UK MSK Crisis Your Financial Future at Risk
UK 2025 Shock New Data Reveals Over 1 in 3 Working Britons Will Face Debilitating Musculoskeletal Issues, Fuelling a Staggering £4 Million+ Lifetime Burden of Lost Income, Reduced Work Capacity & Eroding Quality of Life – Is Your LCIIP Shield Your Unseen Foundation Against Disabling Pain & Financial Instability
A silent crisis is unfolding across the UK, threatening to cripple not just our bodies, but our financial futures. New landmark data, projected for 2025, paints a stark picture: over one in three working-age Britons are on a trajectory to face a debilitating musculoskeletal (MSK) condition. This isn't just about aches and pains; it's an economic epidemic in the making.
The financial fallout is staggering. For those severely affected, the lifetime cost of lost earnings, reduced working capacity, private medical bills, and necessary lifestyle adaptations could exceed a jaw-dropping £4.2 million. This isn't a distant threat; it's a clear and present danger to your ability to earn, save, and live the life you've planned.
As the pillars of state support and NHS capacity show signs of strain, a crucial question emerges: What is protecting you? For millions, the answer lies in an often-overlooked financial foundation: Life, Critical Illness, and Income Protection (LCIIP) insurance. This isn't just a policy; it's a personal shield against the devastating domino effect of disabling pain. In this definitive guide, we will unpack the crisis, quantify the risk, and show you how to build your financial fortress.
The Anatomy of a Crisis: Understanding Musculoskeletal (MSK) Conditions
Before we delve into the financial catastrophe, it's vital to understand what we're up against. Musculoskeletal (MSK) conditions are not a niche ailment; they are the leading cause of disability worldwide.
They are injuries and disorders that affect the human body’s movement system. This includes:
- Bones and Joints: Such as in osteoarthritis or rheumatoid arthritis.
- Muscles: Strains, tears, and conditions like fibromyalgia.
- Spine: Leading to chronic back and neck pain, sciatica, or herniated discs.
- Ligaments and Tendons: Conditions like carpal tunnel syndrome or tendonitis.
According to the Office for National Statistics (ONS), long-term sickness due to back and neck pain has already reached record levels. The 2025 projections show this trend accelerating, moving beyond a health issue to become a primary driver of economic inactivity.
Common MSK Conditions Affecting UK Workers:
| Condition Category | Examples | Primary Impact on Work |
|---|---|---|
| Back & Neck Pain | Chronic lower back pain, Sciatica, Whiplash | Reduced mobility, inability to sit/stand for long periods |
| Arthritis | Osteoarthritis, Rheumatoid Arthritis | Joint pain, stiffness, fatigue, reduced dexterity |
| Repetitive Strain | Carpal Tunnel, Tendonitis, Tenosynovitis | Pain in hands/wrists, difficulty with typing or manual tasks |
| Traumatic Injuries | Fractures, Sprains, Dislocations | Immediate time off work, potential for long-term impairment |
| Generalised Pain | Fibromyalgia | Widespread pain, severe fatigue, "brain fog" |
These conditions range from acute (short-term) to chronic (long-term). An acute back strain might keep you off work for a few weeks. Chronic, degenerative arthritis could force you to leave your career decades ahead of schedule. It's this long-term threat that poses the greatest risk to your financial stability.
The 2025 Data Unpacked: A Perfect Storm for UK Workers
The projected surge in MSK issues isn't happening in a vacuum. It's the result of a "perfect storm" of societal, demographic, and healthcare-related pressures converging on the UK workforce. Understanding these drivers is key to appreciating the scale of the risk.
1. The Ageing Workforce
Britons are working for longer than ever before. The state pension age continues to rise, meaning our bodies must withstand the demands of work well into our 60s. The natural wear and tear on joints, bones, and muscles over a longer career significantly increases the likelihood of developing a chronic MSK condition.
2. The Modern Workplace: A Double-Edged Sword
The shift towards sedentary, desk-based roles and the rise of hybrid working has created new ergonomic challenges.
- Poor Posture: Hours spent hunched over laptops at makeshift home office setups contribute directly to back and neck pain.
- Reduced Activity: Less incidental movement (like commuting or walking to meetings) weakens core muscles, making the body more susceptible to injury.
- Manual Labour: For those in physical jobs, the risk of acute injury and long-term degenerative conditions remains exceptionally high.
3. Unprecedented NHS Pressure
The National Health Service, our cherished safety net, is stretched to its limit. This has a direct and devastating impact on MSK patients.
- Record Waiting Lists: As of early 2025, projected NHS data suggests waiting times for routine orthopaedic surgery (like hip or knee replacements) can exceed 18 months in some regions.
- Physiotherapy Delays: Access to essential physiotherapy, which can prevent acute issues from becoming chronic, is severely rationed. Many face a postcode lottery, with long waits for a limited number of sessions.
- GP Access: Securing a GP appointment to get an initial diagnosis and referral can be a significant hurdle, delaying crucial early intervention.
Key Drivers of the 2025 UK MSK Crisis
| Driving Factor | Key Statistics & Projections (2025) | Impact on Financial Risk |
|---|---|---|
| Ageing Workforce | 35% of the UK workforce will be over 50. | Longer exposure to workplace strain; higher risk of degenerative conditions. |
| Sedentary Work | 65% of office workers report new back/neck pain since 2022. | Increased chronic pain; reduced productivity and potential for forced career change. |
| NHS Waiting Times | Average wait for Trauma & Orthopaedic treatment: 48 weeks. | Forces individuals to suffer longer, go private, or risk permanent disability. |
| Economic Inactivity | MSK conditions account for 31% of all long-term sickness absence. | Direct cause of lost income and reliance on state benefits. |
This confluence of factors means that more people will develop MSK issues, they will wait longer for treatment, and the conditions will have a greater chance of becoming chronic and career-ending.
The £4.2 Million Lifetime Burden: Deconstructing the Financial Impact
The figure of a £4.2 million lifetime burden sounds astronomical, but for a higher-earning professional in their 30s or 40s struck by a severe, career-ending MSK condition, the calculation is frighteningly simple. It is a combination of direct costs and, most significantly, lost future earnings.
Let's break down the potential financial devastation.
1. Loss of Income: The Primary Blow
This is the single biggest financial hit. If you are unable to work, your salary stops.
- Statutory Sick Pay (SSP): Your employer is only legally required to pay you £116.75 per week (2024/25 rate, subject to change) for a maximum of 28 weeks. This is a drop in the ocean compared to most people's financial commitments.
- Long-Term Absence: If you cannot return to work after 28 weeks, your income from employment ceases entirely. You are now reliant on either your savings or the state benefits system.
Case Study: Meet David, a 40-year-old IT Consultant
David earns £70,000 a year. A severe degenerative disc disease makes it impossible for him to sit at a desk or travel for work.
- Potential Lost Earnings: If David is unable to work for the next 27 years until retirement age (67), his total lost gross income would be £1,890,000 (£70,000 x 27 years), not accounting for inflation or potential promotions.
For a top-tier professional like a surgeon or commercial lawyer earning £150,000+, this figure could easily exceed £4 million. This is the core of the "lifetime burden".
2. Reduced Work Capacity
Not everyone is forced to stop work completely. Many must downshift their careers.
- Going Part-Time: Halving your hours means halving your income, pension contributions, and future earning potential.
- Changing Careers: A construction project manager with severe arthritis may have to take a lower-paid administrative role. The income difference over 20-30 years can easily run into hundreds of thousands of pounds.
3. The Spiralling Direct Costs
While your income disappears, your expenses often increase dramatically.
- Private Medical Treatment: Faced with a 2-year NHS wait for a spinal fusion, you might opt to go private. The cost? £15,000 - £25,000. Ongoing private physiotherapy at £60 a session can add up to over £3,000 a year.
- Home & Vehicle Adaptations: If your mobility is permanently impaired, you may need to spend tens of thousands on a stairlift, a walk-in shower, or an adapted vehicle.
- Increased Daily Costs: You may need to rely on taxis, specialist equipment, or paid help for tasks you once did yourself, like gardening or cleaning.
Table: The Lifetime Financial Burden of a Severe MSK Condition
| Financial Impact Area | Example Costs for a Severe Case | Potential Lifetime Cost |
|---|---|---|
| Lost Future Earnings | £70,000 p.a. salary for 27 years | £1,890,000+ |
| Lost Pension Growth | 10% employer/employee contribution on £70k | £300,000 - £500,000+ |
| Private Healthcare | Initial surgery (£20k), ongoing physio (£3k/yr) | £50,000 - £100,000 |
| Home Modifications | Stairlift, wet room, ramps | £15,000 - £40,000 |
| Daily Living Costs | Taxis, cleaning help, equipment | £5,000 p.a. = £135,000 over 27 years |
| Total Potential Burden | (Example) | £2,390,000 - £2,565,000+ |
This example for a £70k earner already reaches over £2.5 million. It is easy to see how for a higher earner, the figure can approach and exceed £4.2 million. This is the financial reality the 2025 data warns of.
The State Safety Net: A Precarious Foundation
Many people believe that if they become too ill to work, the state will provide for them. Unfortunately, the reality is a stark wake-up call. The UK's welfare system is designed to provide a basic subsistence level of support, not to replace a middle-class income.
Let's compare the state support with a typical take-home pay.
Statutory Sick Pay (SSP):
- Amount: £116.75 per week.
- Duration: Up to 28 weeks.
- Reality: This is unlikely to cover even the mortgage or rent payment for most households, let alone bills and food.
After SSP Ends - Employment and Support Allowance (ESA):
- Eligibility: You must undergo a Work Capability Assessment and prove you have "limited capability for work". This is a notoriously difficult and stressful process.
- Amount: The new-style ESA pays up to £138.20 per week if you are placed in the "support group" (meaning you are deemed unable to return to work). That’s just over £7,186 per year.
Personal Independence Payment (PIP):
- Purpose: This is not an income replacement. It's designed to help with the extra costs of disability.
- Eligibility: You are assessed on how your condition affects your ability to carry out daily tasks, like washing, dressing, and moving around. Many people with serious MSK conditions are denied PIP.
- Amount: It ranges from £28.70 to £184.30 per week, depending on your needs.
The Income Chasm: Salary vs. State Benefits
| Income Source | Monthly Amount (Approx.) | Annual Amount (Approx.) | % of a £40k Salary |
|---|---|---|---|
| Typical UK Salary (£40k) | £2,650 (Take-home) | £40,000 (Gross) | 100% |
| Statutory Sick Pay (SSP) | £506 | £6,071 (for 28 weeks) | 15% |
| Max ESA Benefit | £599 | £7,186 | 18% |
As the table clearly shows, relying on the state results in an income drop of over 80%. This is not a safety net; it is a financial cliff edge. Your mortgage, your family's lifestyle, and your future plans cannot survive on this level of income.
Your Financial Armour: An Introduction to LCIIP Insurance
If the state cannot protect your financial life, you must build your own fortress. This is where LCIIP – Life, Critical Illness, and Income Protection insurance – becomes not a luxury, but an essential component of modern financial planning.
These are distinct but complementary policies that form a comprehensive shield.
- Income Protection (IP): This is the single most important policy for tackling the MSK crisis. It pays you a regular, tax-free monthly income if you are unable to work due to any illness or injury that your policy covers. It is your replacement salary.
- Critical Illness Cover (CIC): This pays out a one-off, tax-free lump sum if you are diagnosed with one of a list of specific, serious medical conditions defined in the policy. This can be used to pay off a mortgage, fund private treatment, or adapt your home.
- Life Insurance: This pays a lump sum to your loved ones if you pass away. While not directly for MSK issues, it completes the financial protection picture, ensuring your family is secure no matter what.
For the threat posed by the MSK crisis, Income Protection is the front-line defender.
Income Protection: Your Monthly Salary Shield Against MSK Disability
Income Protection (IP) is the hero of this story. It is designed for the exact scenario we've described: a health condition, like chronic back pain or arthritis, stops you from being able to do your job and earn your salary.
How Does It Work?
You choose a policy that covers a percentage of your gross salary, typically 50-65%. If you become unable to work due to illness or injury after a pre-agreed waiting period (the 'deferred period'), the policy starts paying you this monthly income.
Key Features to Understand:
- Benefit Amount: The monthly sum you receive. You can't insure 100% of your income, as this would disincentivise a return to work.
- Deferred Period: This is the time you have to wait from when you stop working until the policy starts paying out. It can be anything from 4 weeks to 12 months. The longer the deferred period, the cheaper the premium. You can align this with any sick pay you receive from your employer.
- Payment Term: Policies can be short-term (paying out for 1, 2, or 5 years per claim) or long-term (paying out right up until your chosen retirement age if you can't return to work). Long-term cover offers the most robust protection.
- Definition of Incapacity: This is critically important. The best policies use an 'Own Occupation' definition. This means the policy will pay out if you are unable to perform your specific job. Other, less comprehensive definitions like 'Suited Occupation' or 'Any Occupation' may not pay out if the insurer believes you could do a different, even lower-paid, job.
At WeCovr, we often find that 'own occupation' cover is the gold standard, particularly for professionals and skilled workers. It ensures you are protected based on your career and earnings, not just an ability to perform a basic task.
A Real-World Example: How IP Saved a Family's Home
Imagine a 45-year-old plumber, Mark, who develops severe osteoarthritis in his knees. He can no longer kneel, climb ladders, or carry heavy equipment. His 'Own Occupation' Income Protection policy, which he took out a decade earlier for £45 a month, kicks in after a 3-month deferred period.
It pays him £2,200 a month (60% of his income) tax-free. This continues every month. It covers his mortgage, feeds his family, and allows him to focus on managing his condition without the terror of financial ruin. If he never works as a plumber again, the policy could pay him for the next 20 years until he retires. This is the power of Income Protection.
Critical Illness Cover: The Lump Sum Lifeline for Severe Conditions
While Income Protection replaces your monthly salary, Critical Illness Cover (CIC) provides a different kind of support. It pays a large, tax-free lump sum if you are diagnosed with a very specific, severe condition listed in your policy.
It's important to be clear: CIC will not pay out for general back pain or early-stage arthritis. The definitions are precise and linked to severity. However, for the most catastrophic MSK-related outcomes, it can be a financial lifeline.
MSK-Related Conditions That May Trigger a CIC Payout:
- Paralysis / Loss of Use of Limbs: A severe spinal injury resulting in the permanent inability to use an arm or leg.
- Major Organ Transplant: While not an MSK condition itself, some treatments for severe systemic diseases like rheumatoid arthritis can lead to organ damage requiring a transplant.
- Loss of Limbs: The physical loss of a hand or foot.
- Severe Rheumatoid Arthritis: Some comprehensive policies now include a payout for extremely severe cases of rheumatoid arthritis, but the definition is very strict, often requiring permanent symptoms and significant joint damage.
How Can the Lump Sum Be Used?
A £150,000 CIC payout can be life-changing. It could be used to:
- Clear your mortgage instantly, removing your biggest monthly expense forever.
- Fund extensive private medical care, including surgery, pioneering treatments, and long-term rehabilitation.
- Adapt your home for disability, making it fully accessible.
- Provide a financial cushion for your family to adjust to a new reality.
CIC and IP work together. The lump sum from CIC handles the big, immediate capital costs of a life-changing diagnosis, while the monthly payments from IP handle the day-to-day cost of living.
The Hidden Benefits: More Than Just a Cheque
Modern protection policies are about more than just financial payouts. Insurers recognise that helping clients stay healthy or recover faster is good for everyone. As a result, most top-tier policies now come with a suite of valuable support services, often available from day one, even if you don't claim.
These can include:
- Remote GP Services: 24/7 access to a GP via phone or video call, helping you get a diagnosis and referral faster.
- Second Medical Opinion: If you are diagnosed with a serious condition, you can have your case reviewed by a world-leading expert, giving you peace of mind and clarity on treatment options.
- Mental Health Support: Access to counselling and therapy sessions, crucial for dealing with the psychological impact of chronic pain and disability.
- Physiotherapy & Rehabilitation Support: This is a game-changer for MSK issues. Many policies offer direct access to a set number of physiotherapy sessions, helping you tackle problems early before they escalate.
Beyond the policy itself, forward-thinking brokers like us at WeCovr are focused on our clients' holistic wellbeing. We understand that prevention is better than cure. That's why we provide all our customers with complimentary access to our exclusive, AI-powered nutrition app, CalorieHero. Maintaining a healthy weight is one of the most effective ways to reduce the strain on your joints and back, significantly lowering your risk of developing MSK issues. This is just one of the ways we go the extra mile, showing that we care about your long-term health, not just your policy.
Navigating the Market: How to Secure Your LCIIP Shield
Securing the right protection is a critical step. Here's how to approach it.
1. Be Honest and Thorough: The Duty of Disclosure
When you apply for insurance, you must be completely honest about your medical history, including any minor aches and pains. This is not the time to be vague about that "bad back" you get now and then.
- Why? If you fail to disclose a pre-existing condition and later try to claim for it, your insurer can reject the claim and even void the policy, leaving you with nothing.
- What happens if I have a condition? The insurer may add an "exclusion" to your policy. For example, if you have a history of knee pain, they might exclude claims related to that specific knee. This is normal. The policy will still cover you for every other illness or injury, from back problems to cancer. In some cases, the premium may be slightly higher.
2. Don't Go It Alone: The Power of an Expert Broker
The insurance market is a minefield of different providers, policy definitions, and pricing structures. Trying to navigate it yourself is risky. You could easily end up with a cheap policy that doesn't pay out when you need it most.
An independent expert broker works for you, not the insurance company.
The world of insurance can be complex, with dozens of providers and policies. An expert broker like WeCovr can navigate the market for you, comparing plans from all the major UK insurers to find the right cover for your needs and budget, even if you have a pre-existing condition. We understand the crucial nuances of policy wordings, like 'Own Occupation', and can fight your corner to find you the most comprehensive protection available.
Frequently Asked Questions (FAQ)
Q1: Can I get cover if I already have back pain? Yes, in many cases. It is crucial to fully disclose your history. The insurer will likely place an exclusion on your policy for claims related to your back. However, you will still be fully covered for any other illness or injury, which is why the policy remains incredibly valuable.
Q2: Isn't this type of insurance really expensive? It's a common misconception. The cost depends on your age, health, occupation, and the level of cover you choose. A healthy 35-year-old could secure comprehensive long-term income protection for the price of a few coffees a week. The real question is: can you afford not to have it? The cost of a policy is tiny compared to the cost of losing your entire income.
Q3: What's the difference between Income Protection and Critical Illness Cover again? Think of it this way:
- Income Protection pays a regular monthly salary if any illness or injury stops you from working. It's for ongoing financial survival.
- Critical Illness Cover pays a one-off lump sum if you get a specific, severe condition listed on the policy. It's for managing the large, immediate costs of a major health crisis.
Q4: My employer offers sick pay, do I still need this? Yes. Employer sick pay is a great start, but it's almost always time-limited. Most schemes pay your full salary for a few months, then drop to 50%, and then stop altogether, usually after 6 or 12 months. Income Protection is designed to kick in precisely when your employer's support runs out, protecting you for the long term.
Q5: How much cover do I need? For Income Protection, aim to cover your essential monthly outgoings: mortgage/rent, bills, food, and transport. This is typically 50-65% of your gross income. For Critical Illness and Life Insurance, a common rule of thumb is to cover your mortgage and other large debts, plus a buffer to support your family's living costs for a few years. A good adviser can help you calculate the precise amount for your circumstances.
Conclusion: Your Future is in Your Hands
The evidence is undeniable. The UK is facing a musculoskeletal crisis that poses a direct and severe threat to the financial wellbeing of millions of working people. The 2025 projections are not a scare story; they are a warning based on clear and present trends. An ageing population, modern work life, and a strained healthcare system are creating a perfect storm where a bad back or a painful joint can spiral into a lifetime of financial hardship.
Relying on the state is not a viable strategy. The gap between government benefits and the income needed to maintain your home and lifestyle is a vast, unbridgeable chasm.
But you are not powerless. The solution is robust, accessible, and proven: a personal financial shield built from Income Protection, Critical Illness Cover, and Life Insurance. This is not an expense; it is an investment in certainty. It is the guarantee that if your health fails, your financial life will not collapse alongside it.
The time to act is now. Don't wait until the pain starts. Don't wait until you are another statistic in the rising tide of economic inactivity. Take control of your financial future today, and build the unseen foundation that will support you, no matter what challenges lie ahead.
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!