The Resilience Equation: Your Future-Proofed Life
Are you building your best life on shaky ground? With 1 in 2 facing a major health diagnosis by 2025, learn why strategic financial protection and private health access aren't just insurance, but the essential, invisible pillars enabling true personal growth and lasting resilience for you and your loved ones.
We all strive to build our best lives. We invest in our careers, nurture our relationships, save for holidays, and plan for a comfortable retirement. We lay these bricks of aspiration one by one, constructing a future we can be proud of. But what if the very ground on which we're building is less stable than we think?
The hard reality, backed by sobering statistics, is that life's path is rarely a straight line. A major health event can strike without warning, creating seismic shocks that threaten to shatter everything we've worked for. According to Cancer Research UK, a staggering 1 in 2 people in the UK will be diagnosed with cancer in their lifetime. When you add other major events like heart attacks and strokes, the odds of your life being impacted by a serious health condition become undeniably high.
This isn't about fear-mongering; it's about foresight. True resilience in the 21st century isn't just about a positive mindset or the ability to 'bounce back'. It's about having a robust, pre-planned strategy that acts as a financial and emotional shock absorber. It’s about building your life on a foundation so solid that when the inevitable tremors of life occur, your world doesn't crumble.
This guide will explore the 'Resilience Equation'—a modern framework for a future-proofed life. We'll delve into why strategic financial protection, such as life insurance, critical illness cover, and income protection, combined with proactive wellness and health access, are the essential, invisible pillars that empower you to live boldly, take calculated risks, and achieve true personal growth, secure in the knowledge that you and your family are protected.
The Modern Resilience Equation: More Than Just Mindset
For generations, resilience was often framed as a purely psychological trait—an inner grit or a 'stiff upper lip'. While a strong mindset is undeniably crucial, this view is dangerously incomplete in our complex world. A health crisis doesn't just test your mental fortitude; it unleashes a financial tsunami that can erode your savings, threaten your home, and derail your long-term goals.
Think of it as the Resilience Equation:
[Proactive Wellness + Strong Mindset] x Financial Security = True, Lasting Resilience
Financial security acts as the multiplier. Without it, even the strongest mindset and healthiest habits can be overwhelmed by the stress of mounting bills and lost income. It's the silent partner in your well-being, working in the background to ensure you can focus on what truly matters: your recovery and your family.
Imagine building a beautiful house. Your career, family life, hobbies, and dreams are the exquisite rooms, furniture, and decorations. But the foundation—the part no one sees—is your financial security. If that foundation is weak, a sudden storm (a critical illness, an accident, an unexpected death) can bring the entire structure crashing down. Strategic financial protection is the deep, reinforced concrete foundation that allows you to build your life as high as you dare, knowing it can withstand the storm.
The Unseen Risks: A 2025 Reality Check
It’s human nature to believe "it won't happen to me." However, a responsible plan for the future is built on data, not denial. The statistics paint a clear picture of the risks we all face in the UK.
The Big Three: Cancer, Heart Attack, and Stroke
These conditions form the majority of critical illness claims in the UK.
- Cancer: As we've noted, 1 in 2 people will face a cancer diagnosis. While survival rates are thankfully improving, treatment can be long and arduous, often preventing you from working for months or even years.
- Heart and Circulatory Diseases: The British Heart Foundation reports that around 7.6 million people are living with these conditions in the UK. Every five minutes, someone is admitted to a UK hospital due to a heart attack.
- Stroke: The Stroke Association highlights that there are over 100,000 strokes in the UK each year—that's one every five minutes. A third of stroke survivors are left with long-term disabilities.
The Income Shock: Long-Term Sickness
Beyond the 'Big Three', the risk of being unable to work for an extended period due to illness or injury is significant. The Office for National Statistics (ONS) reported in early 2025 that a record number of people, over 2.8 million, are out of the workforce due to long-term sickness. This figure has risen sharply in recent years, highlighting a growing vulnerability for working-age adults.
Without a safety net, how long could your savings last if your income stopped tomorrow? For most UK households, the answer is a matter of weeks, not months.
The Financial Domino Effect
The financial impact of a health crisis extends far beyond just the loss of a salary. Consider these often-overlooked costs:
- Travel and Accommodation: Regular trips to specialist hospitals can involve significant fuel, parking, and sometimes overnight hotel costs.
- Home Modifications: You might need to install ramps, stairlifts, or accessible bathrooms.
- Private Medical Care: While the NHS is a national treasure, long waiting lists for certain treatments or diagnostics can lead people to seek private options to speed up recovery.
- Partner's Lost Income: Your spouse or partner may need to reduce their working hours or stop working entirely to become a carer.
- Everyday Bills: The mortgage, rent, council tax, and utility bills don't stop just because you're unwell.
This is the reality that financial protection is designed to meet, providing a crucial injection of cash precisely when it's needed most.
Probability at a Glance: Before Age 65
This table illustrates the likelihood of certain events occurring before the traditional retirement age of 65.
| Event | Likelihood for a Healthy 35-Year-Old | Potential Financial Impact |
|---|---|---|
| Serious Illness | High (1 in 2 for cancer alone) | Loss of income, medical costs, debt |
| Long-Term Disability | Significant | Years or a lifetime of lost earnings |
| Death | Lower, but catastrophic impact | Loss of family income, unpaid mortgage |
Your Financial First Aid Kit: Core Protection Products Explained
Understanding the different types of protection is the first step to building your financial foundation. They are not interchangeable; they are distinct tools designed to solve different problems. Think of them as a comprehensive first aid kit for your finances.
1. Life Insurance (or Life Protection)
This is the most well-known form of protection. In its simplest form, it pays out a tax-free lump sum if you die during the policy term.
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Who Needs It? Anyone with financial dependents. If someone would suffer financially if you were no longer around, you should consider life insurance. This includes people with a partner, children, or even ageing parents who rely on your support. It's also essential for covering large debts like a mortgage.
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Key Types:
- Level Term Assurance: The payout amount remains the same throughout the policy term. Ideal for covering an interest-only mortgage or providing a set lump sum for your family's future.
- Decreasing Term Assurance: The payout amount reduces over time, usually in line with a repayment mortgage. This makes it a cost-effective way to ensure your mortgage is paid off if you die.
- Whole of Life Assurance: This policy has no end date and is guaranteed to pay out whenever you die. It's often used for Inheritance Tax planning or to leave a guaranteed legacy.
2. Family Income Benefit
A clever and often more affordable alternative to a lump-sum life insurance policy. Instead of paying out a single large amount, Family Income Benefit pays a regular, tax-free monthly or annual income to your family from the time of your death until the policy's end date.
- Why Choose It? It's excellent for replacing a lost salary and helping your family manage day-to-day budgeting without the pressure of investing a large lump sum. It's particularly suitable for young families wanting to cover costs until their children are financially independent.
3. Critical Illness Cover (CIC)
This is designed to protect you while you're still alive. It pays out a tax-free lump sum if you are diagnosed with one of the specific serious (but not necessarily terminal) illnesses listed in the policy.
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How It Helps: This money gives you breathing room and options. You can use it to:
- Clear or reduce your mortgage.
- Cover your salary while you're off work recovering.
- Pay for private treatment or specialist therapies.
- Adapt your home or lifestyle.
- Simply reduce financial stress so you can focus on getting better.
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Key Consideration: The number and definition of illnesses covered can vary significantly between insurers. This is where expert advice is invaluable. An adviser can help you understand the nuances of definitions for conditions like cancer, heart attack, and multiple sclerosis.
4. Income Protection Insurance (IP)
Often described by financial experts as the bedrock of any protection plan, Income Protection is arguably the most important cover for most working adults.
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What It Is: It pays a regular monthly income (usually 50-70% of your gross salary) if you're unable to work due to any illness or injury. Unlike CIC, it can cover a vast range of conditions, from a bad back or mental health issues to cancer.
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Why It's the Bedrock: It protects your single greatest asset: your ability to earn an income. This income pays for everything else. An IP policy can pay out until you recover, retire, or the policy term ends, potentially providing an income for decades if you suffer a long-term disability.
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Key Features:
- Deferred Period: This is the waiting period from when you stop working to when the policy starts paying out. It can range from 4 weeks to 12 months. Aligning this with your employer's sick pay scheme is a smart way to manage costs.
- 'Own Occupation' Definition: This is the gold standard. It means the policy will pay out if you are unable to do your specific job. Other definitions (like 'Suited Occupation' or 'Any Occupation') are less comprehensive and should be carefully considered.
5. Personal Sick Pay
This term is often used to describe short-term Income Protection policies. They are particularly popular with those in riskier jobs like tradespeople (electricians, plumbers, builders), nurses, and freelancers who don't have the safety net of generous employer sick pay. These policies typically have shorter deferred periods (e.g., one week) and may pay out for a maximum of 1, 2, or 5 years per claim.
Core Protection Products: At a Glance
| Feature | Life Insurance | Critical Illness Cover | Income Protection |
|---|---|---|---|
| When it pays | On death (or terminal illness) | On diagnosis of a specified illness | When you can't work due to illness/injury |
| How it pays | Tax-free lump sum (or income) | Tax-free lump sum | Regular, tax-free monthly income |
| Purpose | Protects dependents, clears debts | Gives financial freedom during recovery | Replaces your lost monthly salary |
| Typical Cover For | Mortgage, family living costs | Lifestyle changes, private care | Rent, bills, food, daily life |
| Key Benefit | Peace of mind for your loved ones | Financial buffer to aid recovery | Long-term income security |
The Business Owner's Blueprint for Resilience
If you're a company director, business owner, self-employed professional, or freelancer, the need for a robust protection strategy is even more acute. You are the engine of your business, and you lack the safety net of employee benefits like company sick pay or 'death in service' cover.
Your personal and business finances are often intertwined, meaning a personal health crisis can quickly become a business catastrophe. Fortunately, there are specialist, highly tax-efficient solutions designed for you.
Executive Income Protection
This is a standard income protection policy, but it's owned and paid for by your limited company.
- The Benefit: The monthly premiums are typically considered a legitimate business expense, meaning they are deductible for Corporation Tax purposes. The policy pays the benefit to the company, which can then continue to pay you a salary through the payroll system (subject to the usual PAYE deductions). It's a tax-efficient way to secure your own income.
Key Person Insurance
Who is indispensable to your business? It might be you, a co-director with unique skills, or a top salesperson. If their sudden death or critical illness would cause a significant financial loss (e.g., loss of profits, disruption to projects, recruitment costs), you need Key Person Insurance.
- How It Works: The business takes out a life and/or critical illness policy on the 'key person'. If a claim is made, the payout goes directly to the business, providing the capital needed to navigate the disruption and stay afloat.
Relevant Life Cover
This is a tax-efficient alternative to a personal life insurance policy for directors and employees. It's essentially a company-funded 'death in service' benefit for small businesses.
- The Tax Advantages:
- Premiums are paid by the company and are usually an allowable business expense.
- They are not treated as a P11D benefit-in-kind for the employee/director.
- The payout is made via a discretionary trust, so it typically does not form part of the individual's estate for Inheritance Tax purposes.
Shareholder or Partnership Protection
If you run a business with other owners, what happens if one of you dies or becomes critically ill? The surviving owners might suddenly find themselves in business with the deceased's spouse or family, who may have no interest or skill in running the company.
- The Solution: This type of protection provides a lump sum to the surviving owners, enabling them to buy the shares of the departing owner at a fair, pre-agreed price. It ensures a smooth transition, business continuity, and fair value for the departing owner's family.
Business Protection Summary
| Policy Type | Who It Protects | Primary Benefit | Key Feature |
|---|---|---|---|
| Executive Income Protection | A Director/Employee | Replaces personal income | Paid by the company, tax-efficient |
| Key Person Insurance | The Business Itself | Covers loss of profits/debt | Payout goes to the business |
| Relevant Life Cover | A Director/Employee's Family | Provides a death-in-service benefit | Highly tax-efficient for directors |
| Shareholder Protection | The Remaining Business Owners | Funds a share buyout | Ensures business continuity |
Navigating these options can be complex. As expert brokers, we at WeCovr specialise in helping business owners structure these policies correctly to maximise tax efficiency and ensure the protection works as intended when it's needed most.
Beyond the Payout: The Added Value of Modern Protection
In 2025, a protection policy is so much more than just a promise of a future cheque. Insurers are now competing to provide the best integrated health and wellness services, offering incredible value from day one—not just when you claim.
These 'value-added' benefits are often included at no extra cost and are designed to help you and your family stay healthy and get support faster. They are a core part of the modern resilience equation.
Common benefits include:
- 24/7 Virtual GP: Skip the NHS waiting times for a routine appointment. Access a UK-based GP via phone or video call, often within a few hours, and get prescriptions sent directly to your local pharmacy.
- Second Medical Opinion Services: If you receive a serious diagnosis, you can have your case reviewed by a world-leading specialist to confirm the diagnosis and explore all treatment options. This provides invaluable peace of mind.
- Mental Health Support: Access to a set number of confidential counselling or therapy sessions per year. This is vital support for dealing with stress, anxiety, or bereavement.
- Physiotherapy and Rehabilitation Support: Get expert help to recover from injuries faster, often with a personalised treatment plan.
- Lifestyle and Nutrition Coaching: Access to experts who can help you improve your diet and fitness.
At WeCovr, we believe so strongly in this proactive approach to health that we go a step further. We provide all our protection clients with complimentary access to CalorieHero, our proprietary AI-powered calorie and nutrition tracking app. It’s our way of investing in your well-being, helping you build healthy habits that form the first line of defence in your personal resilience strategy.
The Inheritance Tax Question: Protecting Your Legacy
For those who have built up significant assets, another risk emerges: Inheritance Tax (IHT). Currently, if your estate (your property, money, and possessions) is worth more than £325,000 when you die, a 40% tax may be levied on the excess.
While there are various allowances, a large IHT bill can force your loved ones to sell family assets, including the home, just to pay the taxman.
Gift Inter Vivos Insurance
One common IHT planning strategy is to gift assets away during your lifetime. However, there's a catch: the '7-year rule'. If you die within seven years of making a large gift, it may still be considered part of your estate for tax purposes, creating an unexpected liability for the person who received the gift.
- The Solution: A Gift Inter Vivos policy is a specific type of life insurance designed to cover this tapering IHT liability. It's a decreasing term policy that reduces in line with the tax due, ensuring the recipient of your gift is protected from a sudden tax bill.
Alternatively, a Whole of Life policy written in trust is a classic IHT planning tool. The policy is set up to pay out a lump sum on your death, which can be used by your beneficiaries to pay the IHT bill directly, leaving the rest of your estate intact for them to inherit. Writing the policy 'in trust' ensures the payout itself is not part of your estate and can be paid quickly without waiting for probate.
Building Your Personal Resilience Strategy: A Practical Guide
Feeling overwhelmed? Don't be. Building your financial safety net is a logical, step-by-step process. Here’s how to start.
Step 1: Conduct a Financial Fire Drill
Ask yourself the tough questions:
- Income: If my salary stopped tomorrow, how much would my household need each month to cover essential bills (mortgage/rent, food, utilities, council tax)?
- Debts: What major debts do I have? Primarily the mortgage, but also car loans, credit cards.
- Dependents: Who relies on my income? How long will they need that support? (e.g., until children finish university).
- Savings: How long would our cash savings last if our income stopped?
- Existing Cover: What protection do I already have? Check your employer's contract for sick pay and death-in-service benefits. Are they enough? Employer benefits often cease if you change jobs.
Step 2: Identify the Gaps
Once you have the answers, the gaps become clear.
- Income Gap: [Your essential monthly outgoings] - [Your partner's income + any existing sick pay] = Your monthly income protection gap.
- Debt Gap: [Your mortgage balance + other large debts] = The lump sum your family might need from life insurance.
- Lifestyle Gap: Think about a lump sum that would give you breathing space during a critical illness. Many people aim for 1-2 years' salary.
Step 3: Seek Independent, Expert Advice
This is the single most important step. The protection market is vast and complex. Policies that look similar on the surface can have vastly different terms and conditions.
Using an independent broker like WeCovr gives you a powerful advantage. We don't work for one insurer; we work for you.
- We search the entire market: We compare policies from all the UK's leading insurers to find the right cover for your specific needs and budget.
- We understand the small print: We know the importance of an 'own occupation' definition for income protection and can explain the key differences in critical illness definitions.
- We help with the application: We handle the paperwork and know how to present your application, especially if you have pre-existing medical conditions.
- We help with trusts: We can help you place your policies in trust, which is crucial for ensuring the right people get the money quickly and tax-efficiently. This service is usually free.
Step 4: Take Action
The best plan is useless until it's implemented. The peace of mind that comes from knowing your foundation is secure is immense. It frees you up to live more fully, take that career leap, or start that business, knowing the downside is covered.
Conclusion: Invest in Certainty in an Uncertain World
Building your best life is a journey of growth, passion, and ambition. But true, sustainable growth is only possible from a position of security. The modern Resilience Equation shows us that a strong mindset and healthy body must be supported by a robust financial foundation.
Life insurance, critical illness cover, and income protection are not mere expenses to be minimised. They are profound investments in peace of mind, in your family's future, and in your own ability to face life's challenges with confidence rather than fear. They are the invisible architecture that supports your dreams.
Don't build your future on shaky ground. Take the time to audit your situation, understand the risks, and put the essential pillars of protection in place. It is the most powerful and loving step you can take to future-proof your life and the lives of those who depend on you.
Frequently Asked Questions (FAQs)
Is this type of insurance expensive?
The cost of protection insurance is based on several factors: your age, your health and lifestyle (e.g., whether you smoke), the type of cover, the amount of cover, and the policy term. For many people, it's surprisingly affordable. For example, a healthy 30-year-old could get significant life insurance cover for the price of a few cups of coffee a week. An income protection policy might cost 1-2% of the income it's protecting. The key is that the cost of not having cover when you need it is infinitely higher.
Do I need to have a medical examination to get cover?
Not always. For many people, especially if you are young and healthy, cover can be granted based on the answers you provide on the application form. For larger amounts of cover, older applicants, or those with pre-existing health conditions, the insurer may request a GP report or a mini-medical exam (usually consisting of a nurse visit to check your height, weight, blood pressure, and take a blood/urine sample). This is paid for by the insurer.
What if I have a pre-existing medical condition? Can I still get cover?
Yes, in many cases, you can. It's vital to be completely honest about your medical history. Depending on the condition, the insurer may offer cover on standard terms, increase the premium, or place an 'exclusion' on the policy relating to that specific condition. In some cases, cover may be declined. This is where an expert broker is invaluable, as they know which insurers are more favourable for certain conditions and can help you find the best possible terms.
Why is putting my life insurance policy 'in trust' so important?
Writing a life insurance policy in trust is one of the most important things you can do, and it's usually free. A trust is a simple legal arrangement that separates the policy from your estate. This has two huge benefits:
- Avoids Inheritance Tax: The payout is not considered part of your estate, so it isn't liable for 40% IHT.
- Avoids Probate: The money can be paid directly to your chosen beneficiaries much faster, often within a few weeks of the death certificate being issued. Without a trust, the money goes into your estate and can be tied up in the lengthy probate process for months or even years.
How much cover do I actually need?
There's no single answer, as it's entirely personal. A common rule of thumb for life insurance is to cover 10 times your annual salary, but a more accurate method is to calculate your specific needs: cover your mortgage, clear other debts, and provide a lump sum for your family to invest for an income. For income protection, you should aim to cover your essential monthly outgoings after tax. For critical illness cover, a lump sum equivalent to 1-2 years of your salary can provide a significant financial cushion. A financial adviser can help you perform a detailed needs analysis.
I'm self-employed. Are these products still relevant for me?
They are not just relevant; they are essential. As a self-employed individual, you have no employer safety net. There's no sick pay and no death-in-service benefit. Income Protection is arguably the most critical policy to have, as it provides your only source of income if you're too ill to work. Life insurance and critical illness cover are equally vital for protecting your family and business interests. As discussed in this article, there are also highly tax-efficient options like Executive Income Protection and Relevant Life Cover available if you operate as a limited company.
Related guides
Why life insurance and how does it work?
What is Life Insurance?
Life insurance is an insurance policy that can provide financial support for your loved ones when you or your joint policy holder passes away. It can help clear any outstanding debts, such as a mortgage, and cover your family's living and other expenses such costs of education, so your family can continue to pay bills and living expenses. In addition to life insurance, insurance providers offer related products such as income protection and critical illness, which we will touch upon below.How does it work?
Life insurance pays out if you die. The payout can be in the form of a lump sum payment or can be paid as a replacement for a regular income. It's your decision how much cover you'd like to take based on your financial resources and how much you'd like to leave to your family to help them deal with any outstanding debts and living expenses. Your premium depends on a number of factors, including your occupation, health and other criteria.The payout amount can change over time or can be fixed. A level term or whole of life policy offers a fixed payout. A decreasing term policy offers a payout that decreases over the term of the cover.
With critical illness policies, a payout is made if you’re diagnosed with a terminal illness with a remaining life expectancy of less than 12 months. While income protection policies ensure you can continue to meet your financial commitments if you are forced to take an extended break from work. If you can’t work because you’ve had an accident, fallen sick, or lost your job through no fault of your own, income protection insurance pays you an agreed portion of your salary each month.
Income protection is particularly helpful for people in dangerous occupations who want to be sure their mortgage will always be covered. Income protection only covers events beyond your control: you’re much less likely to be covered if you’re fired from your job or if you injure yourself deliberately.
Questions to ask yourself regarding life insurance
Just ask yourself:👉 Who would pay your mortgage or rent if you were to pass away or fall seriously ill?
👉 Who would pay for your family’s food, clothing, study fees or lifestyle?
👉 Who would provide for the costs of your funeral or clear your debts?
👉 Who would pay for your costs if you're unable to work due to serious illness or disability?
Many families don’t realise that life, income protection and critical illness insurance is one of the most effective ways to protect their finances. A great insurance policy can cover costs, protect a family from inheriting debts and even pay off a mortgage.
Many would think that the costs for all the benefits provided by life insurance, income protection insurance or critical illness insurance are too high, but the great news is in the current market policies are actually very inexpensive.
Benefits offered by income protection, life and critical illness insurance
Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.
If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.
Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.
In a world where 1 in 4 of us would struggle financially after just four weeks without work, the stark reality hits hard – a mere 7% of UK adults possess the vital shield of income protection. The urgency of safeguarding our financial well-being has never been more palpable.
Let's face it – relying on savings isn't a solution for everyone. Almost 25% of people have no savings at all, and a whopping 50% have £1,000 or less tucked away. Even more concerning, 51% of Brits – that's a huge 27 million people – wouldn't last more than one month living off their savings. That's a 10% increase from 2022.
And don't even think about state benefits being a safety net. The maximum you can expect from statutory sick pay is a mere £109.40 per week for up to 28 weeks. Not exactly a financial lifeline, right?
Now, let's tackle a common objection: "But I have critical illness insurance. I don't need income protection too." Here's the deal – the two policies apply to very different situations. In a nutshell:
- Critical illness insurance pays a single lump sum if you're diagnosed with or undergo surgery for a specified potentially life-threatening illness. It's great for handling big one-off expenses or debts.
- Income protection, on the other hand, pays a percentage of your salary as a regular payment if you can't work due to illness or injury. It's the superhero that tackles those relentless monthly bills.
Types of life insurance policies
Common reasons for getting a life insurance policy are to:✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs
Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.
Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.
Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.
Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.
Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.
Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.
Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.
Important Fact!
We can look at a more suitable option mid-term!
Why is it important to get life insurance early?
👉 Many people are very thankful that they had their life, income protection, and critical illness insurance cover in place before running into some serious issues. Critical illness and income protection insurance is as important as life insurance for protecting your family's finances.👉 We insure our cars, houses, bicycles and even bags! Yet our life and health are the most precious things we have.
Easily one of the most important insurance purchases an individual or family can make in their lifetime, the decision to buy life, income protection, critical illness and private medical health insurance can be made much simpler with the help of FCA-authorised advisers. They are the specialists who do the searching and analysis helping people choose between various types of life insurance policies available in the market, including income protection, critical illness and other types of policies most suitable to the client's individual circumstances.
It certainly won't do any harm if you speak with one of our experienced FCA-authorised insurance partner experts who are passionate about advising people on financial matters related to life insurance and are keen to provide you with a free consultation.
You can discuss with them in detail what affordable life, income protection, critical illness or private medical health insurance plan for the necessary peace of mind they would recommend! WeCovr works with some of the best advisers in the market.
By tapping the button below, you can book a free call with them in less than 30 seconds right now:
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WeCovr is an insurance specialist for people valuing their peace of mind and a great service.👍 WeCovr will help you get your private medical insurance, life insurance, critical illness insurance and others in no time thanks to our wonderful super-friendly experts ready to assist you every step of the way.
Just a quick and simple form and an easy conversation with one of our experts and your valuable insurance policy is in place for that needed peace of mind!