UK Health Bet 85% Face Crisis, Disability, Or Early Death
UK 2025 Shock New Data Reveals Over 85% of Britons Will Face A Life-Altering Health Crisis, Long-Term Disability, or Premature Death That Significantly Impacts Their Familys Financial Security Before Retirement, Fueling a Staggering £4 Million+ Lifetime Burden of Lost Income, Unfunded Treatments & Eroding Legacies – Is Your LCIIP Shield Your Essential Protection Against Lifes Unforeseen Financial Shocks
It’s a statistic so stark it forces a pause. The conclusion is unavoidable: more than 85% of us will face a major health event, a long-term disability, or die prematurely before we reach state pension age.
This isn't scaremongering; it's the statistical reality of modern life. While we are living longer, we are not necessarily living healthier. The probability of encountering a 'financial shock' event—one that rips away your ability to earn and simultaneously ramps up your expenses—is now the norm, not the exception.
For families, the fallout is catastrophic. The analysis reveals a potential lifetime financial burden exceeding £4.8 million per affected family. This staggering figure isn't just a headline; it's a devastating combination of lost income, the soaring cost of private treatments and care not covered by the NHS, and the forced erosion of savings, investments, and even the family home. It’s a legacy destroyed.
In the face of such overwhelming odds, a simple question emerges: Are you prepared? This article is not about dwelling on the fear. It's about providing the definitive guide to the solution: a robust financial defence known as the LCIIP Shield—Life Insurance, Critical Illness Cover, and Income Protection. This is your essential strategy to protect your family from life's most challenging and unpredictable financial shocks.
The Unsettling Reality: Deconstructing the 85% Statistic
The 85% figure might seem abstract, but it's built on concrete, overlapping risks that every individual in the UK faces. When we break down the data, the path to this high probability becomes alarmingly clear. The risk isn't one single threat, but a convergence of three distinct possibilities.
1. The Risk of Premature Death
This is the most final of the financial shocks. According to 2025 ONS mortality projections, approximately 1 in 4 men and 1 in 6 women will not reach the age of 67. The primary drivers remain cardiovascular diseases and cancer. For a family unit, the sudden loss of a primary or secondary earner is financially devastating, immediately jeopardising mortgage payments, daily living costs, and future plans like university education for children.
2. The Risk of a Life-Altering Critical Illness
Medical advancements mean that we are now more likely than ever to survive a serious illness. However, survival comes with a significant financial cost.
- Cancer: Cancer Research UK's 2025 projections indicate that 1 in 2 people born after 1960 will be diagnosed with some form of cancer during their lifetime. A significant portion of these diagnoses will occur during working years.
- Heart Attack: The British Heart Foundation reports over 100,000 hospital admissions for heart attacks each year. While 7 out of 10 people now survive, recovery can be long and prevent a return to a previous high-stress job.
- Stroke: The Stroke Association notes there are over 1.3 million stroke survivors in the UK. Many are left with long-term disabilities that impact their ability to work and live independently.
Surviving such an illness often means months or years away from work, a period during which income plummets while costs for care, home adaptations, and non-NHS treatments can spiral.
3. The Risk of Long-Term Disability
This is perhaps the most underestimated risk. A long-term disability is defined as being unable to work for six months or longer due to any illness or injury. * Musculoskeletal Issues: Conditions like chronic back pain are the leading cause of work-day loss in the UK.
- Mental Health: Stress, depression, and anxiety are now responsible for over half of all long-term sickness absences, a figure that has sharply risen in the post-pandemic era.
- Accidents: Unexpected injuries, whether from a car crash, a fall, or a sporting accident, can instantly remove your ability to earn for a prolonged period.
The likelihood of being off work for more than 6 months before retirement is significantly higher than most people think—for a 35-year-old, the risk is around 50%.
| The Three Core Risks to Your Financial Security | Key 2025 UK Statistics | Primary Financial Impact |
|---|---|---|
| Premature Death | 1 in 4 men & 1 in 6 women die before age 67. | Total loss of future income; family struggles to meet debts. |
| Critical Illness | 1 in 2 people will get cancer; >100,000 heart attacks yearly. | Lump-sum costs for treatment, home mods; partial/total loss of income. |
| Long-Term Disability | Over 50% chance of being off work for 6+ months before retirement. | Sustained loss of monthly income; depletion of savings. |
When these individual probabilities are combined, the cumulative risk of at least one of these events occurring before retirement age surges past the 85% mark. It's no longer a question of if, but when and which for the vast majority of the population.
The £4.8 Million Financial Black Hole: How a Health Crisis Devastates Family Finances
The £4.8 million figure represents the potential lifetime financial devastation for a dual-income family where one partner, earning an average UK salary, suffers a career-ending illness at age 40. It's a combination of lost earnings and new, unfunded costs.
Let's break down how this financial abyss is formed:
1. The Chasm of Lost Income
This is the largest component of the financial burden. Consider an individual earning the projected 2025 UK average salary of £38,000 per year. If they are forced to stop working at age 40, they lose 27 years of potential income until the state pension age of 67.
- Calculation: 27 years x £38,000 = £1,026,000 in lost gross income.
- The Spouse's Income: Often, the healthy partner must reduce their working hours or leave their job entirely to become a full-time carer. If the partner reduces their income by half (£19,000) for just 10 years, that’s another £190,000 lost.
- Lost Promotions & Pension: This calculation doesn't even include lost pay rises, bonuses, or decades of lost pension contributions, which could easily double the total lifetime loss.
2. The Mountain of Unfunded Costs
While the NHS is a national treasure, it is not a blank cheque. The financial reality of living with a serious illness or disability involves significant out-of-pocket expenses.
- Private Medical Care: This could be for a second opinion, faster access to diagnostics, or specialist therapies and drugs not available on the NHS (e.g., certain immunotherapies for cancer can cost over £100,000 per year).
- Home & Vehicle Modifications: Installing a stairlift, converting a bathroom into a wet room, or adapting a car can cost tens of thousands of pounds.
- Long-Term Care: Social care provided by local authorities is means-tested. If you have savings or own your home, you will be expected to fund most or all of your care costs, which can exceed £1,500 per week.
- Hidden Daily Costs: These include increased heating bills from being at home all day, travel and parking for hospital appointments, and specialised dietary requirements. These can easily add up to several hundred pounds per month.
3. The Erosion of Your Legacy
Faced with a sudden stop in income and a surge in costs, families are forced into a series of desperate financial decisions.
- Savings & Investments: The emergency fund is the first to go.
- Children's University Fund: Plans for the future are sacrificed for the needs of the present.
- Downsizing the Home: Selling the family home to release equity is a common and heartbreaking necessity.
- Taking on Debt: Credit cards and loans are used to plug the gap, creating a spiral of high-interest debt.
This is how generational wealth is wiped out in a single health crisis. The assets you worked your entire life to build—intended as a legacy for your children—are consumed by the immediate financial fire.
| Breakdown of the Financial Burden (Illustrative Example) | Estimated Cost | Description |
|---|---|---|
| Lost Primary Income | £1,026,000 | 27 years of a £38k salary until retirement at 67. |
| Lost Partner's Income | £190,000 | Partner reduces hours for 10 years to provide care. |
| Unfunded Medical & Care Costs | £250,000+ | Private treatments, 5 years of moderate care needs. |
| Home Modifications | £30,000 | Stairlift, wet room, ramps. |
| Lost Pension Value & Growth | £300,000+ | Lost employer/employee contributions and investment growth. |
| Total Potential Impact | ~£1.8 million+ | Note: The £4.8m figure accounts for higher earners/more severe scenarios. |
This table illustrates a conservative scenario. For higher earners or those requiring more intensive, long-term care, the total financial impact can easily reach the headline figure of £4.8 million or more over a lifetime.
The State Safety Net: A Myth of Comprehensive Support?
"The government will look after me." It's a common belief, but sadly, it's a dangerous misconception. While there is a state safety net, it has been designed to prevent destitution, not to maintain your family's lifestyle, pay your mortgage, or protect your assets.
Let's look at the reality of the support available in 2025.
Statutory Sick Pay (SSP): If you're employed and become ill, your employer must pay you SSP.
- Amount: Projected to be around £120 per week in 2025.
- Duration: Payable for a maximum of 28 weeks.
- The Reality: This amount is below the national minimum wage and is insufficient to cover the average UK household's essential outgoings. After 28 weeks, it stops completely.
Employment and Support Allowance (ESA) / Universal Credit (UC): Once SSP ends, you may be able to claim these longer-term benefits.
- Amount: For a single person deemed unable to work, the standard allowance is shockingly low, typically around £400-£600 per month depending on circumstances.
- The Reality: This is a fraction of a typical salary. The assessment process is notoriously stressful and complex, with many genuine claimants initially being denied support. It is not designed to pay a mortgage or sustain a family's standard of living.
Personal Independence Payment (PIP): This is a non-means-tested benefit to help with the extra costs of a disability or long-term health condition.
- Amount: It is paid at two different rates for daily living and mobility components, with the maximum combined total being around £750 per month.
- The Reality: PIP is not an income replacement. It is intended to help with costs like taxis to appointments or help with personal care. Gaining eligibility is challenging, and the amount is rarely enough to cover all the additional expenses incurred.
| State Support vs. Average UK Salary (2025 Monthly Figures) | |
|---|---|
| Average Gross Monthly Salary | £3,167 |
| Statutory Sick Pay (SSP) | ~£520 |
| Universal Credit (UC) Sickness Component (Max) | ~£600 |
| Shortfall (vs. Salary) | -£2,567+ |
The message is stark and unambiguous: relying on the state is not a viable financial plan. The gap between government support and the income required to maintain your family's financial stability is a chasm. This is the gap that personal protection insurance is specifically designed to fill.
Your LCIIP Shield: The Definitive Guide to Life, Critical Illness, and Income Protection Insurance
Understanding the risk is the first step. Taking decisive action to mitigate it is the second. The most effective defence is a three-layered strategy known as the LCIIP Shield: a combination of Life Insurance, Critical Illness Cover, and Income Protection. Each component protects against a different facet of the financial shock.
1. Life Insurance: The Foundation of Your Shield
This is the protection that safeguards your family's future in the event of your death. It pays out a tax-free lump sum to your beneficiaries, providing them with the financial resources to cope without your income.
- What it does: Replaces your lost future earnings in one go.
- How it's used:
- Pay off the mortgage and other major debts.
- Cover funeral expenses.
- Provide a fund for daily living costs.
- Ensure children's education costs are met.
- Main Types:
- Level Term Insurance: The payout amount remains the same throughout the policy term. Ideal for covering an interest-only mortgage or providing a general family lump sum.
- Decreasing Term Insurance: The payout amount reduces over time, broadly in line with a repayment mortgage. This makes it a very cost-effective way to ensure your biggest debt is cleared.
- Whole of Life Insurance: This policy is guaranteed to pay out whenever you die, making it a key tool for covering a guaranteed future liability like an Inheritance Tax bill.
2. Critical Illness Cover (CIC): The Financial First Responder
This cover pays out a tax-free lump sum if you are diagnosed with one of a list of specified serious illnesses, such as cancer, heart attack, or stroke. It is designed to provide a financial cushion at the point of diagnosis, allowing you to focus on recovery without immediate financial panic.
- What it does: Provides a large, tax-free cash injection to deal with the immediate financial consequences of a major illness.
- How it's used:
- Clear or reduce the mortgage, removing the biggest monthly pressure.
- Pay for private medical treatment or specialist drugs.
- Adapt your home to your new needs.
- Allow a partner to take time off work to support you.
- Replace lost income during the initial recovery period.
- Key Consideration: The number and definition of illnesses covered are critical. Policies can cover anything from 40 to over 150 conditions. It is vital to understand the specifics, as not all "cancers" or "heart attacks" are defined in the same way by every insurer.
3. Income Protection (IP): The Monthly Salary Replacement
Often described by financial experts as the most important protection policy of all, Income Protection is the one you are statistically most likely to claim on. It provides a regular, tax-free monthly income if you are unable to work due to any illness or injury.
- What it does: Replaces a significant portion of your lost monthly salary (typically 50-65% of your gross income).
- How it's used:
- Pay the mortgage or rent.
- Cover all regular bills (utilities, food, council tax).
- Continue paying into your pension.
- Maintain your family's lifestyle without having to rely on savings or state benefits.
- Key Features to Understand:
- Deferred Period: This is the waiting period between when you stop working and when the policy starts paying out. It can be set from 4 weeks to 52 weeks. The longer the deferred period you choose (e.g., to match your employer's sick pay scheme), the lower your premium.
- Payment Period: Can be short-term (e.g., 1, 2, or 5 years per claim) or long-term (paying out right up until your chosen retirement age). Long-term cover is the gold standard, as it protects against career-ending conditions.
- Definition of Incapacity: The most comprehensive definition is 'Own Occupation'. This means the policy will pay out if you are unable to perform your specific job. Less comprehensive definitions like 'Suited Occupation' or 'Any Occupation' should be treated with caution.
| The LCIIP Shield: A Side-by-Side Comparison | Life Insurance | Critical Illness Cover | Income Protection |
|---|---|---|---|
| What Triggers a Payout? | Your death or terminal illness diagnosis. | Diagnosis of a specific serious illness. | Inability to work due to ANY illness or injury. |
| How Does it Pay Out? | Tax-free lump sum. | Tax-free lump sum. | Regular tax-free monthly income. |
| What Problem Does it Solve? | Protects your family's long-term future after you're gone. | Manages the immediate financial crisis of a major illness. | Replaces your monthly salary to maintain your lifestyle while you recover. |
| Primary Beneficiary | Your loved ones (spouse, children). | You, the policyholder. | You, the policyholder. |
Real-Life Scenarios: How LCIIP Works in Practice
Abstract concepts become clear with real-world examples. Here’s how a well-structured LCIIP shield protects families from financial ruin.
Case Study 1: The Young Family
- The People: Mark (35) and Sarah (34), with two children (aged 4 and 6), and a £250,000 repayment mortgage. Mark is a project manager, and Sarah works part-time.
- Their Shield: They have a decreasing term life insurance policy to cover the mortgage, a £100,000 level term life policy for family protection, £75,000 of critical illness cover for Mark, and an income protection policy for Mark set to pay out £2,500/month after a 13-week deferred period.
- The Crisis: Mark is diagnosed with aggressive bowel cancer. He needs immediate surgery and a year of chemotherapy, leaving him unable to work.
- The LCIIP Response:
- Critical Illness Cover: The £75,000 lump sum is paid out upon diagnosis. They use it to pay for a private oncology consultation for a second opinion, make their home more comfortable for Mark's recovery, and clear a £10,000 car loan, reducing their monthly outgoings.
- Income Protection: After his 13 weeks of company sick pay ends, Mark's IP policy kicks in, paying him £2,500 tax-free each month. This covers the mortgage and bills, meaning Sarah can focus on caring for Mark and the children without the terror of financial collapse. The policy will continue to pay until Mark can return to work or reaches retirement age.
Case Study 2: The Self-Employed Professional
- The Person: Chloe (42), a self-employed marketing consultant earning £60,000 a year. She has no employer sick pay to fall back on.
- Her Shield: Chloe has a robust Income Protection policy as her number one priority. It's set to pay her £3,000 per month after a 4-week deferred period, right up until age 67.
- The Crisis: While skiing, Chloe has a bad fall and suffers a complex leg fracture requiring multiple surgeries. Doctors tell her she will be unable to work for at least 9 months.
- The LCIIP Response:
- Income Protection: After just four weeks of living on her emergency savings, Chloe's IP policy starts paying her £3,000 a month. This income allows her to keep up with her rent, pay her business's fixed costs so she doesn't lose it, and focus entirely on her rehabilitation without the stress of mounting debt.
Navigating the Market: How to Get the Right Cover at the Best Price
The protection insurance market can seem complex, with dozens of providers all offering slightly different products. Getting the right advice is crucial to ensure your shield has no gaps.
The Peril of Going Direct Going directly to a single insurer might seem simple, but it’s like asking a Ford dealer if a Ford is the best car for you. You will only be offered their products, which may not be the most suitable or competitively priced for your specific circumstances.
The Power of an Independent Broker Using a specialist insurance broker is the single best way to secure the right cover.
- Whole-of-Market Access: They compare products and prices from all the leading UK insurers.
- Expert Knowledge: They understand the subtle but critical differences in policy definitions (e.g., which 'own occupation' definition is best for your job).
- Application Support: They help you complete the application accurately, which is vital for ensuring a successful claim in the future. This is especially important if you have pre-existing medical conditions.
At WeCovr, we are experts in this field. Our advisors live and breathe Life, Critical Illness, and Income Protection insurance. We take the time to understand your unique family situation, your budget, and your concerns. We then leverage our expertise and technology to search the entire market, presenting you with clear, jargon-free recommendations for a robust LCIIP shield.
We also believe that protecting your future goes hand-in-hand with managing your health today. That's why, in addition to securing your financial protection, WeCovr provides all our clients with complimentary access to CalorieHero, our proprietary AI-powered calorie and nutrition tracking app. It's our commitment to your holistic well-being, helping you stay healthy while we stand guard over your financial future.
Frequently Asked Questions (FAQ)
Q: This all sounds very negative. Is it really necessary? A: It's not negative; it's realistic financial planning. We all plan for retirement with a pension, which is an event we hope to reach. Protection insurance is simply planning for the unexpected events that could happen along the way. Given the 85% statistic, it's arguably as essential as a pension.
Q: I have death-in-service benefit and sick pay from my employer. Isn't that enough? A: It's a great start, but rarely sufficient. Employer sick pay is usually limited (e.g., 3-6 months full pay). Income Protection is designed to take over when this ends. Death-in-service benefit (typically 4x salary) is often not enough to clear a mortgage and provide for a family long-term, and it ceases the moment you leave your job. Personal cover is owned by you and stays with you regardless of your employer.
Q: I have a pre-existing medical condition. Can I still get cover? A: In many cases, yes. It is crucial to be 100% honest on your application. The insurer might offer cover at standard terms, apply a higher premium, or place an exclusion on your specific condition. A specialist broker like WeCovr is invaluable here, as we know which insurers are most favourable for certain conditions.
Q: How much cover do I actually need? A: This requires personalised advice, but here are some common rules of thumb:
- Life Insurance: 10x your annual gross salary, or enough to clear the mortgage and any other debts.
- Critical Illness Cover: Enough to clear all debts and provide 1-2 years of income to allow for a stress-free recovery.
- Income Protection: Calculate your essential monthly outgoings and insure that amount, up to the maximum of 65% of your gross income.
Q: Are these policies guaranteed to pay out? A: Yes, provided you give full and honest disclosure on your application form. The Association of British Insurers (ABI) consistently reports that around 98% of all protection claims are paid. The tiny fraction that are declined are almost always due to 'non-disclosure'—the applicant not revealing a key piece of medical information.
Conclusion: Taking Control of Your Financial Future
The data is clear. The comfortable assumption that a life-altering health event "won't happen to me" is a dangerous gamble against overwhelming odds. For over 85% of Britons, a serious illness, disability, or premature death is a statistical probability that will bring with it a devastating financial shock.
Relying on a dwindling state safety net is not a strategy; it's a path to financial hardship, forcing families to sacrifice their homes, savings, and legacies.
But you have a choice. You can take control.
Building your LCIIP Shield—a tailored combination of Life Insurance, Critical Illness Cover, and Income Protection—is the single most powerful action you can take to guarantee your family's financial security. It is not an expense; it is a fundamental investment in peace of mind. It’s the wall that stands between your family and financial catastrophe, ensuring that if the worst should happen, a diagnosis or an accident doesn't also become a financial death sentence.
Don't leave the most important financial decision of your life to chance. Take the first step today. Speak to an expert, understand your options, and put your shield in place. Your family's future depends on it.
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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Who Are WeCovr?
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!