in tax (£900 x 25%).
  • The net cost to the business is just £675 per year.
  • Ben pays no income tax or National Insurance on this benefit.

The Outcome: By using a Relevant Life Plan, the company provides the exact same level of protection for Ben's family, but the net cost to the business is £675 instead of the £1,500 in gross salary required for the personal option. This is a saving of £825 every single year.

How Much Cover Can You Get? Underwriting and Salary Multiples

Insurers cap the amount of cover available under a Relevant Life Plan to ensure it is seen as a reasonable employee benefit and not a vehicle for tax avoidance. The maximum sum assured is typically a multiple of the employee's total annual remuneration.

"Remuneration" usually includes:

  • Gross salary
  • Dividends received from the employing company
  • Bonuses and P11D benefits

The multiple applied is dependent on the employee's age:

Age of EmployeeTypical Maximum Multiple of Remuneration
Up to 3925x to 30x
40 to 4920x to 25x
50 to 5915x to 20x
60+15x

For example, a 42-year-old director earning £60,000 in salary and £40,000 in dividends (£100,000 total remuneration) could potentially secure up to £2.5 million in cover (£100,000 x 25).

The underwriting process for a Relevant Life Plan is the same as for a personal policy. The insurer will assess:

  • Your health and medical history: Via an application form and potentially a GP report or medical examination for larger cover amounts.
  • Your lifestyle: Including smoking status, alcohol consumption, and any hazardous hobbies.
  • Your occupation: Working as a MedTech director is considered a low-risk desk-based job.
  • Financial justification: The requested cover amount must be reasonable in relation to your remuneration.

A specialist broker like WeCovr can guide you through this process, ensuring you present your application to the most suitable insurer for your circumstances. As part of our commitment to our clients' long-term wellbeing, we also provide complimentary access to CalorieHero, our AI-powered calorie and nutrition tracking app, to support your health goals.

Integrating Relevant Life with a Wider Business Protection Strategy

While a Relevant Life Plan is a powerful tool for protecting your family, it is not a substitute for core business protection policies. For a MedTech company, a truly robust financial plan integrates several types of cover, each with a distinct purpose.

  • Relevant Life Insurance: Protects the director's family from the financial impact of their death. The money goes to the beneficiaries via a trust.
  • Key Person Insurance: Protects the business from the financial fallout of losing a key individual (like a founder or lead scientist) to death or critical illness. The payout goes to the company to cover lost profits, recruitment costs, or loan repayments.
  • Shareholder Protection: Protects the surviving business owners. In the event of a shareholder's death, this provides the funds for the remaining shareholders to buy the deceased's shares from their estate. This ensures ownership remains with the intended people and the deceased's family receives fair value for the shares.
  • Executive Income Protection: Protects the director's income if they are unable to work due to long-term illness or injury. The policy pays a regular monthly benefit to the company, which can then be paid to the director as an ongoing salary.

A holistic strategy for a MedTech startup might look like this:

  1. Relevant Life Plans for all directors to protect their families.
  2. Key Person Insurance on the CEO and CTO to reassure investors and cover operational costs if they were lost.
  3. Shareholder Protection with a cross-option agreement to manage the transfer of equity smoothly.
  4. Executive Income Protection for key directors to ensure their income is secure during a long period of ill health.

The Crucial Role of the Discretionary Trust

It cannot be overstated: the use of a discretionary trust is fundamental to how a Relevant Life Plan works. The policy is legally owned by the trust, not by you or your company.

This structure delivers three critical benefits:

  1. Avoids Inheritance Tax: As the policy is not part of your legal estate, the payout is not assessed for IHT.
  2. Ensures Payout to the Right People: The trust deed specifies that the benefit is for your family and dependants. The money cannot be claimed by the company or its creditors.
  3. Speeds Up the Payout: The trustees can claim the money as soon as a death certificate is issued. This avoids the lengthy and complex probate process, which can delay access to funds for months, providing your family with financial support when they need it most.

Setting up a trust sounds complex, but it is a standard part of the Relevant Life application process. Insurers provide template trust deeds, and an expert adviser will guide you through appointing trustees (typically family members or trusted friends) and completing the simple paperwork.

Final Thoughts: A Strategic Decision for a Secure Future

For directors and founders in the high-growth, high-pressure world of medical technology, financial planning can often take a back seat. Yet, securing your family's future is one of the most important strategic decisions you can make.

Relevant Life Insurance offers an exceptionally intelligent way to do this. It transforms a personal financial necessity into a tax-deductible business expense, saving you and your company a significant amount of money. It provides peace of mind, acts as a powerful tool for retaining talent, and forms a vital part of a comprehensive protection strategy for your business.

The rules are specific, and the market is broad. Working with a specialist, FCA-regulated broker like WeCovr ensures you navigate the process correctly, compare options from all the leading UK insurers, and put the most robust and cost-effective plan in place.

Take the next step to protect your family's future. Contact us today for a free, no-obligation discussion and quote.

What happens to my Relevant Life policy if I leave or sell my company?

If you leave the company that is paying for your Relevant Life Plan, you typically have several options. The policy can usually be converted into a personal policy, which you would then pay for yourself. Alternatively, it can be transferred to your new employer to continue as a Relevant Life Plan if they agree. In most cases, the cover does not have to be cancelled, ensuring you can maintain your life insurance protection without needing new medical underwriting, which is a significant advantage if your health has changed.

Is the payout from a Relevant Life Plan always tax-free?

Yes, under current UK legislation, the lump sum payout from a compliant Relevant Life Plan is not subject to income tax or Capital Gains Tax. Crucially, because the policy is held within a discretionary trust, the proceeds are paid outside of the deceased's estate and are therefore not liable for Inheritance Tax (IHT). This ensures your beneficiaries receive 100% of the sum assured.

Can a director who only takes dividends have a Relevant Life Plan?

No, this is a key eligibility requirement. To qualify for a Relevant Life Plan, the individual must be an employee of the company and receive a salary (however small) via PAYE. HMRC rules do not permit these policies for individuals who are only shareholders and receive their entire remuneration as dividends. However, cover levels can be based on total remuneration, which includes both salary and dividends.

Sources

  • HM Revenue & Customs (HMRC)
  • Financial Conduct Authority (FCA)
  • Association of British Insurers (ABI)
  • Office for National Statistics (ONS)
  • gov.uk

Disclaimer: This is general guidance only and does not constitute formal tax or financial advice. Tax treatment depends on individual circumstances, policy terms, and HMRC interpretation, which cannot be guaranteed in advance. Whenever applicable, businesses and individuals should always consult a qualified accountant or tax adviser before arranging such policies.

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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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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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