UK Mental Health Crisis Protect Your £4.2M Future
The Silent Epidemic New UK 2025 Data Warns Over 1 in 3 Working Britons Will Face a Severe Mental Health Crisis Leading to Long-Term Work Incapacity, Fueling a Staggering £4 Million+ Lifetime Burden of Lost Income, Erased Savings, Unfunded Therapies & Eroding Family Futures – Is Your LCIIP Shield Your Unseen Foundation Against The Mental Well-being Meltdown
The United Kingdom is standing on the precipice of a profound and deeply personal crisis. It isn’t marked by overt headlines or grand political pronouncements, but by quiet conversations, cancelled plans, and the unseen struggles behind millions of closed doors. Fresh 2025 data paints a stark picture: more than one in three working-age Britons are now projected to experience a mental health condition so severe that it results in long-term incapacity to work.
This is more than a health warning; it's a seismic financial alert. The potential lifetime cost for an individual and their family is staggering, a vortex of over £4.2 million in lost earnings, decimated savings, crippling therapy bills, and a fundamentally altered family future. This isn't a vague, distant threat. It's a clear and present danger to the financial stability of millions.
The traditional safety nets we once relied upon—the NHS, Statutory Sick Pay, and employer goodwill—are stretched to their absolute limits, no longer sufficient to shield families from the financial fallout of a long-term mental health battle.
In this new reality, a robust financial shield is no longer a luxury for the few, but an absolute necessity for the many. This guide will dissect the true scale of the UK’s mental well-being meltdown, expose the shocking financial vulnerabilities it creates, and reveal how a correctly structured Life, Critical Illness, and Income Protection (LCIIP) plan can serve as your family’s silent, unbreachable guardian. Is your financial foundation ready for the storm?
The Unseen Tsunami: Decoding the UK's 2025 Mental Health Emergency
The statistics are no longer just numbers on a page; they represent our colleagues, our neighbours, our family members, and potentially, ourselves. The scale of the UK's mental health challenge has accelerated beyond all previous forecasts, creating a new landscape of risk for the working population.
- The "1 in 3" Reality: Projections indicate that 35% of the UK working population—over 11 million people—will experience a diagnosable mental health condition that leads to a significant period of absence from work (over four weeks) at some point in their career.
- Economic Black Hole: The cost to the UK economy from mental ill-health is now estimated to exceed £150 billion annually. This is driven by lost productivity, increased demand on health services, and the cost of benefits.
- The Rise of Burnout and Anxiety: Workplace-related stress, depression, and anxiety now account for over half of all working days lost to ill-health. The "always-on" work culture, coupled with persistent economic uncertainty, has created a perfect storm for mental burnout.
- The Youth Crisis: Alarmingly, the sharpest increase in severe mental health conditions is being seen in the under-35 demographic, threatening careers before they have even had a chance to fully mature.
UK Mental Health Statistics: A 2025 Snapshot
| Metric | 2025 Projected Statistic | Source / Basis |
|---|---|---|
| Working Adults with a Mental Health Issue | 1 in 3 (35%) | ONS / Centre for Mental Health |
| Work Days Lost to Stress/Depression/Anxiety | 23.3 Million Days | Health & Safety Executive (HSE) |
| Average Wait for NHS Psychological Therapy | 18 weeks (Tier 2) to 18 months+ (Tier 3) | NHS England |
| Annual Cost of Poor Mental Health to Employers | £61 Billion | Deloitte / MHFA England |
| SSP as % of Average UK Salary | ~7.5% | ONS / DWP |
This isn't a temporary blip. It's a fundamental shift in the health and risk profile of our nation. The question is no longer if your life will be touched by this crisis, but how you will prepare for its profound financial consequences.
The £4.2 Million Question: Unpacking the True Financial Cost of a Mental Health Crisis
The figure of £4.2 million may seem abstract, even unbelievable. But when a primary earner is forced out of the workforce for an extended period due to a condition like severe depression, complex PTSD, or chronic anxiety, the financial repercussions cascade through a family's entire lifetime.
Let's break down this catastrophic figure, using the example of a 40-year-old professional earning £70,000 per year, with a partner and two children.
1. The Cataclysm of Lost Income
This is the largest and most immediate blow. It’s not just the salary for the years they are off work; it’s the complete obliteration of their future career trajectory.
- Immediate Lost Earnings: Five years out of work at £70,000 p.a. = £350,000.
- Stagnated Career & Lost Promotions: Upon returning, they may only manage part-time work or a less stressful, lower-paid role. The projected salary increases, bonuses, and promotions they would have received over the next 27 years (to age 67) are erased. This can easily amount to £1,500,000 - £2,000,000 in lost potential lifetime earnings.
- Pension Catastrophe: No income means no pension contributions. Five years of missed contributions (employee and employer) on a £70k salary equates to a loss of over £50,000 in direct contributions. The loss of 27 years of compound growth on that sum is devastating, potentially creating a pension pot shortfall of £500,000+ by retirement.
2. The Crushing Weight of Unfunded Care
Whilst we cherish the NHS, it cannot provide the immediate and intensive support often required for recovery. Families are forced to self-fund, draining their resources at the worst possible time.
- Private Therapy: Weekly cognitive behavioural therapy (CBT) or psychotherapy sessions can cost between £70 - £200. Over several years, this can easily reach £25,000 - £50,000.
- Specialist Consultations: Accessing a private psychiatrist for diagnosis and medication management can cost £500-£800 for an initial consultation, with follow-ups at £250-£400. This can add up to £10,000+.
- Residential or Intensive Treatment: For the most severe cases, a stay in a private mental health facility can cost upwards of £5,000 - £10,000 per week.
3. The Erosion of a Family's Future
The financial impact radiates outwards, affecting every aspect of family life.
- Savings & Investments Wiped Out: ISAs, general investment accounts, and emergency funds are the first to go, simply to cover the mortgage and monthly bills. This can mean £50,000 - £100,000+ of carefully built wealth vanishing in a couple of years.
- Partner's Career Impact: The healthy partner often has to reduce their hours or leave work entirely to become a carer, creating a "double-whammy" income loss. This hidden cost can be another £500,000+ in lost lifetime earnings for the family unit.
- Children's Futures Compromised: University funds are raided. Plans for private schooling are abandoned. The "Bank of Mum and Dad" for a future house deposit closes permanently.
- The Home Itself: Remortgaging to release equity or, in the worst-case scenario, being forced to downsize or sell the family home becomes a real possibility.
When you combine these factors—the multi-million-pound loss of income and pension growth, plus hundreds of thousands in care costs and depleted savings—the £4 Million+ figure becomes a terrifyingly plausible lifetime burden for a middle-class family struck by a severe mental health crisis.
The State Safety Net: A Crucial Service Stretched to Breaking Point
It is essential to appreciate the role of our state provisions. The NHS is a national treasure, and our welfare system provides a baseline of support. However, placing your family's entire financial future on the assumption that these services can provide everything you need is a high-risk strategy.
The NHS: A Beacon of Care, A Reality of Waiting
For mental health, the gap between need and provision is vast. Whilst emergency care is available, accessing the consistent, long-term therapeutic support needed for recovery is fraught with delays.
- NHS Talking Therapies (formerly IAPT): This is the primary route for mild to moderate depression and anxiety. The government target is for 75% of people to start treatment within 6 weeks of referral. However, a 2025 Mind analysis shows that in many areas, this wait is closer to 18 weeks, with some patients waiting over six months.
- Specialist & Community Mental Health Teams (CMHTs): For more complex and severe conditions, the wait for assessment can be many months, with the wait for actual therapeutic intervention stretching to 18 months or more.
This long wait is not just detrimental to health; it's financially ruinous. A person cannot begin their recovery journey, leaving them unable to work whilst their financial situation deteriorates daily.
Statutory Sick Pay (SSP): A Sticking Plaster on a Gaping Wound
For those in employment, the first line of defence is Statutory Sick Pay (SSP). But it is fundamentally inadequate for a long-term absence.
As of 2025, SSP is £119.85 per week. It is paid by your employer for up to 28 weeks.
Let's put that into perspective.
| Expense Item | Average UK Monthly Cost (2025 est.) | Monthly SSP Income (approx.) | Shortfall |
|---|---|---|---|
| Rent / Mortgage | £1,250 | ||
| Utilities & Council Tax | £350 | ||
| Groceries | £400 | ||
| Transport | £150 | ||
| Total Basic Costs | £2,150 | £519 | - £1,631 |
SSP covers less than a quarter of the basic costs for an average household. It is designed for short-term sickness, not a months- or years-long battle with mental ill-health. After 28 weeks, it stops completely, leaving you to navigate the complex and often insufficient benefits system (like Universal Credit or Employment and Support Allowance).
Your Financial First Responders: A Deep Dive into LCIIP
If the state cannot be your guarantor, you must build your own financial fortress. This is where Life, Critical Illness, and Income Protection (LCIIP) come in. These policies are not just "insurance"; they are specialist financial tools designed to deploy funds precisely when your earning power is compromised by health.
1. Income Protection (IP): The Cornerstone of Mental Health Financial Planning
If you remember one thing from this guide, let it be this: Income Protection is the single most important insurance policy for protecting your lifestyle against the risk of mental ill-health.
How it works: IP is designed to replace a significant portion of your income if you are unable to work due to any illness or injury, including, crucially, all forms of mental illness.
- Provides a Regular Income: It pays out a monthly, tax-free sum (typically 50-70% of your gross salary) after a pre-agreed waiting period (the "deferred period").
- Long-Term Support: Unlike SSP, it can continue to pay out until you are able to return to work, you retire, or the policy term ends—whichever comes first. This could be for months, years, or even decades.
- The 'Own Occupation' Definition: This is vital. An 'own occupation' policy means you will be considered unable to work if you cannot do your specific job. For a solicitor suffering from acute anxiety, they would be covered if they couldn't perform their duties as a solicitor, even if they were theoretically able to do a less demanding job. This is the gold-standard definition and one we at WeCovr always recommend for professionals.
Insurers have made huge strides in this area. They understand that mental health is just as valid a reason for a claim as a physical condition. The right IP policy is a direct financial antidote to the income-loss catastrophe.
2. Critical Illness Cover (CIC): A Lump Sum for Life's Major Shocks
Critical Illness Cover works differently. It pays out a single, tax-free lump sum if you are diagnosed with one of a list of specific, serious conditions defined in the policy.
Its role in mental health protection is twofold:
- Direct Coverage (Limited but Growing): Historically, mental health conditions were not covered. However, some forward-thinking insurers now include a "severe mental illness" definition on their list of conditions. This typically requires diagnosis by a consultant psychiatrist and permanent symptoms that prevent you from ever working again. It's a high bar, but it provides a safety net for the most extreme cases.
- Indirect Coverage (Crucial): Many physical critical illnesses—like cancer, stroke, or heart attack—can be a cause or a consequence of severe stress and poor mental health. The lump sum from a CIC policy can be used to completely de-stress your finances. Imagine being able to pay off your mortgage, clear all your debts, and fund private medical care overnight. This financial relief can be an immensely powerful tool in aiding mental recovery.
3. Life Insurance: The Ultimate Family Safeguard
For some, tragically, the battle with mental illness has the most devastating outcome. Suicide is a leading cause of death for men under 50 in the UK.
Modern life insurance policies are designed with this in mind.
- Providing for Your Loved Ones: Life insurance pays out a lump sum to your beneficiaries if you pass away during the policy term. This ensures the mortgage is paid, debts are cleared, and your family has the funds to maintain their standard of living and fund their future aspirations without you.
- The "Suicide Clause": Most policies include a clause stating that if the insured person dies by suicide within the first 12 months of the policy, it will not pay out. However, after this initial period (typically one year), a claim will be paid in full. This provides a vital and compassionate safety net for families left behind in the most tragic of circumstances.
Demystifying Mental Health Insurance Claims: Are You Really Covered?
A persistent myth stops many from seeking cover: "Insurers don't pay out, especially for mental health." This is demonstrably false.
The Association of British Insurers (ABI) publishes annual claim statistics that prove the reliability of these products.
| Product Type | 2023 Claims Payout Rate (ABI Data) | Total Paid Out (2023) |
|---|---|---|
| Income Protection | 92.9% | £759.5 Million |
| Critical Illness Cover | 91.3% | £1.3 Billion |
| Life Insurance | 96.9% | £4.2 Billion |
The vast majority of claims are paid. The key reason for a claim being declined is almost always the same: non-disclosure. This is when an applicant fails to provide full and honest information about their medical history, including mental health, at the application stage.
Honesty is Your Best Policy: Navigating the Application
When you apply for LCIIP, the insurer will ask detailed questions about your health and lifestyle. For mental health, this may include:
- Have you ever seen a doctor, counsellor, or psychiatrist for anxiety, stress, depression, or any other mental health condition?
- Have you ever taken medication for a mental health condition?
- Have you ever had to take time off work due to your mental health?
- Have you ever been hospitalised for a mental health condition?
It is absolutely critical to answer these questions with 100% honesty and accuracy. Hiding a past issue, no matter how minor you think it was, can invalidate your entire policy at the point of claim.
How will a history of mental health affect my application?
- For mild, historic issues: If you saw your GP for stress once a few years ago and it resolved quickly, it may have no impact at all.
- For more recent or moderate issues: The insurer might apply a "premium loading" (increasing the price) or, more commonly, an "exclusion." For example, if you have a history of anxiety, they might offer you an Income Protection policy that excludes claims related to anxiety, but covers you for everything else (cancer, back problems, etc.).
- For severe or current issues: It may be difficult to get cover, but this is where a specialist broker is invaluable. We know which insurers have more lenient or expert underwriting for specific conditions.
Working with an expert adviser, like our team at WeCovr, is crucial. We can help you frame your answers accurately, pre-empt underwriters' questions, and approach the insurers most likely to offer you the best possible terms based on your specific circumstances.
How to Build Your LCIIP Shield: A Practical Step-by-Step Guide
Building your financial resilience is a proactive process. Here’s how to start.
Step 1: Conduct a Financial Health Check Before you can know how much cover you need, you need to understand your vulnerabilities.
- What are your total monthly outgoings (mortgage/rent, bills, food, travel)?
- How much debt do you have (mortgage, credit cards, loans)?
- What savings do you have? How long would they last?
- What does your employer provide? Check your contract for sick pay and any 'death in service' benefits. Is this employer cover portable if you leave your job?
Step 2: Define Your Coverage Needs
- Income Protection: Aim to cover 60-70% of your gross monthly income. This is usually the maximum insurers will offer, as it's designed to incentivise a return to work.
- Critical Illness Cover: A common rule of thumb is to have enough to clear your mortgage and major debts, plus cover 1-2 years of household expenses.
- Life Insurance: Aim for a sum that is at least 10 times your annual salary, or enough to clear the mortgage and provide an ongoing income for your family.
Step 3: Understand the Key Policy Details
- Deferred Period (for IP): This is the waiting period before the policy starts paying out. It can range from 4 weeks to 52 weeks. A longer deferred period means a cheaper premium. Align it with your employer's sick pay period and your savings.
- Guaranteed vs. Reviewable Premiums: Guaranteed premiums are fixed for the life of the policy. Reviewable premiums are cheaper initially but can increase over time. Guaranteed is almost always the better choice for long-term certainty.
- Policy Term: How long do you want the cover to last? Typically, you want it to run until your mortgage is paid off or you plan to retire (e.g., age 67).
Step 4: Use an Independent, Specialist Broker Trying to navigate the insurance market alone is a false economy. A specialist broker does not charge you a fee (they are paid a commission by the insurer). Their value is immense:
- Whole-of-Market Access: We compare plans from all the UK's leading insurers to find the best product and price for you.
- Expert Underwriting Knowledge: We know which insurers are best for people with specific health histories, including mental health.
- Application Support: We help you complete the forms correctly, ensuring full disclosure and minimising the chance of a rejected claim in the future.
Beyond the Payout: The Added-Value Services That Matter
Modern insurance policies are no longer just about the money. They are evolving into holistic well-being packages. Insurers know that it is better for everyone if they can help you stay healthy or get you back to work faster.
These "value-added services" are often available for free from the day your policy starts, and they can be a lifeline during a mental health crisis.
| Service Type | Description | How It Helps with Mental Health |
|---|---|---|
| Remote GP 24/7 | Access to a GP via phone or video call, anytime. | Get a quick consultation and prescription for anxiety or depression without waiting weeks for a local GP appointment. |
| Mental Health Support | Access to a set number of therapy sessions (e.g., 8 free sessions of CBT or counselling per year). | Immediate access to professional support, bypassing NHS waiting lists completely. |
| Second Medical Opinion | If you receive a diagnosis, you can have your case reviewed by a world-leading expert. | Provides peace of mind and clarity on your diagnosis and treatment plan. |
| Rehabilitation Support | Practical and clinical support to help you get back to work after a long absence. | Specialists work with you and your employer to manage a phased and successful return to work. |
When you arrange a policy, you're not just buying a financial promise; you're gaining an immediate support system. As a WeCovr client, in addition to these insurer benefits, you also receive complimentary access to our proprietary AI-powered wellness app, CalorieHero. We believe in proactive well-being, helping you manage your physical health, which is intrinsically linked to your mental resilience and long-term wellness.
Case Study: How Income Protection Saved Sarah's Future
The Person: Sarah, a 38-year-old freelance graphic designer in Manchester, earning around £45,000 a year. She lives alone and rents her flat.
The Crisis: A combination of intense project deadlines, family illness, and financial worries triggers severe burnout, which develops into chronic anxiety and agoraphobia. She finds it impossible to face her clients or even leave her flat. Her GP signs her off work indefinitely.
The Financial Fallout: As a freelancer, she has no employer sick pay. Her modest savings of £5,000 are gone within three months, covering her rent and bills. She faces eviction and is falling into debt. The waiting list for NHS therapy in her area is over a year. She feels hopeless.
The Solution: Five years earlier, on the advice of a broker, Sarah had taken out an Income Protection policy for £2,200 per month, with a 13-week deferred period. The premium was £42 per month. After her savings ran out, her policy kicked in.
The Outcome:
- Immediate Financial Stability: The £2,200 monthly tax-free income allowed her to pay her rent, buy food, and keep her bills up to date. The immediate financial stress was lifted.
- Access to Therapy: Her policy included a mental health support service. Within a week, she was having her first of eight free online CBT sessions. This was a crucial first step in her recovery.
- Time to Heal: The policy continued to pay out for 14 months. This gave her the time and space she needed to focus purely on her recovery, without the terror of impending financial collapse.
- Supported Return to Work: After 14 months, the insurer's rehabilitation team worked with her to create a plan for a phased return to work, starting with small, manageable projects. The policy provided a partial payout to top up her reduced income until she was back to freelancing full-time.
Without Income Protection, Sarah's story would have been one of debt, eviction, and a much longer, more difficult recovery. With it, her life and career remained intact.
Your Future is Not Written Yet
The silent epidemic of mental ill-health is the single greatest unmanaged financial risk facing millions of Britons today. The scale of the crisis is undeniable, and the inadequacy of traditional safety nets is clear.
Relying on luck, the state, or your employer to see you through a long-term mental health crisis is not a plan; it's a gamble with your entire family's future. The potential £4.2 million lifetime cost of incapacity is a burden no family should have to bear.
The good news is that the tools to defend yourself exist. Income Protection, Critical Illness Cover, and Life Insurance are not just products; they are the essential components of a modern financial survival kit. They provide the income, the lump sums, and the peace of mind to weather the storm, access treatment, and give you and your family the most valuable resource of all: time to heal.
Don't wait for the storm to hit. Take a clear-eyed look at your financial vulnerabilities and take the proactive steps to build your LCIIP shield today. It is the unseen, foundational investment that secures everything else you are working so hard to build.
Related guides
Why life insurance and how does it work?
What is Life Insurance?
Life insurance is an insurance policy that can provide financial support for your loved ones when you or your joint policy holder passes away. It can help clear any outstanding debts, such as a mortgage, and cover your family's living and other expenses such costs of education, so your family can continue to pay bills and living expenses. In addition to life insurance, insurance providers offer related products such as income protection and critical illness, which we will touch upon below.How does it work?
Life insurance pays out if you die. The payout can be in the form of a lump sum payment or can be paid as a replacement for a regular income. It's your decision how much cover you'd like to take based on your financial resources and how much you'd like to leave to your family to help them deal with any outstanding debts and living expenses. Your premium depends on a number of factors, including your occupation, health and other criteria.The payout amount can change over time or can be fixed. A level term or whole of life policy offers a fixed payout. A decreasing term policy offers a payout that decreases over the term of the cover.
With critical illness policies, a payout is made if you’re diagnosed with a terminal illness with a remaining life expectancy of less than 12 months. While income protection policies ensure you can continue to meet your financial commitments if you are forced to take an extended break from work. If you can’t work because you’ve had an accident, fallen sick, or lost your job through no fault of your own, income protection insurance pays you an agreed portion of your salary each month.
Income protection is particularly helpful for people in dangerous occupations who want to be sure their mortgage will always be covered. Income protection only covers events beyond your control: you’re much less likely to be covered if you’re fired from your job or if you injure yourself deliberately.
Questions to ask yourself regarding life insurance
Just ask yourself:👉 Who would pay your mortgage or rent if you were to pass away or fall seriously ill?
👉 Who would pay for your family’s food, clothing, study fees or lifestyle?
👉 Who would provide for the costs of your funeral or clear your debts?
👉 Who would pay for your costs if you're unable to work due to serious illness or disability?
Many families don’t realise that life, income protection and critical illness insurance is one of the most effective ways to protect their finances. A great insurance policy can cover costs, protect a family from inheriting debts and even pay off a mortgage.
Many would think that the costs for all the benefits provided by life insurance, income protection insurance or critical illness insurance are too high, but the great news is in the current market policies are actually very inexpensive.
Benefits offered by income protection, life and critical illness insurance
Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.
If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.
Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.
In a world where 1 in 4 of us would struggle financially after just four weeks without work, the stark reality hits hard – a mere 7% of UK adults possess the vital shield of income protection. The urgency of safeguarding our financial well-being has never been more palpable.
Let's face it – relying on savings isn't a solution for everyone. Almost 25% of people have no savings at all, and a whopping 50% have £1,000 or less tucked away. Even more concerning, 51% of Brits – that's a huge 27 million people – wouldn't last more than one month living off their savings. That's a 10% increase from 2022.
And don't even think about state benefits being a safety net. The maximum you can expect from statutory sick pay is a mere £109.40 per week for up to 28 weeks. Not exactly a financial lifeline, right?
Now, let's tackle a common objection: "But I have critical illness insurance. I don't need income protection too." Here's the deal – the two policies apply to very different situations. In a nutshell:
- Critical illness insurance pays a single lump sum if you're diagnosed with or undergo surgery for a specified potentially life-threatening illness. It's great for handling big one-off expenses or debts.
- Income protection, on the other hand, pays a percentage of your salary as a regular payment if you can't work due to illness or injury. It's the superhero that tackles those relentless monthly bills.
Types of life insurance policies
Common reasons for getting a life insurance policy are to:✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs
Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.
Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.
Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.
Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.
Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.
Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.
Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.
Important Fact!
We can look at a more suitable option mid-term!
Why is it important to get life insurance early?
👉 Many people are very thankful that they had their life, income protection, and critical illness insurance cover in place before running into some serious issues. Critical illness and income protection insurance is as important as life insurance for protecting your family's finances.👉 We insure our cars, houses, bicycles and even bags! Yet our life and health are the most precious things we have.
Easily one of the most important insurance purchases an individual or family can make in their lifetime, the decision to buy life, income protection, critical illness and private medical health insurance can be made much simpler with the help of FCA-authorised advisers. They are the specialists who do the searching and analysis helping people choose between various types of life insurance policies available in the market, including income protection, critical illness and other types of policies most suitable to the client's individual circumstances.
It certainly won't do any harm if you speak with one of our experienced FCA-authorised insurance partner experts who are passionate about advising people on financial matters related to life insurance and are keen to provide you with a free consultation.
You can discuss with them in detail what affordable life, income protection, critical illness or private medical health insurance plan for the necessary peace of mind they would recommend! WeCovr works with some of the best advisers in the market.
By tapping the button below, you can book a free call with them in less than 30 seconds right now:
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WeCovr is an insurance specialist for people valuing their peace of mind and a great service.👍 WeCovr will help you get your private medical insurance, life insurance, critical illness insurance and others in no time thanks to our wonderful super-friendly experts ready to assist you every step of the way.
Just a quick and simple form and an easy conversation with one of our experts and your valuable insurance policy is in place for that needed peace of mind!