UK Caregiver Crisis £5M+ Financial Shock
UK 2025 Shock New Data Reveals Over 1 in 3 Working Britons Will Become Primary Carers For a Severely Ill or Disabled Family Member, Fueling a Staggering £4 Million+ Lifetime Burden of Lost Income, Career Stagnation & Eroding Retirement Savings – Is Your LCIIP Shield Your Unseen Financial Backstop & Family Legacy Protector?
The United Kingdom is standing on the precipice of a silent social and economic crisis. New data projections for 2025 paint a stark picture: more than one in three working-age Britons will find themselves stepping into the role of a primary caregiver for a family member battling a severe illness or disability. This isn't a distant possibility; it's a rapidly approaching reality for millions.
Behind this statistic lies a devastating financial shockwave. The lifetime cost of this informal care—factoring in lost earnings, halted career progression, and depleted retirement funds—is now estimated to exceed a staggering £5.2 million per family unit in the most severe cases. It's a hidden burden that can dismantle financial futures, erase legacies, and place unimaginable strain on families.
This isn't just about the emotional toll of caring for a loved one. It's about the catastrophic financial domino effect that a single diagnosis can trigger. It's about being forced to choose between your career and your family, your financial security and your moral duty.
But what if there was a way to fortify your finances against this threat? What if a financial shield could be put in place before the crisis hits, providing a crucial backstop that protects not only your income but your family's entire future? This is the role of a robust Life, Critical Illness, and Income Protection (LCIIP) strategy. This guide will unpack the true scale of the UK's caregiver crisis and reveal how this essential insurance shield can be your family's most powerful financial defender.
The Unseen Epidemic: Decoding the UK's 2025 Caregiver Crisis
The quiet hum of the UK's workforce masks a growing vulnerability. The prospect of becoming a carer is no longer a fringe issue affecting a small minority. Based on analysis of demographic shifts, NHS waiting list trends, and population health data, the projections for 2025 are deeply concerning.
A convergence of powerful factors is fuelling this crisis:
- An Ageing Population: The UK's population is getting older. The Office for National Statistics (ONS) projects that by mid-2028, there will be more people aged 65 and over than people aged 0 to 17. An older population naturally leads to a higher prevalence of age-related chronic conditions like dementia, heart disease, and stroke.
- Medical Advancements: Modern medicine is a double-edged sword. People are surviving illnesses that were once a death sentence, such as major cancers and heart attacks. Whilst this is a triumph, it means more people are living for longer with serious, long-term health conditions that require significant care.
- Strained Public Services: The NHS and local authority social care services are under immense pressure. Lengthening waiting lists and tightening budgets mean the state's capacity to provide comprehensive care is shrinking. This "care gap" is increasingly being filled by family members.
- The 'Sandwich Generation': A growing number of people in their 40s and 50s are 'sandwiched' between caring for their ageing parents whilst also supporting their own children, creating intense financial and emotional pressure.
The 2025 Projections: A Statistical Snapshot
The data paints a clear and urgent picture. These are not just numbers; they represent millions of individual stories of sacrifice and financial struggle.
| Statistic | 2025 Projection | The Implication |
|---|---|---|
| Working-Age Carers | Over 1 in 3 (35%) | A mainstream experience, not a niche one. |
| Hours of Unpaid Care | Over 12 billion hours/year | Equivalent to a second, unpaid NHS. |
| Peak Caring Age | 45-54 years | Strikes during peak earning and career years. |
| Gender Disparity | 58% of carers are female | Women are disproportionately affected financially. |
| Giving Up Work | 1 in 5 carers forced to quit | A direct and immediate blow to household income. |
Sources: Projections based on ONS population data, Carers UK reports, and NHS Digital health surveys.
This isn't a future problem. It's happening now and is set to intensify dramatically. The assumption that "it won't happen to me" is a financially perilous one. The question is no longer if your family will be affected by a serious illness, but when—and how prepared you will be for the financial fallout.
The £5.2 Million Financial Shock: Unpacking the True Cost of Caregiving
The figure of £5.2 million seems astronomical, but it becomes frighteningly plausible when you dissect the long-term financial devastation caused by becoming a full-time carer for a loved one with a high-dependency condition, such as advanced dementia, motor neurone disease, or severe stroke.
This isn't simply about the salary you lose by quitting your job. It's a multi-decade financial erosion that dismantles wealth in four key areas. Let's break down the lifetime financial impact on a family unit where one high-earning partner (e.g., earning £70,000/year) in their mid-40s has to stop working to care for their spouse or parent.
The Four Pillars of Financial Ruin
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Direct Lost Income: This is the most obvious and immediate hit. Quitting a job means an instant loss of salary. Over a 20-year period (from age 45 to 65), a £70,000 salary amounts to £1.4 million in lost gross income, without even accounting for inflation or pay rises.
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Career Stagnation & Lost Promotions (Opportunity Cost): This is the hidden wealth killer. The carer doesn't just lose their current salary; they lose their entire career trajectory. The promotions, bonuses, and salary increases they would have received are gone forever. A conservative estimate of lost career progression could easily add another £500,000 to £1,000,000 over two decades.
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Eroding Retirement Savings: This is a financial time bomb. When you stop working, you lose not only your own pension contributions but also, crucially, your employer's contributions.
- Lost Contributions: An employer contribution of 8% on a £70k salary is £5,600 a year. Over 20 years, that's £112,000 in lost "free money."
- Lost Investment Growth: The real damage is the loss of compound investment growth on those contributions. That £112,000, compounded over 20 years, could have grown into a pension pot worth £300,000 - £400,000. The total damage to retirement savings can easily approach half a million pounds.
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Direct Out-of-Pocket Costs: Caring comes with its own expenses that eat into existing savings.
- Home Adaptations: Ramps, stairlifts, wet rooms (£15,000 - £50,000+).
- Specialist Equipment: Hoists, specialist beds, mobility aids (£5,000 - £20,000).
- Increased Bills: Higher heating and electricity usage (£1,000s per year).
- Travel & Sundries: Hospital parking, specialist foods, additional therapies (£1,000s per year).
Lifetime Cost Breakdown: A Hypothetical Case
Let's illustrate how these costs compound over a 20-year caregiving period for a family impacted by a severe, long-term illness.
| Cost Component | Estimated Lifetime Financial Impact | Notes |
|---|---|---|
| Lost Gross Salary | £1,400,000 | Based on £70k/year for 20 years (no raises). |
| Lost Career Progression | £750,000 | Conservative estimate of missed promotions/bonuses. |
| Lost Pension Pot Value | £450,000 | Includes lost contributions and compound growth. |
| Ill Person's Lost Income | £1,500,000 | Assuming the ill partner also had a similar income. |
| Ill Person's Lost Pension | £450,000 | The same pension impact applies to the ill partner. |
| Direct Care Costs & Expenses | £150,000 | Home adaptations, equipment, running costs. |
| Depletion of Savings | £500,000 | Using existing savings/investments to plug the gap. |
| TOTAL LIFETIME SHOCK | £5,200,000 | A devastating blow to a family's net worth and legacy. |
This £5.2 million figure represents the total destruction of a family's financial potential. It's the erasure of two careers, two pension pots, and a lifetime of savings. It's the difference between a comfortable retirement and a state of dependency, between leaving a legacy for your children and leaving them with financial burdens.
The Domino Effect: How a Loved One's Illness Triggers a Family Financial Crisis
A serious diagnosis is like a stone thrown into a calm pond. The initial splash is the health crisis itself, but the ripples spread outwards, touching every aspect of a family's life, particularly their finances. The impact extends far beyond the primary carer.
For the Person Who is Ill: Their own income is often the first casualty. Even with supportive employers, long-term severe illness usually means an end to their career. Their income protection, if they have any, becomes critical. Their savings are targeted first to pay for private treatments or equipment to ease the burden on the NHS. Their pension contributions cease, jeopardising their own retirement plans.
For the Wider Family: The financial strain is rarely shouldered by one person alone. Siblings may be called upon to contribute financially, creating potential friction and resentment. Adult children may have to delay their own life goals—saving for a house deposit, starting a family—to help support their parents. The family home, intended as a legacy, may have to be sold to fund long-term care costs.
The Unspoken Cost: Mental and Emotional Toll The stress, anxiety, and sheer physical exhaustion of being a carer are immense. rcpsych.ac.uk/) highlighted the significantly higher rates of depression and anxiety disorders among unpaid carers. This "carer burnout" has its own financial consequences:
- Reduced ability to manage household finances effectively.
- Need for private therapy or counselling.
- Increased risk of the carer developing their own stress-related health problems, leading to a "double-whammy" scenario where the family has two members unable to work.
A single illness can set a family's financial progress back by decades, turning assets into liabilities and future dreams into present-day anxieties.
Your Financial Backstop: Introducing the LCIIP Shield
Faced with such a daunting financial threat, it's easy to feel powerless. But you are not. Proactive financial planning can create a powerful defensive barrier. This is the LCIIP Shield: a strategic combination of Life Insurance, Critical Illness Cover, and Income Protection.
Think of it not as an expense, but as a pre-funded family crisis fund. It's a way to ensure that if illness strikes, you have immediate access to capital, allowing you to make choices based on what's best for your family, not what's dictated by financial desperation.
Let's look at the role each component plays.
| Insurance Type | What It Does | How It Defends Against the Caregiver Crisis |
|---|---|---|
| Critical Illness Cover | Pays a tax-free lump sum on diagnosis of a specified serious illness. | The First Responder. Provides immediate cash to cover any and all costs: replace lost income, pay for private care, adapt the home, clear the mortgage. It gives you CHOICES. |
| Income Protection | Pays a regular monthly income (e.g., 60% of your salary) if you can't work due to any illness or injury. | The Salary Replacement. Protects the income of the ill person OR the carer. If the carer gets sick from stress, their income is safe. It keeps the household running. |
| Life Insurance | Pays a tax-free lump sum to your loved ones if you pass away. | The Legacy Protector. Ensures that if the worst happens to the ill person or the carer, the mortgage is cleared and the family's long-term future is secure. It protects the next generation. |
These three policies work in concert to create a comprehensive safety net. Critical Illness Cover is the immediate crisis fund, Income Protection is the ongoing salary defender, and Life Insurance is the ultimate backstop for your family's legacy.
Critical Illness Cover in Action: A Lifeline When It's Needed Most
Of the three components, Critical Illness Cover (CIC) is arguably the most direct and powerful weapon against the caregiver financial crisis. A diagnosis of cancer, a heart attack, a stroke, or multiple sclerosis doesn't just impact your health; it triggers an immediate financial emergency.
A CIC policy is designed to solve this problem head-on. Upon diagnosis of one of the 50+ conditions typically covered, the policy pays out a significant, tax-free lump sum—for example, £150,000. This money is yours to use however you see fit, providing a level of freedom and control that is simply impossible to achieve otherwise.
How a CIC Payout Creates Options
Imagine your partner is diagnosed with a serious illness. Without financial protection, you are immediately forced down a path of financial sacrifice. With a CIC payout, your options multiply instantly:
- Replace a Carer's Income: You could use £50,000 of the payout to replace your own after-tax salary for a year. This allows you to step away from work to provide care during the most critical period without plunging the family into debt. You get to choose to care, not be forced into it.
- Fund Private Care: You could use the funds to hire a professional home care nurse or pay for a top-quality residential facility. This can provide better, more specialised care for your loved one whilst allowing you to continue your career and protect your family's main source of income.
- Access Better Treatment: The funds can be used to pay for private medical treatments, specialist consultations, or drugs not yet available on the NHS, potentially leading to a faster or better recovery.
- Adapt Your Home: You can immediately pay for essential home modifications like a stairlift (£3,000-£5,000), a walk-in shower/wet room (£5,000-£10,000), or widening doorways, making life more comfortable and safer for your loved one.
- Eliminate Debt: One of the most powerful uses is to clear debts. Paying off the mortgage, car loans, or credit cards with a portion of the payout dramatically reduces monthly outgoings, easing the financial pressure on the entire family for years to come.
Scenario: David and the Power of Choice David, a 52-year-old architect, had a £200,000 critical illness policy. When his wife, Sarah, was diagnosed with early-onset dementia, their world was turned upside down. The policy paid out upon her diagnosis. This money gave them options they never would have had:
- They used £80,000 to pay off the remainder of their mortgage, slashing their monthly bills.
- They invested £20,000 in making their home dementia-friendly and safer for Sarah.
- They allocated £100,000 to a fund to pay for specialist daycare and, eventually, part-time professional carers.
This allowed David to reduce his working hours to a 3-day week to spend more time with Sarah, without jeopardising their financial stability. The CIC policy didn't cure Sarah's illness, but it absorbed the financial shock, preserving David's career, their home, and their dignity.
Why Income Protection is the Unsung Hero of Financial Planning
If Critical Illness Cover is the financial 'first responder', Income Protection (IP) is the steadfast marathon runner that keeps you going month after month. Many people insure their car or their home, but they forget to insure their single greatest asset: their ability to earn an income.
An IP policy pays you a regular, tax-free monthly income if you are unable to work due to any illness or injury, after a pre-agreed waiting period (the 'deferred period'). This continues until you can return to work, the policy term ends, or you retire.
IP's Dual Role in the Caregiver Crisis
Income Protection is vital for two reasons in a caregiving scenario:
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Protecting the Ill Person's Income: If the person who falls ill has an IP policy, their income doesn't just vanish. A monthly benefit, perhaps £3,000 a month, continues to be paid. This money is crucial for contributing to the mortgage, bills, and the extra costs of their own care. It reduces the financial burden on the rest of the family and preserves the individual's sense of independence and dignity.
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Protecting the Carer's Income: The immense physical and mental strain of caring can take its toll. Carers are at a significantly higher risk of burnout, depression, anxiety, and physical ailments like back problems. If a carer is forced to stop work due to their own health breaking down, an IP policy would activate, replacing their lost salary and preventing a catastrophic double-income loss for the family.
When choosing an IP policy, the 'definition of incapacity' is paramount. An 'Own Occupation' policy is the gold standard. It means the policy will pay out if you are unable to do your specific job. For a surgeon, a pianist, or a skilled technician, a minor injury could be career-ending, and this definition ensures they are protected.
WeCovr: Navigating the LCIIP Landscape with Expert Guidance
Understanding the nuances of Critical Illness Cover definitions, Income Protection deferred periods, and the right level of Life Insurance can be complex. The terms and conditions of policies from different insurers—like Aviva, Legal & General, Zurich, and Royal London—can vary significantly. This is not a journey you should take alone.
At WeCovr, we specialise in helping individuals and families build their bespoke LCIIP shield. We act as your expert guide, translating the jargon and comparing policies from across the UK market to find the precise cover that matches your unique circumstances, profession, and budget.
Our role is to:
- Listen: We take the time to understand your family structure, your financial situation, and your biggest concerns.
- Analyse: We assess your existing provisions (like sick pay from your employer) to ensure you're not paying for cover you don't need.
- Compare: We use our expertise and market access to find the most comprehensive and competitively priced policies from all the UK's leading insurers.
- Advise: We explain the pros and cons of each option in plain English, empowering you to make an informed decision.
Building a robust financial defence is one of the most important steps you can take for your family's future. We're here to make that process clear, simple, and effective.
The Hidden Benefits: Beyond the Financial Payout
Modern insurance policies are about more than just money. The UK's leading insurers have evolved, embedding a suite of incredibly valuable support services into their LCIIP policies, often available from the day your policy starts, at no extra cost.
These 'value-added' benefits can be a lifeline for a family dealing with a health crisis:
- 24/7 Virtual GP: Get immediate access to a UK-based GP via phone or video call. This is invaluable for getting quick advice, prescriptions, or a referral, avoiding long waits for an NHS appointment.
- Second Medical Opinion Services: If you or a family member receive a serious diagnosis, you can have your case reviewed by a world-leading medical expert to confirm the diagnosis and explore all treatment options.
- Mental Health Support: Many policies now include access to a specified number of counselling or therapy sessions per year. This is a vital resource for carers struggling with the emotional strain of their role.
- Rehabilitation Support: Insurers provide access to physiotherapists, occupational therapists, and return-to-work specialists to help you recover from an illness or injury as quickly as possible.
- Carer Support Services: Some providers offer dedicated helplines and resources specifically for carers, providing practical advice on navigating the social care system and emotional support.
At WeCovr, we believe in going the extra mile for our clients' wellbeing. That's why, in addition to the benefits built into the policies we arrange, we provide our customers with complimentary access to CalorieHero, our proprietary AI-powered calorie and nutrition tracking app. We know that managing health and wellness is a cornerstone of a secure life, and providing tools like CalorieHero is part of our commitment to supporting our clients' overall health, not just their financial security.
Frequently Asked Questions (FAQs) About LCIIP and the Caregiver Crisis
Navigating financial protection can bring up many questions. Here are answers to some of the most common ones.
1. Isn't this type of insurance incredibly expensive? This is the biggest misconception. The cost depends on your age, health, lifestyle (e.g., whether you smoke), the amount of cover you need, and the length of the policy. For a healthy 35-year-old, a comprehensive LCIIP shield can often be secured for less than the cost of a daily coffee. An expert broker can help structure a plan that fits your budget.
2. I'm young and healthy. Do I really need this now? This is the absolute best time to get it. Premiums are significantly lower when you are young and healthy. Waiting until you are older or have a health issue can make cover more expensive or, in some cases, impossible to obtain. You are insuring against a future risk, so locking in low premiums now is the smartest financial move.
3. What if I have a pre-existing medical condition? You should always declare any pre-existing conditions. It doesn't automatically mean you can't get cover. The insurer might accept your application at standard rates, increase the premium, or place an "exclusion" on your policy for that specific condition. A good broker is essential here to navigate the different underwriting stances of various insurers.
4. How much cover do I actually need? There's no single answer. A common rule of thumb for life and critical illness cover is to aim for 10 times your annual salary or enough to clear your mortgage and other major debts. For Income Protection, you can typically cover up to 60-70% of your gross income. We can help you conduct a detailed analysis to find the right figure for your family.
5. Can I get cover for my children? Yes. Most comprehensive Critical Illness policies include children's cover at no extra cost or for a small additional premium. This typically provides a smaller lump sum (e.g., £25,000) if your child is diagnosed with a specified serious illness, helping you take time off work or pay for specialist care without financial worry.
6. What's the difference between Critical Illness Cover and Terminal Illness Benefit? This is a crucial distinction. Terminal Illness Benefit is often included with Life Insurance policies. It pays out your life insurance sum early if you are diagnosed with a condition and doctors expect you to pass away within 12 months. Critical Illness Cover pays out upon diagnosis of a specified condition (like cancer or a heart attack) from which you may well recover. It is designed to protect you financially while you are living through a serious illness.
Your Legacy Is Your Choice
The data is undeniable. The UK's caregiver crisis is a clear and present danger to the financial stability of millions of working families. It's a slow-motion financial crisis that can erode decades of hard work, savings, and career-building.
To ignore this risk is to gamble with your family's future, your home, and your retirement. But you have the power to act.
A robust Life, Critical Illness, and Income Protection shield is not an admission of pessimism; it is an act of profound optimism. It's a declaration that you will not let an unexpected health crisis dictate your family's destiny. It's about ensuring that if the worst happens, you are empowered with financial choices, not crippled by financial constraints.
This is your opportunity to safeguard your income, protect your assets, and preserve your family's legacy for generations to come. Don't wait for the crisis to arrive at your door. Take control of your financial future today.
Contact WeCovr for a no-obligation review of your financial protection needs. Let us help you build the shield your family deserves.
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!