The Resilient Growth Blueprint
Beyond Ambition: How Strategic Life, Income, and Legacy Protection – Enhanced by Private Health Insurance and Tailored Solutions for Riskier Professions – Fuels Uninterrupted Personal Development and Family Security in a 2025 Where 1 in 2 Will Confront Cancer.
In the UK today, ambition is the engine of progress. We strive for personal growth, career advancement, and building a secure, comfortable life for our families. We map out our goals, invest in our skills, and push boundaries. Yet, the most meticulously crafted plans can be derailed by an event we hope will never happen: a serious illness, a debilitating injury, or a premature death.
The stark reality, as projected by Cancer Research UK for 2025, is that one in every two people will be diagnosed with cancer in their lifetime. This isn't a distant statistic; it's a future that will touch almost every family, friendship circle, and workplace. When faced with such a profound challenge, ambition alone is not enough. What's required is resilience.
This guide is your blueprint for building that resilience. It’s about looking beyond ambition to construct a robust financial and personal support system. We will explore how a strategic combination of life insurance, critical illness cover, income protection, and private medical insurance forms a powerful shield, allowing you and your loved ones to not just survive a crisis, but to continue to thrive. We’ll delve into specialised solutions for business owners, freelancers, and those in higher-risk jobs, ensuring your protection is as unique as your life's journey.
The Uncomfortable Truth: Navigating the UK's 2025 Health Landscape
To build a truly resilient future, we must first understand the landscape we're navigating. While medical advancements are remarkable, the prevalence of serious health conditions in the UK presents a significant challenge to personal and financial stability.
The Shadow of Critical Illness
The "1 in 2" cancer statistic is a sobering headline, but it's part of a broader picture. Consider these figures from leading UK health organisations:
- Cardiovascular Disease: The British Heart Foundation reports that around 7.6 million people in the UK live with heart and circulatory diseases. Every five minutes, someone is admitted to a UK hospital due to a heart attack.
- Strokes: The Stroke Association highlights that there are over 100,000 strokes in the UK each year, which is one stroke every five minutes. It remains a leading cause of adult disability.
- Mental Health: The NHS notes that 1 in 4 adults experience at least one diagnosable mental health problem in any given year, which can have a profound impact on their ability to work and function.
A critical illness diagnosis is a dual crisis. It is, first and foremost, a health battle. But it is swiftly followed by a financial one. The inability to work, combined with potential new expenses for travel, home modifications, or specialist care, can erode savings and create immense stress at the most vulnerable time.
The Strain on Our NHS
The National Health Service is a national treasure, but it is under unprecedented pressure. As of early 2025, waiting lists for routine treatments in England remain a significant concern, with millions of people waiting for appointments and procedures. While emergency care is world-class, the journey from diagnosis to treatment for many conditions can be long and uncertain.
This reality has a direct impact on your ability to work and recover. A prolonged wait for a diagnosis, a consultation with a specialist, or a necessary surgery can mean more time off work, a greater loss of income, and a slower return to the life you love. This is where a strategic approach to protection becomes not just a safety net, but a tool for empowerment.
The First Pillar of Resilience: Comprehensive Life Insurance
Life insurance is the foundational element of any financial protection plan. Its purpose is simple but profound: to provide a financial payout to your loved ones if you pass away during the term of the policy. This money can be a lifeline, ensuring your family's financial stability isn't another casualty of their grief.
It’s not about putting a price on your life; it's about protecting the value of the future you are building for those you leave behind. The payout can be used to:
- Clear an outstanding mortgage, so your family has a secure home.
- Cover funeral costs, which can average between £4,000 and £5,000.
- Replace your lost income to pay for daily living expenses.
- Provide for your children's future, including university fees.
- Leave a legacy or a gift to a chosen charity.
There are three primary types of term life insurance to consider:
- Level Term Assurance: You choose a lump sum amount and a policy term (e.g., £250,000 over 25 years). If you die within that term, your family receives the full, fixed amount. This is ideal for covering an interest-only mortgage or providing a substantial legacy.
- Decreasing Term Assurance (or Mortgage Protection): The potential payout decreases over the policy term, broadly in line with a repayment mortgage. Because the insurer's risk reduces over time, these policies are typically the most affordable option for covering a specific large debt.
- Family Income Benefit: Instead of a single lump sum, this policy pays out a regular, tax-free monthly or annual income to your family for the remainder of the policy term. This can be easier for a grieving family to manage, replacing the lost monthly salary in a more direct way and simplifying budgeting.
Comparing Core Life Insurance Options
| Feature | Level Term Assurance | Decreasing Term Assurance | Family Income Benefit |
|---|---|---|---|
| Payout Type | Fixed Lump Sum | Decreasing Lump Sum | Regular Income |
| Primary Use | Legacy, Interest-Only Mortgage | Repayment Mortgage | Income Replacement |
| Cost | Medium | Low | Low-Medium |
| Best For | Providing a set amount for family | Covering a specific, reducing debt | Replacing a monthly salary for budgeting |
The Shock Absorber: Why Critical Illness Cover is Non-Negotiable
If life insurance protects your family after you're gone, Critical Illness Cover is designed to protect you and your family during your lifetime. It pays out a tax-free lump sum if you are diagnosed with one of a list of specified serious illnesses defined in the policy.
The "big three" conditions covered by almost all policies are cancer, heart attack, and stroke. However, modern comprehensive policies from major UK insurers often cover 50, 70, or even over 100 conditions, including:
- Multiple Sclerosis (MS)
- Major organ transplant
- Parkinson's disease
- Kidney failure
- Permanent blindness or deafness
Receiving a payout from a critical illness policy can be life-altering. It gives you financial breathing room and options, allowing you to focus entirely on your recovery. You could use the money to:
- Replace lost earnings for yourself or a partner who takes time off to care for you.
- Pay for private medical treatment or specialist consultations.
- Adapt your home (e.g., install a ramp or a stairlift).
- Pay off your mortgage or other debts to reduce financial pressure.
- Take a recuperative holiday with your family once you're well enough.
Many people choose to combine their Life Insurance and Critical Illness Cover into a single policy. This is often more cost-effective than two separate plans. The key thing to understand is that these combined policies usually pay out only once—either on diagnosis of a critical illness or on death, whichever comes first.
The Paycheque Protector: Securing Your Income Against the Unexpected
For most working people, their single greatest asset isn't their house or their car—it's their ability to earn an income. What would happen if you were unable to work for six months, a year, or even longer due to an accident or illness?
Statutory Sick Pay (SSP) in the UK provides a minimal safety net. As of 2024/25, it stands at just over £116 per week, and it's only paid for a maximum of 28 weeks. For most, this is not enough to cover even basic living costs like mortgage, rent, and bills.
This is where Income Protection (IP) comes in. It is arguably the most crucial insurance policy for any working adult. IP is designed to pay you a regular, tax-free monthly income if you can't work due to any illness or injury that prevents you from doing your job.
Key features of an Income Protection policy include:
- Level of Cover: You can typically insure up to 60-70% of your gross annual income.
- Deferred Period: This is the waiting period before the policy starts paying out. You can choose a period that aligns with your employer's sick pay scheme or your savings, for example, 4, 8, 13, 26, or 52 weeks. A longer deferred period means a lower premium.
- Payment Period: A 'long-term' policy, the gold standard, will pay out until you can return to work, die, or reach the end of the policy term (usually your retirement age). 'Short-term' policies, which pay out for a limited period like 1, 2 or 5 years, are a more budget-friendly alternative.
The Reality Check: SSP vs. Income Protection
| Feature | Statutory Sick Pay (SSP) | Typical Income Protection (IP) |
|---|---|---|
| Weekly Payout | Approx. £116 | £500 - £1,000+ (based on salary) |
| Max Duration | 28 Weeks | Until retirement age |
| Covers | Illness only (if eligible) | Any illness or injury preventing work |
| Control | Government-set, minimal | You choose cover level & terms |
Navigating the complexities of Income Protection, such as choosing the right deferred period and ensuring the definition of incapacity suits your job, can be daunting. This is where working with an expert broker like us at WeCovr is invaluable. We can compare policies from across the UK market to find the precise cover that fits your needs and budget.
For Those Who Build: Tailored Protection for Business Owners & the Self-Employed
If you're a company director, a small business owner, or a self-employed professional, you face a unique set of risks. Your personal financial health is intrinsically linked to the health of your business. The standard safety nets simply don't apply; there's no employer sick pay and no one else to keep the engine running if you're out of action.
Fortunately, there are specialist insurance products designed specifically for you.
For the Self-Employed and Freelancers:
Your number one priority is Income Protection. It acts as your personal sick pay scheme, ensuring your household bills are paid even if you can't work. When choosing a policy, the definition of incapacity is critical. An 'Own Occupation' policy is essential—it pays out if you are unable to perform your specific job, not just any job. For a freelance graphic designer with a hand injury, or a consultant battling burnout, this distinction is everything.
For Company Directors and Business Owners:
You have both personal and business liabilities to consider. Specialist business protection policies can be structured in highly tax-efficient ways.
- Executive Income Protection: This is an Income Protection policy that is owned and paid for by your limited company. The premiums are typically considered an allowable business expense, making it highly tax-efficient. The benefit, if paid, goes to the company, which then distributes it to you via PAYE. It provides the same crucial protection but with significant tax advantages.
- Key Person Insurance: Who in your business is indispensable? A star salesperson, a technical genius, a founder with all the contacts? Key Person Insurance provides your business with a cash injection if that person dies or is diagnosed with a critical illness. This money can be used to recruit a replacement, cover lost profits, or reassure lenders and investors.
- Relevant Life Cover: This is a tax-efficient alternative to a traditional 'death-in-service' benefit, perfect for small businesses and contractors who don't have a large group scheme. The policy is paid for by the company, but the benefit is paid directly to the employee's family, free from most taxes and outside of their estate for Inheritance Tax purposes.
Personal vs. Executive Income Protection: A Comparison for Directors
| Feature | Personal Income Protection | Executive Income Protection |
|---|---|---|
| Who Pays? | The individual (from post-tax income) | The limited company |
| Tax on Premiums | No tax relief | Typically an allowable business expense |
| Benefit Payout | Paid tax-free to the individual | Paid to the company, then paid to you |
| Who Owns It? | The individual | The limited company |
| Best For | Sole traders, partners, employees | Company directors, salaried employees |
Shielding the Hands-On Heroes: Specialised Cover for Riskier Professions
If your job involves manual labour, working at heights, or operating machinery, your risk of injury is statistically higher. This is true for tradespeople like electricians, plumbers, and plasterers, as well as construction workers, HGV drivers, and even frontline healthcare workers like nurses who are physically active and exposed to health risks.
Some standard insurers may see these professions as high-risk, leading to higher premiums or exclusions on their policies. This is why specialist cover is so important.
- Personal Sick Pay / Accident & Sickness Cover: These policies are often a good starting point. They tend to be more focused on short-term incapacity, paying out for 12 or 24 months. They are particularly good at covering income lost due to accidents, which are a key risk for tradespeople.
- Specialist Income Protection: The most robust solution is still a long-term Income Protection policy, but it's vital to get one from an insurer that understands your trade. Here at WeCovr, we have extensive experience helping clients in riskier professions find insurers who offer fair terms and, most importantly, the crucial 'Own Occupation' definition of cover. Without it, an insurer could argue that an electrician who can no longer use their hands could still work in a call centre, and therefore refuse to pay a claim. 'Own Occupation' cover prevents this, ensuring the policy does the job it was designed for.
The Health Accelerator: The Role of Private Medical Insurance (PMI)
While protection policies provide a financial safety net, Private Medical Insurance (PMI) provides a healthcare fast track. It is the perfect partner to your protection portfolio, designed to help you get better, faster.
In the context of the current pressures on the NHS, the benefits of PMI are clearer than ever:
- Speedy Diagnosis and Treatment: Bypass long waiting lists for specialist consultations, diagnostic scans (like MRI and CT), and non-emergency surgery.
- Choice and Control: Choose your specialist, consultant, and the hospital where you receive treatment.
- Enhanced Comfort: Access to private rooms, more flexible visiting hours, and other amenities can make a stressful experience more comfortable.
- Access to New Treatments: Some policies provide access to new, cutting-edge drugs or treatments that may not yet be available on the NHS due to cost or NICE approval delays.
By speeding up your diagnosis and recovery, PMI can reduce the amount of time you need to be off work. This not only minimises the disruption to your life but can also shorten the duration of a potential Income Protection claim, preserving its long-term benefit for if you ever face a more prolonged or recurring health issue.
Building a Lasting Legacy: Beyond the Immediate Crisis
True financial resilience extends beyond your own lifetime. It's about ensuring the wealth and security you've built are passed on efficiently to the next generation. This is where legacy planning comes in.
Inheritance Tax (IHT): A Tax on Your Legacy
Inheritance Tax is currently payable at 40% on the value of an estate above a certain threshold (the Nil-Rate Band). This can result in a significant portion of your hard-earned assets going to the taxman instead of your family. Two key insurance solutions can help mitigate this.
- Whole of Life Insurance: Unlike term insurance, this policy is guaranteed to pay out whenever you die, provided you've kept up with the premiums. It is commonly used for IHT planning. A policy is taken out for an amount equal to the expected IHT bill. When the time comes, the policy pays out, and the proceeds are used to pay the tax, leaving the estate intact for the beneficiaries.
- Gift Inter Vivos Insurance: If you gift a significant asset (like money or property) to someone, it is known as a Potentially Exempt Transfer (PET). If you die within 7 years of making that gift, it may become subject to IHT. A Gift Inter Vivos policy is a specialised form of term insurance that covers this potential tax liability, protecting the recipient of your gift from an unexpected tax bill.
The Power of a Trust
For almost any life insurance policy, one of the most effective planning tools you can use is a trust. By writing your policy in trust, the proceeds are paid directly to the trustees for the benefit of your chosen beneficiaries. This simple, and usually free, process has two massive advantages:
- It avoids probate: The payout does not need to go through the lengthy legal process of administering your estate, meaning your family gets the money much faster—often in weeks rather than months or years.
- It's outside your estate for IHT: The insurance payout is not typically considered part of your estate, so it is not subject to Inheritance Tax. This ensures your family receives 100% of the benefit.
The Wellness Dividend: Proactive Health and Your Insurance
Insurers are increasingly recognising that a healthy client is a lower-risk client. This has led to a new generation of insurance products that actively reward you for looking after your health. Many major insurers now offer programmes that link with fitness trackers and apps, offering perks like free coffee, cinema tickets, and even reduced premiums for hitting activity goals.
This creates a virtuous circle: you get fitter and healthier, reducing your risk of illness, and you get rewarded for it by your insurer.
Beyond insurance perks, prioritising wellness is the ultimate form of personal protection. Simple, consistent habits can have a huge impact:
- A Balanced Diet: Focus on whole foods, fruits, vegetables, and lean proteins. Good nutrition is fundamental to preventing a wide range of chronic diseases.
- Regular Activity: Aim for the NHS-recommended 150 minutes of moderate-intensity activity (like a brisk walk) or 75 minutes of vigorous activity (like running) per week.
- Quality Sleep: Prioritise 7-9 hours of sleep per night. It is crucial for physical repair, mental health, and immune function.
- Stress Management: Incorporate activities like mindfulness, yoga, or simply spending time in nature to manage the stresses of modern life.
At WeCovr, we believe in supporting our clients' holistic wellbeing. That's why, in addition to finding you the right protection, we provide our customers with complimentary access to CalorieHero, our AI-powered calorie and nutrition tracking app. It's a small way we can help you on your journey to a healthier, more resilient life.
Your Blueprint in Action: A Step-by-Step Guide to Resilience
Building your protection portfolio might seem complex, but it can be broken down into simple, manageable steps.
Step 1: Assess Your Reality Take a clear-eyed look at your financial situation. Ask yourself:
- What are my monthly outgoings (mortgage/rent, bills, food, etc.)?
- What debts do I have (mortgage, loans, credit cards)?
- Who depends on my income? For how long will they need support?
- What sick pay does my employer offer, and for how long?
- If I own a business, what would happen to it if I couldn't work?
Step 2: Understand the Solutions Use the information in this guide to understand which products solve which problems. Match your needs from Step 1 with the right tools: Life Insurance, Critical Illness Cover, Income Protection, and potentially PMI or business protection.
Step 3: Get Expert, Independent Advice This is the most important step. The protection market is vast and complex. An independent broker acts on your behalf, not the insurer's. An expert adviser will:
- Help you accurately quantify how much cover you need.
- Compare policies and prices from all the major UK insurers.
- Explain the crucial differences in policy definitions (like 'own occupation').
- Help you complete the application forms correctly.
- Assist you with placing your policy in trust.
Step 4: Be Completely Honest When you apply for insurance, you will be asked detailed questions about your health, lifestyle, and occupation. It is vital that you provide full and honest disclosure. Withholding information can lead to your policy being invalid when your family needs it most.
Step 5: Review and Adapt Your protection needs are not static. Major life events should trigger a review of your cover:
- Getting married or entering a civil partnership.
- Buying a new home or increasing your mortgage.
- Having children.
- Changing jobs or getting a significant pay rise.
- Starting a business.
Aim to review your portfolio every 3-5 years, or whenever a major life event occurs, to ensure it still provides the resilience your ambition deserves. Your financial future is too important to be left to chance. This blueprint gives you the tools to protect it, allowing you to pursue your goals with confidence, knowing you have a rock-solid foundation in place, no matter what life throws your way.
Frequently Asked Questions (FAQs)
Is life insurance expensive?
The cost of life insurance varies hugely based on your age, health, lifestyle (e.g., whether you smoke), the amount of cover you need, and the type of policy. However, it is often far more affordable than people think. For a healthy 30-year-old, a significant amount of cover can cost less than a few cups of coffee a week. A decreasing term policy to cover a mortgage is particularly cost-effective.
Do I need a medical exam to get cover?
Not always. For many people, especially if you are young and healthy, insurers can make a decision based on the answers you provide on your application form. For larger amounts of cover, older applicants, or those with pre-existing medical conditions, the insurer may request more information. This could be a report from your GP (which they arrange and pay for) or, less commonly, a mini-medical exam with a nurse.
What's the difference between 'own occupation' and 'any occupation' for Income Protection?
This is a critically important distinction.
- 'Own Occupation' is the best definition. The policy will pay out if you are unable to perform the main duties of your specific job. For example, a surgeon with a hand tremor would be covered.
- 'Suited Occupation' means the insurer will only pay if you cannot do your own job or a job for which you are reasonably suited by education or training.
- 'Any Occupation' is the weakest definition. It will only pay out if you are so incapacitated that you cannot perform any kind of work at all.
Can I get cover if I have a pre-existing medical condition?
Yes, in many cases you can. It is vital to declare any pre-existing conditions fully. The insurer will then make a decision. They might offer cover on standard terms, increase the premium, or place an exclusion on the policy relating to that specific condition. In some complex cases, they may decline cover. Using an expert broker is highly recommended in this situation, as they will know which insurers are more likely to offer favourable terms for specific conditions.
Why should I use a broker like WeCovr instead of going directly to an insurer?
Going direct means you only see one company's products. An independent broker works for you, not the insurer. We provide several key advantages:
- Whole-of-Market Access: We compare policies and prices from a wide range of UK insurers to find the best value and fit for you.
- Expert Advice: We help you understand the complex jargon and policy details to ensure you don't end up with the wrong type of cover.
- Application Support: We help you complete the application correctly, saving you time and reducing the risk of issues at the claim stage.
- Specialist Knowledge: We have experience in finding cover for clients with complex needs, such as those with medical conditions or in higher-risk occupations.
- Trust Guidance: We can help you place your policy in trust, ensuring the money goes to the right people quickly and tax-efficiently.
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!