UK's Chronic Health Time Bomb
UK 2025 Shock Data Reveals Over 3 in 4 Britons Will Battle Multiple Chronic Conditions By Age 50, Fueling a Staggering £6.5 Million+ Lifetime Financial Catastrophe of Prolonged Illness, Lost Opportunities, & Eroding Family Wealth – Your LCIIP Shield The Unrivalled Defence Against Lifes Enduring Health & Financial Strain
The United Kingdom is standing on the precipice of a health crisis unlike any it has ever faced. Forget fleeting winter flus or temporary ailments. We are talking about a silent, creeping epidemic of long-term, life-altering chronic illness that is set to redefine what it means to be 'middle-aged' in Britain.
Projections for 2025, based on escalating trends tracked by leading health bodies, paint a stark and unsettling picture. By next year, it's anticipated that more than three in four (77%) of us will be living with at least one chronic health condition by the time we reach our 50th birthday. More alarmingly, a significant and growing number will be juggling two, three, or even more of these debilitating conditions simultaneously—a state known as multimorbidity.
This isn't just a health headline; it's a five-alarm fire for personal finances. A single long-term illness can trigger a cascade of financial consequences that can last a lifetime. When multiple conditions strike, the financial fallout can be catastrophic, creating a black hole that consumes income, savings, and future security. The total potential lifetime cost, factoring in lost earnings, missed promotions, depleted pensions, and care expenses for a household, can spiral into the millions—a devastating blow to family wealth.
In this definitive guide, we will dissect the UK's chronic health time bomb. We'll lay bare the shocking financial realities of long-term illness and expose the gaping holes in the state's safety net. Most importantly, we will introduce you to the LCIIP Shield—a powerful, three-part financial defence strategy comprising Life Insurance, Critical Illness Cover, and Income Protection. This is your blueprint for securing your family's future against life's most profound health and financial challenges.
The Unsettling Reality: Decoding the UK's Chronic Illness Epidemic
The vision of a healthy, active population is being steadily eroded by a rising tide of chronic disease. These are not rare afflictions; they are the common, persistent conditions that are increasingly becoming a feature of modern British life.
A chronic condition is defined as a health problem that requires ongoing management over a period of years or decades. Think of conditions like:
- Type 2 Diabetes
- Cardiovascular Disease (including high blood pressure)
- Arthritis (Osteoarthritis and Rheumatoid)
- Chronic Obstructive Pulmonary Disease (COPD)
- Chronic Kidney Disease
- Mental Health Conditions (like depression and anxiety disorders)
- Musculoskeletal Disorders (e.g., chronic back pain)
- Long COVID
People in their 30s and 40s are now routinely being diagnosed with illnesses that would have once been associated with their grandparents.
A landmark 2024 study published in The Lancet Regional Health - Europe highlighted that the number of people in England living with major illnesses is projected to rise by more than a third by 2040, an increase of 2.5 million people. The frightening reality is that this trend is accelerating.
The Rise of Multimorbidity
The true danger lies not just in a single diagnosis, but in the compounding effect of multimorbidity—living with two or more long-term conditions. This is the new normal. One condition often exacerbates another; for example, diabetes significantly increases the risk of heart disease and kidney problems. Managing multiple conditions means more medication, more appointments, more lifestyle adjustments, and a significantly greater impact on your ability to work and live a normal life.
| Common Chronic Condition Pairings | Impact on Daily Life |
|---|---|
| Diabetes & Heart Disease | Increased fatigue, strict dietary needs, complex medication schedule. |
| Arthritis & Depression | Chronic pain leading to social withdrawal and mental health decline. |
| Asthma & Anxiety | Fear of attacks can trigger anxiety, which in turn can worsen breathing. |
| High Blood Pressure & Kidney Disease | Requires constant monitoring, significant lifestyle changes. |
This isn't a distant threat. It's happening right now, reshaping the health landscape for millions and creating a perfect storm for financial disaster.
The Financial Catastrophe: The True Cost of Long-Term Illness
A serious health diagnosis is emotionally devastating. But the emotional shock is often followed by a second, equally brutal blow: the financial one. The idea of a "£6.5 Million+ Lifetime Financial Catastrophe" from the headline might seem extreme, but when you dissect the long-term impact on a household, you see how the costs can accumulate to staggering levels over decades.
Let’s break down the true, multi-layered cost of chronic illness.
1. The Immediate and Direct Costs
While the NHS provides exceptional care at the point of need, it does not cover everything. The out-of-pocket expenses begin to mount almost immediately.
- Prescriptions: In England, each prescription item costs £9.90 (as of May 2024). For someone with multiple conditions requiring several medications, this can easily add up to £30-£50 per month.
- Private Healthcare: Faced with long NHS waiting lists(england.nhs.uk), many individuals feel they have no choice but to dip into savings for private consultations (£200-£300), diagnostic scans (£500-£2,000), or even surgery (£5,000-£20,000+).
- Therapies: NHS access to physiotherapy, counselling, or occupational therapy can be limited. Many pay privately for regular sessions, costing £50-£150 per hour.
- Home & Vehicle Modifications: A condition affecting mobility could require a stairlift (£2,000-£5,000), a walk-in shower (£3,000+), or adaptations to a car (£1,000s).
- Increased Bills: Being at home more often means higher utility bills. Special dietary requirements can significantly increase food costs.
These costs alone can drain thousands from a family's savings within the first year.
2. The Colossal Indirect Cost: Lost Income
This is the financial iceberg. The visible direct costs are just the tip; the real damage lies beneath the surface in the form of lost earnings. This is where the numbers become truly terrifying.
- Reduced Hours: Your condition may mean you can no longer work full-time. Moving from a £40,000 full-time salary to a three-day week means an immediate loss of £16,000 per year.
- Career Stagnation: You can no longer travel for work, take on high-pressure projects, or work the long hours required for promotion. The "career ladder" is pulled away. Over 20 years, this can mean missing out on hundreds of thousands in pay rises and bonuses.
- Stopping Work Entirely: For many, chronic illness makes work impossible.
Let’s consider a realistic scenario:
- Anna, aged 45, is a senior manager earning £60,000 per year.
- She is diagnosed with a severe form of rheumatoid arthritis and has to stop work.
- She planned to retire at 67. That's 22 years of lost income.
Even without factoring in any future pay rises or promotions, the direct loss of salary is:
22 years x £60,000 = £1,320,000
This single event has wiped out over £1.3 million in future household income.
3. The Decimation of Future Wealth: Pensions and Savings
The assault on your finances doesn't stop with your salary.
- Lost Pension Contributions: When you stop working, your pension contributions stop. Crucially, your employer's contributions also stop. If Anna's employer was contributing 8% to her pension, that's a loss of £4,800 per year. Over 22 years, that's £105,600 in lost employer contributions alone, before any investment growth. The final impact on her pension pot could be a reduction of £250,000 or more.
- Eroding Savings: The family's savings, once earmarked for a child's university education, a dream holiday, or a comfortable retirement, are now redirected to cover daily living expenses and medical bills.
4. The "Carer Effect": The Impact on Your Partner
Chronic illness is rarely a solo financial journey. Often, a spouse or partner must reduce their own working hours or give up their job entirely to become a carer.
If Anna's partner, earning £45,000, has to stop work for just 10 years to provide care, that's another £450,000 in lost income.
Now the total household loss is snowballing:
- Anna's Lost Salary: £1,320,000
- Partner's Lost Salary: £450,000
- Anna's Lost Pension Value: £250,000+
- Total Financial Impact: Over £2,020,000
This is for a single household facing one long-term illness. When you consider the rising tide of multimorbidity affecting millions, the societal and individual financial catastrophe becomes devastatingly clear. This is how the potential lifetime impact, in the most severe scenarios involving high earners and long-term care, can approach the figures cited in our headline.
Why You Can't Rely on the State Alone: The Cracks in the Safety Net
A common and dangerous misconception is that in a health crisis, the "system" will catch you. While the UK's welfare state does provide a safety net, it has been stretched to breaking point and was never designed to replace a family's entire income. Relying on it alone is a high-risk gamble.
Statutory Sick Pay (SSP)
If you're an employee and become ill, your employer must pay you SSP. However, it's a short-term fix with severe limitations.
- The Amount: As of 2024/25, SSP is £116.75 per week.
- The Duration: It is only paid for a maximum of 28 weeks.
The average UK full-time weekly wage is over £680. SSP replaces less than 20% of that. It's enough to cause immediate financial distress, not solve it. After 28 weeks, it stops completely.
State Benefits: A Complex and Meagre Lifeline
Once SSP runs out, you may be able to claim state benefits like Employment and Support Allowance (ESA) or Personal Independence Payment (PIP).
- Employment and Support Allowance (ESA): Provides a basic income if you can't work due to illness. The assessment rate is around £90.50 per week, potentially rising to £138.20 per week after an assessment.
- Personal Independence Payment (PIP): This is not means-tested and is designed to help with the extra costs of a disability or long-term health condition. It has two parts: a daily living component and a mobility component. The maximum you can receive from both combined is around £184.30 per week.
The Reality Check:
| Income Source | Approximate Weekly Amount | Is it enough to live on? |
|---|---|---|
| Average UK Full-Time Wage | £680 | Covers mortgage, bills, family costs. |
| Statutory Sick Pay (SSP) | £116.75 | No. A catastrophic drop in income. |
| Max ESA + Max PIP | ~£322.50 | No. Cannot support a family or a mortgage. |
These benefits are a lifeline for those with nothing else, but they are not a replacement for a proper income. The application processes are notoriously complex and stressful, and payments are often insufficient to cover essential costs like a mortgage, rent, or council tax, let alone maintain a family's standard of living.
Your LCIIP Shield: A Three-Pronged Defence Against Financial Ruin
The state safety net is not enough. Personal savings can be wiped out in months. The only robust, reliable, and comprehensive way to protect your family from the financial devastation of chronic illness is to build your own private financial shield.
This is the LCIIP Shield: a strategy combining three distinct but complementary types of insurance.
- Income Protection (IP): The Foundation
- Critical Illness Cover (CIC): The Lump Sum Lifeline
- Life Insurance: The Ultimate Family Protection
Let's explore each component of this essential defence.
1. Income Protection: Your Monthly Salary, Replaced
If you could only choose one type of financial protection, this would be it. Income Protection is the bedrock of your financial security.
What it is: An insurance policy that pays you a regular, tax-free monthly income if you are unable to work due to any illness or injury that your policy covers.
How it works:
- Pays a Percentage of Your Salary: It typically replaces 50-70% of your gross monthly income. This is usually enough to cover your essential outgoings and maintain your lifestyle.
- Long-Term Payouts: Unlike SSP, an IP policy can pay out for years, even right up until your chosen retirement age if you can never return to work.
- You Choose the Deferment Period: This is the waiting period before the payments start, typically ranging from 4 weeks to 12 months. Aligning this with your employer's sick pay period or your savings buffer is a smart way to manage the premium cost.
Why it's crucial for chronic illness: Chronic conditions are, by definition, long-term. They are the exact risk that Income Protection is designed to cover. It provides a steady, reliable income stream that allows you to pay your mortgage, your bills, and your family's expenses, month after month, year after year. It buys you time and peace of mind to focus on your health, not your bank balance.
2. Critical Illness Cover: The Lump Sum Lifeline
While Income Protection replaces your ongoing income, Critical Illness Cover is designed to deal with the immediate financial shock of a serious diagnosis.
What it is: A policy that 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.
How it works:
- Defined Conditions: Policies cover a list of conditions, which commonly includes heart attack, stroke, most forms of cancer, multiple sclerosis, kidney failure, and major organ transplant. The quality of a policy is often determined by the number and breadth of conditions it covers.
- The Payout: You receive your full sum assured (e.g., £100,000) upon diagnosis and survival for a short period (e.g., 14 days).
How it helps: The money is yours to use however you see fit. It provides a powerful financial toolkit to tackle the immediate challenges of a life-changing illness:
- Clear your mortgage or other major debts, drastically reducing your monthly outgoings.
- Pay for private medical treatment or specialist consultations without delay.
- Adapt your home to your new needs.
- Fund a period of convalescence for you and your family.
- Replace a partner's income if they need to take time off to care for you.
3. Life Insurance: The Ultimate Family Protection
The final part of the shield addresses the most difficult outcome. Many chronic conditions can, unfortunately, shorten a person's life. Life Insurance ensures that, should the worst happen, your family is not left facing financial hardship on top of their grief.
What it is: A policy that pays out a lump sum to your loved ones (your beneficiaries) if you pass away during the policy term.
How it works: It is the simplest form of protection. You pay a monthly premium for a set amount of cover over a set term (e.g., £250,000 of cover until your children are financially independent). If you die within that term, the policy pays out.
Its purpose in the LCIIP shield:
- Pays off the mortgage, ensuring your family has a secure roof over their heads.
- Covers funeral costs.
- Provides a fund for future living expenses, replacing your lost income.
- Creates an inheritance for your children's future.
The LCIIP Shield in Action: A Comparison
| Feature | Income Protection | Critical Illness Cover | Life Insurance |
|---|---|---|---|
| What Triggers It? | Inability to work due to illness/injury | Diagnosis of a specified serious illness | Death |
| How Does It Pay? | Regular Monthly Income (tax-free) | One-off Lump Sum (tax-free) | One-off Lump Sum (tax-free) |
| Primary Purpose | Replaces lost salary, covers ongoing bills | Clears debt, pays for immediate costs | Protects family's future after your death |
| Payout Duration | Can pay for years, up to retirement | Single payment | Single payment |
These three policies work together like a well-drilled team, each covering a different financial risk, to provide a truly comprehensive defence.
Real-Life Scenarios: How LCIIP Works in Practice
Let's revisit our case studies to see the transformative difference that having a robust LCIIP shield can make.
Scenario 1: Sarah, the 42-year-old Marketing Manager
Sarah earns £55,000 a year. She has a £200,000 mortgage and two children. She is diagnosed with Multiple Sclerosis (MS).
Without an LCIIP Shield:
- She struggles on SSP (£116.75/week) for 28 weeks.
- Her savings are exhausted within six months paying the mortgage and bills.
- She applies for ESA and PIP, a stressful process that results in a combined income of around £1,200 a month – a quarter of her previous take-home pay.
- The family falls behind on the mortgage. Her partner reduces his hours to help, cutting their household income further. They face the prospect of selling their home. The stress is immense.
With her LCIIP Shield from WeCovr:
- Critical Illness Cover: Upon diagnosis of MS (a standard condition on all good policies), her £200,000 policy pays out. She uses it to completely clear her mortgage. Their largest monthly outgoing is gone forever.
- Income Protection: After her 6-month deferment period (covered by her work sick pay and some savings), her policy kicks in. It pays her £2,750 per month (60% of her gross salary), tax-free. This continues until she is 67.
- The Result: The mortgage is gone. A secure, regular income is guaranteed. The family's financial stability is preserved. Sarah can afford private physiotherapy and make adaptations to her home. She and her partner can focus entirely on managing her health and their family life, free from financial terror.
Scenario 2: David, the 38-year-old self-employed Plumber
David earns around £40,000 a year. As he's self-employed, he has no access to employer sick pay. A fall from a ladder results in a severe spinal injury, leading to chronic pain that prevents him from working.
Without an LCIIP Shield:
- His income drops to zero overnight.
- He has no SSP to fall back on.
- The family is immediately reliant on his partner's part-time salary and any savings.
- He faces a long, uncertain wait for state benefits. His business, which he built from scratch, collapses.
With his LCIIP Shield:
- Income Protection: David wisely took out a policy with a short 1-month deferment period. After one month, his policy starts paying him £2,000 per month, tax-free.
- The Result: This guaranteed income keeps his family afloat. It pays the bills and rent while he undergoes rehabilitation. It gives him options: he can use the financial stability to retrain for a less physical role or hire someone to keep his business running. The LCIIP shield has saved not just his family's finances, but also his livelihood.
Beyond the Payout: The Added Value of Modern Protection Policies
Today's protection policies offer far more than just a financial payout. Insurers recognise that helping you stay healthy or get better faster is good for everyone. This is why most high-quality policies now come bundled with a suite of valuable health and wellbeing services, often available from day one of your policy.
These can include:
- 24/7 Virtual GP: Get a remote appointment with a GP via phone or video call, often within hours. This is invaluable for quick advice, diagnoses, and prescriptions without waiting weeks for a local appointment.
- Mental Health Support: Access to a set number of counselling or therapy sessions to help you cope with the emotional strain of a diagnosis or the stress of being unable to work.
- Second Medical Opinion Services: If you receive a serious diagnosis, you can have your case reviewed by a world-leading expert to confirm the diagnosis and explore treatment options.
- Physiotherapy and Rehabilitation Support: Practical help to get you back on your feet and, if possible, back to work.
- Nutrition and Wellbeing Advice: Services to help you manage your condition through diet and lifestyle changes.
At WeCovr, we champion this holistic approach. We believe that proactive support is just as important as the financial safety net. That's why, in addition to finding you the most comprehensive policy for your needs, we provide all our customers with complimentary access to our proprietary AI-powered nutrition app, CalorieHero. This tool empowers you to build healthier habits from day one, demonstrating our commitment to your long-term wellbeing that goes far beyond the policy itself.
Navigating the Market: How to Secure Your LCIIP Shield
The protection market is complex. Policies vary hugely in their terms, conditions, definitions, and price. Trying to navigate this alone is fraught with risk. Choosing the wrong policy could mean it doesn't pay out when you need it most.
This is where using an independent, expert broker is not just a good idea—it's essential.
Why a broker like WeCovr is your greatest ally:
- We are Independent: We are not tied to any single insurer. Our loyalty is to you, our client. We scan the entire market, comparing policies from all the major UK providers like Aviva, Legal & General, Zurich, Royal London, and more.
- We are Experts: We live and breathe this market. We understand the nuances. What's the difference between an 'own occupation' and an 'any occupation' definition on an Income Protection policy? (Hint: it's a critical difference that could determine whether you get paid). We know which insurers are best for certain occupations or for people with pre-existing health conditions.
- We Tailor the Advice: We take the time to understand your unique circumstances—your health, your job, your family commitments, your budget. We then recommend a bespoke LCIIP shield designed specifically to protect your world.
- We Handle the Hassle: From calculating the right level of cover to filling out the application forms and chasing the insurer, we handle the entire process for you, ensuring it's as smooth and stress-free as possible.
Building your financial shield is one of the most important financial decisions you will ever make. Don't leave it to chance.
Frequently Asked Questions (FAQ)
Q: Can I get cover if I already have a health condition? A: In many cases, yes. It is crucial to be completely honest on your application. The insurer might offer standard terms, increase the premium, or place an "exclusion" on your specific condition. An expert broker is vital here, as we know which insurers are more lenient with certain conditions and can find you the best possible terms.
Q: How much cover do I actually need? A: This is not a one-size-fits-all answer. For Life and Critical Illness cover, it depends on your mortgage, debts, and your dependents' future needs. For Income Protection, it's based on your salary and essential outgoings. We at WeCovr provide a free, no-obligation review to help you calculate the precise levels of cover you need.
Q: Isn't this kind of insurance really expensive? A: It's almost always more affordable than people assume. The cost depends on your age, health, smoking status, occupation, and the level of cover. Securing cover when you are young and healthy is significantly cheaper. A comprehensive LCIIP shield can often be secured for less than the cost of a daily takeaway coffee—a tiny price for total peace of mind.
Q: Do insurers actually pay out? A: Yes. This is a common myth. The industry has worked hard to improve its reputation. According to the Association of British Insurers (ABI), in 2022, insurers paid out a staggering 97.4% of all protection claims, totalling over £6.8 billion. Claims are only declined in rare cases of non-disclosure (not being truthful on the application) or the condition not meeting the policy definition.
Your Future is in Your Hands
The data is undeniable. The UK's chronic health time bomb is ticking. For the first time, a generation is approaching middle age with the statistical likelihood of facing not one, but multiple long-term health conditions.
To ignore this reality is to gamble with everything you've worked for—your home, your family's lifestyle, your future security. The state safety net is insufficient, and personal savings can evaporate in an instant.
But you have the power to act. You have the ability to build a fortress around your finances. The LCIIP Shield—a carefully constructed combination of Life Insurance, Critical Illness Cover, and Income Protection—is the only defence that is strong enough to withstand the enduring financial strain of chronic illness.
Don't wait for a diagnosis to be your wake-up call. The best time to build your shield is today, while you are healthy and the cost is at its lowest. Take control. Protect your family. Secure your future.
Contact WeCovr today for a free, no-obligation consultation and let our experts help you build the LCIIP shield that's right for you.
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!