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Best Life Insurance for Business Owners UK

Best Life Insurance for Business Owners UK 2025

As a business owner, you are the engine of your enterprise. Your vision, drive, and expertise are not just integral to your company's success; they are often its most critical assets. While you meticulously plan for market changes, operational challenges, and growth opportunities, a crucial question often remains unaddressed: what happens to your business and your family if you are no longer around?

The reality is stark. According to the Federation of Small Businesses (FSB), small and medium-sized enterprises (SMEs) account for 99.9% of the UK's business population. Yet, a significant number of these vital economic drivers operate without a robust financial safety net, leaving them, their employees, and their families exposed to immense risk.

This guide is designed for the UK's entrepreneurs, company directors, and self-employed professionals. We will delve into the specific insurance policies that can safeguard your life's work and provide for your loved ones, exploring the often-overlooked, tax-efficient solutions available exclusively to business owners.

Which policies are best for entrepreneurs and directors?

The "best" life insurance for a business owner is rarely a single policy. Instead, it's a carefully constructed portfolio of protection that addresses two distinct, yet interconnected, areas of your life:

  1. Your Personal & Family Life: This involves ensuring your loved ones can maintain their standard of living, pay off the mortgage, and fund their future aspirations without your income.
  2. Your Business Life: This is about ensuring the business can survive and thrive in your absence. This means clearing debts, replacing lost profits, and facilitating a smooth transfer of ownership.

Failing to distinguish between these two can lead to significant gaps in your protection. For instance, a personal life insurance payout might be swallowed up by business debts, leaving your family with nothing. Conversely, a business policy payout won't help your family with their day-to-day living costs.

Let's explore the essential policies for each category, starting with the personal foundation of your financial security.

Protecting Your Family: Personal Insurance for Business Owners

Before you protect the boardroom, you must first protect the home. For any business owner, personal insurance is the non-negotiable foundation of a sound financial plan. Your business success may be paramount, but it is ultimately a vehicle to provide for your family. These policies ensure that goal is met, no matter what.

Term Life Insurance: The Cornerstone of Financial Security

Term life insurance is the most straightforward form of life cover. You choose a sum of money to be paid out and a length of time (the "term") for the policy to run. If you pass away within that term, your beneficiaries receive a tax-free lump sum.

For a business owner, this payout is a lifeline for your family. It can be used to:

  • Pay off a residential mortgage.
  • Clear personal debts and credit cards.
  • Cover future school or university fees for your children.
  • Provide a replacement for your lost income, allowing your family time to adjust.

There are two main types:

  • Level Term: The payout amount remains the same throughout the policy term. Ideal for covering large, non-decreasing debts or providing a substantial lump sum for your family's future.
  • Decreasing Term: The payout amount reduces over time, usually in line with a repayment mortgage. Premiums are typically lower than for level term cover.

Example: Sarah, a 40-year-old director of a marketing agency, has a £300,000 repayment mortgage and two young children. She takes out a 25-year decreasing term policy to clear the mortgage and a separate £500,000 level term policy to provide for her family's living costs and future education if she were to pass away.

Critical Illness Cover: A Safety Net for Serious Health Shocks

What if you don't pass away, but a serious illness prevents you from working for a year or more? For a business owner, this can be financially catastrophic. Critical Illness Cover pays out a tax-free lump sum if you are diagnosed with one of a list of specified serious conditions, such as some types of cancer, a heart attack, or a stroke.

The statistics are sobering. According to Cancer Research UK, 1 in 2 people in the UK will get cancer in their lifetime. The British Heart Foundation reports over 100,000 hospital admissions for heart attacks each year in the UK. A critical illness diagnosis can mean:

  • Inability to run your business, leading to a loss of income and profits.
  • Needing to hire someone to cover your role.
  • The need for private medical treatment or modifications to your home.

The lump sum from a Critical Illness policy gives you financial breathing space. You can use it to keep your business afloat, pay for medical care, or simply cover your personal bills while you focus on recovery. It is often purchased as a combined policy with life insurance.

Income Protection: Guarding Your Most Valuable Asset – Your Income

While a critical illness policy covers specific conditions, Income Protection provides a regular, tax-free monthly income if you are unable to work due to any illness or injury. It's arguably the single most important policy for anyone who relies on their ability to work, especially the self-employed and business owners.

Consider this: data from the Office for National Statistics (ONS) shows that over 2.8 million people were economically inactive due to long-term sickness in 2023, a record high. An Income Protection policy acts as your personal sick pay scheme, typically paying out until you can return to work, retire, or the policy term ends.

Key considerations for business owners:

  • Proving Income: Insurers understand that directors often take a small salary and larger dividends. Many specialist providers will consider your total remuneration (salary plus dividends) when calculating your maximum benefit.
  • Definition of Incapacity: The best policies use an "own occupation" definition. This means the policy will pay out if you are unable to do your specific job, not just any job. This is vital for skilled professionals.

The table below clarifies the key differences between Income Protection and Critical Illness Cover.

FeatureIncome ProtectionCritical Illness Cover
Payout TypeRegular monthly incomeOne-off lump sum
TriggerInability to work due to any illness/injuryDiagnosis of a specified serious illness
PurposeReplaces lost earnings for daily living costsCovers large one-off costs (debts, medical care)
DurationCan pay out for many years, even to retirementPays out once per claimable condition

Family Income Benefit: A Different Way to Deliver Support

Family Income Benefit is a variation of term life insurance. Instead of a single lump sum, it pays out a regular, tax-free monthly or annual income to your family from the time of your death until the policy's expiry date.

This can be an excellent choice for families who might find managing a large lump sum daunting. It provides a structured, predictable income that directly replaces your monthly contribution, making budgeting far simpler during a difficult time.

Protecting Your Business: Specialist Insurance for Company Directors

Once your personal finances are secure, you can turn your attention to protecting the business itself. These policies are designed to ensure business continuity, protect your fellow directors, and meet your financial obligations. Critically, many of these can be paid for by the business, making them highly tax-efficient.

Relevant Life Insurance: Tax-Efficient Life Cover for Directors

Relevant Life Cover is one of the most valuable and underused policies for company directors. It is essentially a 'death-in-service' benefit for a single individual, paid for by the limited company.

Its power lies in its exceptional tax efficiency.

  • For the Business: The premiums are typically treated as an allowable business expense, meaning they can be offset against your corporation tax bill.
  • For the Director: The premiums are not treated as a P11D benefit in kind, so there is no extra income tax or National Insurance to pay.
  • For the Family: The policy is written into a discretionary trust from the outset. This means the payout goes directly to your beneficiaries and does not form part of your estate, making it free from Inheritance Tax.

Let's compare the cost of a director funding their own personal life insurance versus the company paying for a Relevant Life policy.

FeaturePersonal Life InsuranceRelevant Life Cover
Who Pays?Director (from post-tax income)The Limited Company
Tax on Premiums?Paid from taxed salary/dividendsAllowable business expense
Benefit in Kind?N/ANo
IHT on Payout?Yes (unless written in trust)No (paid via a trust)
Effective CostSignificantly HigherUp to 50% Cheaper

Relevant Life Cover is a fantastic way for directors of small limited companies to get comprehensive life insurance for their families, using the company's money in the most tax-efficient way possible. It is not available to sole traders or partners in an LLP.

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Key Person Insurance: Insuring Your Most Valuable People

Who in your business is indispensable? It might be you, a co-director with unique technical skills, or a top salesperson who brings in 40% of your revenue. If that person were to die or become critically ill, the financial fallout for the business could be severe.

This is where Key Person Insurance (now often called Relevant Person Cover) comes in. It is a life and/or critical illness policy taken out by the business, on the life of a key individual, where the business is also the beneficiary.

The payout is designed to help the business survive the loss by providing funds to:

  • Recruit and train a replacement.
  • Cover the loss of profits during the transition period.
  • Reassure lenders, suppliers, and customers that the business is stable.
  • Repay business loans for which the key person provided a personal guarantee.

Research from insurers like Legal & General has consistently shown that fewer than half of UK businesses have a key person in place, yet over 50% believe they would cease trading within a year of losing such an individual. This is a risk no prudent business owner should ignore.

Shareholder & Partnership Protection: Securing the Future Ownership of Your Business

If you co-own your business with other directors or partners, what happens to your shares if you die? Typically, they pass to your beneficiaries as part of your estate. This can create a nightmare scenario for everyone involved:

  • For Your Family: They inherit shares in a business they may not understand or want to be involved in, and they may struggle to sell them for a fair price.
  • For Your Business Partners: They could find themselves in business with your spouse or children, who lack the skills or desire to contribute. Worse, your family might be forced to sell the shares to a competitor.

Shareholder Protection (or Partnership Protection for LLPs) solves this problem. It's a combination of life insurance policies and a legal agreement.

  1. The Insurance: Each shareholder takes out a life insurance policy on the lives of the other shareholders.
  2. The Legal Agreement: A 'cross-option agreement' is put in place. This gives the surviving shareholders the right (the 'option') to buy the deceased's shares, and it obliges the deceased's estate to sell them.

The life insurance payout provides the surviving shareholders with the exact funds needed to purchase the shares from the estate at a pre-agreed valuation. This ensures a clean, fair, and seamless transfer of ownership, giving the family a fair cash value for their inheritance and allowing the remaining directors to retain full control of their company.

ScenarioWithout Shareholder ProtectionWith Shareholder Protection
OwnershipShares pass to deceased's family.Surviving shareholders use payout to buy shares.
ControlSurviving shareholders lose 100% control.Surviving shareholders retain 100% control.
Family's PositionInherit illiquid shares, may have to sell cheap.Receive a fair cash value for the shares, quickly.
Business FutureUncertain, potential for conflict or competitor buyout.Stable, business continuity is assured.

Business Loan Protection: Covering Your Debts

Many businesses carry significant debt, such as startup loans, commercial mortgages, or venture capital funding. Often, directors are required to provide personal guarantees for these loans.

If a director who has provided a guarantee passes away, the lender can 'call in' the loan, demanding immediate repayment from the business or, worse, from the director's personal estate. This could bankrupt both the company and the family.

Business Loan Protection is a life (and often critical illness) policy that is specifically designed to pay off an outstanding business loan on the death of a director. The sum assured is matched to the loan amount and can be set up on a level or decreasing basis, ensuring that business debt does not become a devastating personal legacy.

Executive Income Protection: Enhanced Cover for Directors

This is the business equivalent of a personal income protection policy. Paid for by the company, it is a tax-deductible business expense and not a benefit in kind.

If a director is unable to work due to illness or injury, the policy pays a monthly benefit to the company. The company can then use these funds to continue paying the director a salary through the PAYE system.

This has two key advantages over a personal plan:

  1. Higher Limits: Insurers often allow for higher levels of cover (e.g., up to 80% of total remuneration) than on personal plans.
  2. Tax Efficiency: The business gets corporation tax relief on the premiums.

It is an excellent way to provide long-term sick pay for the most important people in the business, protecting their financial wellbeing and ensuring they can remain on the payroll during a prolonged absence.

What About the Self-Employed and Freelancers?

If you are a sole trader or a freelancer, your financial health and your business's health are one and the same. You don't have the limited company structure to access policies like Relevant Life Cover or Executive Income Protection.

For you, the focus must be squarely on robust personal protection.

  • Income Protection is Essential: This is your number one priority. It is your personal sick pay. Without it, an accident or illness that stops you from working also stops your entire income stream instantly. When looking for a policy, it's vital to speak to an adviser who can help you find an insurer that understands fluctuating self-employed income, often by averaging your earnings over the last two or three years.
  • Life and Critical Illness Cover are Crucial: These policies provide the lump sums needed to clear debts and support your family if the worst should happen.

At WeCovr, we have extensive experience helping self-employed clients navigate the market to find policies that accurately reflect their unique working arrangements and provide the comprehensive cover they need.

A Note on Inheritance Tax and Gifting (Gift Inter Vivos)

As a successful business owner, your estate may be liable for Inheritance Tax (IHT). Business Property Relief (BPR) can provide up to 100% relief on the value of your business assets, but your personal assets (including the family home) are still vulnerable.

One common IHT planning strategy is to gift assets to your children or other beneficiaries during your lifetime. However, for a gift to be completely free of IHT, you must survive for seven years after making it. This is known as the "7-year rule". If you die within this period, the gift becomes subject to IHT on a sliding scale.

Gift Inter Vivos insurance is a specialised life insurance policy designed to solve this problem. It is a term assurance policy, usually for seven years, that pays out a lump sum equal to the potential IHT liability on the gift. It ensures that if you die within the seven-year window, the funds are there to pay the tax bill, and your beneficiaries receive the full value of your original gift.

The Added Value: Wellness Programmes & Support Services

Modern insurance is about more than just money. Leading UK insurers now include a suite of valuable support services with their policies, accessible from day one at no extra cost. For a busy entrepreneur, these can be incredibly helpful:

  • 24/7 Remote GP: Access a GP via phone or video call, often getting a consultation within hours.
  • Mental Health Support: Access to counsellors and therapists to help manage the stress and pressure of running a business.
  • Second Medical Opinion: If you or a family member receive a serious diagnosis, you can get it reviewed by a world-leading expert.
  • Fitness & Nutrition Programmes: Discounts and access to apps and services to help you stay healthy.

At WeCovr, we believe in this proactive approach to health. That's why, in addition to finding you the best policy, we provide our clients with complimentary access to our AI-powered calorie tracking app, CalorieHero. We believe that supporting your wellbeing is just as important as protecting your finances.

How to Choose the Right Policies: A Step-by-Step Guide

Navigating this landscape can feel complex, but it can be broken down into simple steps.

  1. Assess Your Risks: Make two lists. What are the biggest financial risks to your family (mortgage, living costs)? And what are the biggest risks to your business (loss of a key person, business debt, shareholder disputes)?
  2. Calculate Your Cover: Put a figure on those risks. How much is your mortgage? What are your family's annual living costs? What is the value of your business loans? How much profit does your key person generate?
  3. Analyse Your Business Structure: Are you a limited company director or a sole trader? This will be the primary determinant of whether you can access tax-efficient business protection policies.
  4. Review Existing Cover: Check any existing policies you have. Do they still meet your needs? Is the cover amount sufficient? Are they held in the most tax-efficient way?
  5. Seek Expert Advice: This is the most important step. The world of business protection is nuanced and complex. An independent specialist broker can be invaluable.

Here at WeCovr, we don't just sell policies. We help you understand your unique risks and build a comprehensive protection strategy. We compare plans from all the UK's major insurers to find the right combination of personal and business cover that is both effective and affordable. Our expertise in tax-efficient solutions like Relevant Life Cover and Executive Income Protection can save you and your business thousands of pounds.

Conclusion: Building a Resilient Future for You and Your Business

As a business owner, you are an expert at mitigating risk in your operations. Applying that same diligence to your personal and business financial security is not a luxury; it is a fundamental responsibility.

The right blend of life insurance, critical illness cover, and income protection—structured in the most tax-efficient way—creates a fortress around you, your family, and the enterprise you have worked so hard to build. It transforms your biggest liabilities into secured assets and ensures that your legacy is one of stability and security, not uncertainty and struggle.

Don't leave the future of your family and your business to chance. Taking proactive steps today is the ultimate investment in a resilient and prosperous tomorrow.

Is life insurance for a business owner a tax-deductible expense?

It depends entirely on the type of policy. Personal life insurance policies taken out and paid for by an individual are not a tax-deductible expense. However, certain business protection policies, where the business is paying the premium for a legitimate business purpose, are typically allowable business expenses. The most prominent example is Relevant Life Cover, where premiums paid by a limited company can be offset against corporation tax. Executive Income Protection and some Key Person Insurance policies may also qualify, subject to meeting HMRC's "wholly and exclusively for the purposes of trade" test.

Can I have both personal and business life insurance?

Yes, and in most cases, it is highly recommended. The two types of insurance serve completely different purposes. Personal life insurance is designed to protect your family's financial future by covering personal debts like mortgages and providing for their living costs. Business life insurance (like Key Person or Shareholder Protection) is designed to protect the business itself from financial loss, ensure a smooth succession, and clear company debts. Relying on one to do the job of the other can lead to serious financial problems for either your family or your business.

How much does business life insurance cost?

The cost of business life insurance varies significantly based on several factors, including:
  • The age and health of the person being insured: Younger, healthier individuals will have lower premiums.
  • Their smoker status: Smokers pay considerably more than non-smokers.
  • The amount of cover (sum assured): A £1 million policy will cost more than a £250,000 policy.
  • The type of policy: A simple term life policy will be cheaper than one that includes critical illness cover.
  • The policy term: A longer term will result in higher premiums.
An independent broker can provide quotes from across the market to find the most competitive price for your specific needs.

What happens to my shareholder protection policy if I sell the business?

If you sell the business, the shareholder protection policies are no longer needed for their original purpose. You generally have a few options. The policies can simply be cancelled. Alternatively, if they were set up on a 'life of another' basis, it might be possible to reassign them for personal use, although this can be complex. It is crucial that the associated legal document (the cross-option agreement) is dissolved correctly as part of the business sale process. You should always seek legal and financial advice in this situation.

As a sole trader, what is the single most important insurance I should have?

For a sole trader, whose income is 100% dependent on their ability to work, the single most important policy is arguably Income Protection. While life and critical illness cover are vital for protecting against catastrophic events, Income Protection is what protects you from the far more common scenario of being unable to work for several months or years due to an illness or injury. It acts as your own personal sick pay scheme and ensures your bills can still be paid and your business can be kept ticking over while you recover.

Do I need a medical exam to get business life insurance?

Not always. For lower amounts of cover and younger applicants, insurers can often make a decision based on the answers you provide on your application form and a check of your medical records with your GP. However, for higher sums assured (e.g., over £1 million), or for older applicants or those with pre-existing medical conditions, the insurer may request a medical screening. This typically involves a nurse visiting you to take blood pressure readings, a blood sample, and a urine sample. This is standard practice and is paid for by the insurer.

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!

There is no need to wait until the renewal of your current policy.
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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Any questions?

Life, income protection, and/or critical illness insurance are safety nets, very important at a difficult time. If anything happened to you before your cover ends, your life or critical illness insurance would pay a lump sum to your family and/or you (if you took a critical illness or income protection cover) to help cover the losses. Being diagnosed with a critical illness can be devastating, and it won't help matters to be also worrying about how you would cope financially. With a life, income protection, or critical illness policy, you can choose how much cover you need, how you want the policy to pay out, and whether you want cover for both you and your partner. Income protection insurance pays you a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire. Also known as permanent health insurance, it is quite important for anyone who relies on a paycheck to cover their living costs, but it's particularly important if you're self-employed or own a small business, where your income might be a bit less stable.

Life, income protection, and critical illness insurance pay out millions to families every day. Your expert will explain to you that you need to be honest and open when applying for your insurance.

If you're single with no dependants then it may be that you don't need life assurance. However, if you were to become seriously ill and unable to work, you may benefit from a critical illness or income protection policy. They can help you keep up to date with your rent, bills, food, and other expenses.

It's free to use WeCovr to find life, income protection, and critical illness insurance - we never charge you for quotes. Critical illness, income protection, and life insurance is an investment that pays many times over for you and/or your loved ones.

Life, income protection, and critical illness insurance are important financial products that insurance companies take a lot of care and diligence, so speaking to real human beings ensures that they understand your requirements fully so that you can get the right cover.

All of our partners are carefully vetted and authorised by the FCA, which means they are held to the highest standards that the FCA expects from them and treat all customers fairly!

Our insurance partners give us a few pounds when you take out a policy with one of their experts.

The cost of life insurance depends on several factors, including your age, occupation, health status, and the level of coverage you choose. Your life insurance policy is tailored to your needs, and the cost can vary based on the sum assured, policy term, and other factors.

Some life insurance policies offer an option to add critical illness cover as a rider or as a separate policy. This provides a lump sum payment if you are diagnosed with a critical illness covered by your policy, offering financial support during a difficult time.

Yes, life insurance is available to self-employed individuals to provide financial protection for their loved ones in the event of their death. It ensures that your family can maintain their standard of living and cover expenses such as mortgage payments, bills, and education costs.

If you outlive your life insurance policy and it expires without a claim, you will not receive any payout. Term life insurance policies are designed to provide coverage for a specific period, and once that period ends, the policy terminates without any residual value. However, you can typically renew or purchase a new policy if you still need coverage.

Critical illness insurance provides a lump sum payment if you're diagnosed with a serious illness covered by your policy, offering financial support during a difficult time. It can help cover medical expenses, mortgage payments, and other financial obligations while you focus on recovery.

Critical illness insurance covers a range of serious illnesses and medical conditions specified in your policy, such as cancer, heart attack, stroke, and organ failure. The lump sum payment can be used to cover medical treatment, ongoing care, and living expenses during your recovery.

The cost of critical illness insurance varies depending on factors such as your age, health status, lifestyle, and the level of coverage you choose. Our experts can provide personalised quotes to help you find affordable coverage.

Yes, you can have critical illness insurance alongside your health insurance coverage. Critical illness insurance provides additional financial protection specifically for serious illnesses, complementing your health insurance benefits.

Critical illness insurance policies typically have exclusions for pre-existing conditions and certain medical conditions not covered by the policy. It's essential to review the terms and conditions of your policy to understand what is and isn't covered.

Some critical illness insurance policies may provide coverage for recurring illnesses, while others may not. It's crucial to review the policy terms and understand the specific conditions under which you can make additional claims for recurring illnesses. Your insurer can provide more details on their coverage for recurring critical illnesses.

Yes, you can customise your life insurance policy to suit your individual needs and circumstances. Options may include choosing the sum assured, policy term, premium payment frequency, and additional riders for enhanced coverage.

If you miss a premium payment for your life insurance policy, your coverage may lapse, and your policy could be terminated. However, many insurers offer a grace period during which you can make the payment to keep your policy active. It's essential to contact your insurer to discuss your options if you're unable to make a payment.

Yes, you can typically change the beneficiary of your life insurance policy at any time by completing a beneficiary change form provided by your insurer. It's essential to keep your beneficiary designation up to date to ensure that the proceeds are distributed according to your wishes.

Term life insurance provides cover for a fixed period, such as 10, 20 or 30 years, and pays out a lump sum if you die during that time. It’s often chosen to protect a mortgage or to provide financial support while dependants still rely on your income. Whole-of-life insurance is designed to last for the rest of your life and guarantees a payout whenever you die, as long as premiums are maintained. It’s usually more expensive than term insurance and is sometimes used to help with inheritance tax planning or to leave a guaranteed legacy.

Some term life insurance policies offer the option to convert to a whole life insurance policy without the need for a medical exam or new underwriting. This conversion feature allows you to maintain coverage beyond the term of your policy and provides lifelong protection.

Some life insurance policies offer accelerated death benefits or living benefits that allow you to access a portion of the death benefit if you are diagnosed with a terminal illness. This feature provides financial assistance to help cover medical expenses and other costs during your final months.

While having savings can provide a financial cushion during tough times, income protection insurance offers additional security by replacing a portion of your income if you're unable to work due to illness or disability. It ensures that you can maintain your standard of living and cover essential expenses even if your savings are depleted.

Yes, self-employed individuals can claim income protection insurance if they're unable to work due to illness or disability. Income protection provides a regular income stream to replace lost earnings, helping self-employed individuals cover their living expenses and business costs during periods of incapacity.

The waiting period, also known as the elimination period, is the length of time you must wait after becoming unable to work due to illness or disability before you can start receiving benefits from your income protection insurance policy. Waiting periods typically range from 30 to 90 days, but longer waiting periods may result in lower premiums.

Income protection insurance is designed to provide financial support if you're unable to work due to illness or disability, not for redundancy. However, some policies may offer optional redundancy cover or unemployment cover as an additional benefit, providing a lump sum or monthly payments if you're made redundant.

The tax treatment of income protection insurance benefits depends on whether the premiums were paid with pre-tax or after-tax dollars. Benefits from policies funded with after-tax dollars are typically tax-free, while benefits from policies funded with pre-tax dollars may be subject to income tax. It's essential to consult with a tax advisor to understand the tax implications of your income protection insurance benefits.

Income protection insurance provides a regular income stream if you're unable to work due to illness or disability, while critical illness insurance provides a lump sum payment if you're diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. Critical illness insurance offers financial support to cover medical expenses, living costs, or other obligations during your recovery.

Income protection insurance policies typically have a waiting period (also known as an elimination period) during which you do not receive benefits. If you become unable to work before this waiting period ends, you will not receive any income protection benefits until the waiting period has elapsed. It's important to have sufficient savings or other financial resources to cover your expenses during this initial period.

Many income protection insurance policies allow you to increase your coverage amount if your income rises, without the need for additional underwriting or medical examinations. This feature, sometimes called a 'guaranteed insurability option,' ensures that your coverage keeps pace with your increasing income and financial obligations.

The maximum age to purchase critical illness insurance varies depending on the insurer and the specific policy. While some insurers may offer critical illness insurance up to age 70 or beyond, others may have lower age limits. It's essential to check with insurers to determine their age eligibility criteria for purchasing critical illness insurance.

Whether you can get critical illness insurance if you have pre-existing conditions depends on the insurer's underwriting guidelines and the specific medical conditions. Some insurers may offer coverage with exclusions for pre-existing conditions, while others may decline coverage altogether. It's essential to disclose any pre-existing conditions when applying for critical illness insurance and discuss your options with insurers.

While health insurance provides coverage for medical expenses, critical illness insurance offers financial protection for broader expenses associated with a serious illness, such as lost income, household bills, and lifestyle changes. Critical illness insurance complements health insurance by providing additional financial support during a challenging time, ensuring that you can focus on recovery without worrying about financial burdens.

If you don't make a claim on your critical illness insurance during the policy term, you won't receive a benefit payout. However, having critical illness insurance provides peace of mind knowing that you're financially protected if you're diagnosed with a covered critical illness during the policy term. It's a form of financial preparation for unexpected events and offers valuable protection for you and your family.

If you outlive your critical illness insurance policy and don't make a claim for a covered critical illness during the policy term, the coverage will expire, and you won't receive a benefit payout. Critical illness insurance provides financial protection for a specific period, typically until a specified age or policy term, and offers peace of mind knowing that you're prepared for the unexpected.

Yes, many insurers offer optional riders or add-ons that you can add to your critical illness insurance policy for enhanced coverage. Common riders may include waiver of premium, which waives future premium payments if you become disabled, or return of premium, which refunds a portion of your premiums if you don't make a claim during the policy term. It's essential to review available riders with insurers to customise your coverage to meet your specific needs.

To make a claim on your critical illness insurance policy, you'll need to notify your insurer of your diagnosis and submit a claim form along with any required medical documentation, such as medical reports, test results, and physician statements. Once your claim is reviewed and approved by the insurer, you'll receive the lump sum benefit payment, which you can use to cover medical expenses, living costs, or other financial needs during your recovery.

As we age, the likelihood of encountering health complications increases for us all. In the event that you develop a severe medical condition, critical illness protection can assist with the expenses of crucial bills – enabling you to concentrate on recuperation or adjusting to your new health circumstance.

The typical expense of a Critical Illness protection policy will fluctuate based on aspects such as your age and medical background. As per our investigation, you can secure a policy starting from as low as £8 (for a non-smoking 21-year-old individual).

The most prevalent critical illnesses in the UK are cancer, cardiac arrest, and cerebrovascular accident (stroke).

Cancer is one of the primary causes for critical illness insurance claims in the UK. Cancer constitutes over 80% of critical illness cover claims for females and about 45% of critical illness claims for males.


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