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Best Life Insurance for Critical Illness and Income Protection

Best Life Insurance for Critical Illness and Income Protection

Navigating the world of personal protection can feel like trying to read a map in the dark. With so many different products, terms, and options, it's easy to feel overwhelmed. Yet, securing your financial future, and that of your loved ones, is one of the most important steps you can take. The peace of mind that comes from knowing you're protected against life's biggest "what ifs" – serious illness, being unable to work, or death – is invaluable.

The truth is, there isn't a single "best" policy. The best protection is a strategy – a carefully constructed combination of policies that work together to create a comprehensive financial safety net. Relying on just one type of cover can leave dangerous gaps. This is where the real power lies: in understanding how Life Insurance, Critical Illness Cover, and Income Protection can be layered to shield you from every angle.

WeCovr shows how to combine policies for maximum peace of mind

At WeCovr, we believe that financial protection shouldn't be a puzzle. It should be a fortress. Building that fortress means moving beyond a single-policy mindset and adopting a holistic approach. Think of it not as buying one product, but as assembling your personal protection portfolio.

  • Life Insurance acts as the foundation, protecting your dependants after you're gone.
  • Critical Illness Cover provides a financial boost to handle the immediate and significant costs of a serious diagnosis.
  • Income Protection is your ongoing defence, replacing your salary month after month if you're unable to work.

When combined thoughtfully, these three pillars support each other, ensuring that no matter what life throws at you, you and your family have the financial resources to cope. In this guide, we'll break down each element and show you exactly how to build a protection strategy that delivers true peace of mind.

Understanding the Core Three: Life, Critical Illness, and Income Protection

Before we dive into combination strategies, let's clarify what each of these core policies does. They each serve a unique purpose and are triggered by different life events.

Protection TypePays Out When...How It Pays OutPrimary Purpose
Life InsuranceYou pass away or are diagnosed with a terminal illness (typically <12 months to live).A single, tax-free lump sum.To support your dependants, clear debts like a mortgage, and cover funeral costs.
Critical Illness CoverYou are diagnosed with a specific, serious illness listed in the policy.A single, tax-free lump sum.To cover major costs during recovery, such as medical bills, home adaptations, or paying off debts.
Income ProtectionYou are unable to work due to almost any illness or injury, after a set waiting period.A regular, tax-free monthly income.To replace your lost salary and cover your day-to-day living expenses.

Demystifying Life Insurance

At its heart, life insurance is a promise. It's a contract with an insurer that says if you die during the policy term, they will pay a cash sum to the people you leave behind (your beneficiaries). This money can be a lifeline, ensuring your family can maintain their standard of living without your income.

Key Types of Life Insurance:

  • Term Life Insurance: This is the most common and affordable type. It covers you for a fixed period (the "term"), such as 25 years to match your mortgage.
    • Level Term: The payout amount remains the same throughout the term. Ideal for covering an interest-only mortgage or providing a lump sum for your family's future.
    • Decreasing Term: The payout amount reduces over time, usually in line with a repayment mortgage or other loan. This makes it a cheaper option.
  • Family Income Benefit: A variation of term insurance. Instead of a single lump sum, it pays out a regular, tax-free income to your family until the end of the policy term. This can be easier for budgeting and replaces your lost salary in a more direct way.
  • Whole of Life Insurance: This policy has no end date. It covers you for your entire life and is guaranteed to pay out whenever you die. It's often used for covering funeral expenses or for inheritance tax planning.

Who needs it? If anyone relies on you financially – a partner, children, or even ageing parents – life insurance is a must-have. With the average UK mortgage debt for first-time buyers standing at over £200,000 in recent years, life cover is essential to ensure your loved ones aren't left with a crippling debt.

Critical Illness Cover Explained

Whilst it’s unsettling to think about, the statistics are stark. According to Cancer Research UK, 1 in 2 people in the UK will be diagnosed with some form of cancer in their lifetime. A critical illness diagnosis is emotionally devastating, but it can also be financially catastrophic. This is where Critical Illness Cover (CIC) steps in.

CIC pays out a tax-free lump sum if you are diagnosed with one of a list of predefined serious conditions. The "big three" covered by almost every policy are:

  • Cancer (of a specified severity)
  • Heart Attack
  • Stroke

Most comprehensive policies today cover 50+ conditions, and some even extend to over 100, including conditions like multiple sclerosis, kidney failure, and major organ transplant.

The money can be used for anything, providing crucial financial breathing space during a difficult time. Common uses include:

  • Clearing or reducing a mortgage.
  • Paying for private medical treatment or specialist therapies not available on the NHS.
  • Adapting your home (e.g., installing a ramp or stairlift).
  • Allowing your partner to take time off work to care for you.
  • Simply replacing lost income while you focus on getting better.

The Essential Guide to Income Protection

Often described by financial experts as the most important protection policy of all, Income Protection (IP) is the bedrock of any solid financial plan. It does one thing, and it does it brilliantly: it pays you a regular income if you're unable to work due to illness or injury.

Think about it: your ability to earn an income is your biggest asset. It pays for your home, your food, your holidays – everything. If that income suddenly stopped due to sickness, how long could you cope? For many, the answer is "not long".

Statutory Sick Pay (SSP) in the UK is just £116.75 per week (for 2024/25) and is only paid for a maximum of 28 weeks. This is rarely enough to cover even the most basic household bills.

How Income Protection Works:

  1. Cover Amount: You choose to cover a percentage of your gross salary, typically between 50% and 70%.
  2. Deferred Period: This is the waiting period before the payments start. It can be anything from 1 day to 52 weeks. The longer the deferred period you choose, the lower your monthly premium. A common choice is 13 weeks, to coincide with when employer sick pay might run out.
  3. Payment Term: You decide how long the policy will pay out for. This can be a short term (e.g., 1, 2, or 5 years) or, more comprehensively, right up until your chosen retirement age.

Unlike Critical Illness Cover, which only pays for specific conditions, Income Protection can cover almost any medical reason that stops you from working, from a bad back or mental health condition to cancer or a stroke.

The Power of Combination: Crafting Your Protection Strategy

Now that we understand the individual components, let's explore why combining them is so powerful. A well-structured package provides multi-layered defence against financial hardship.

The Classic Combination: Life Insurance with Critical Illness Cover

This is the most common protection pairing in the UK. Insurers often sell a combined policy where you get both life and critical illness cover under one plan.

How it typically works: This is usually "accelerated" cover. This means the policy pays out once – either on diagnosis of a qualifying critical illness or on death, whichever happens first.

  • Benefit: It's more affordable than buying two separate policies and simplifies the application process.
  • Drawback: If you claim for a critical illness, the life cover is used up. There would be no further payout if you passed away later.

Real-Life Example:

  • Client: David, 40, is a graphic designer with a wife, two young children, and a £300,000 mortgage.
  • Policy: He takes out a combined, accelerated Life and Critical Illness policy for £300,000 over a 25-year term.
  • Scenario: At age 48, David suffers a severe heart attack. The policy pays out the £300,000 sum. He and his wife use it to clear their mortgage completely, removing their single biggest financial worry.
  • Outcome: David can focus on his recovery without financial stress. However, because the policy has paid out, his life cover is now gone. He may need to consider new life insurance once he recovers, which could be more expensive.

An alternative, "additional cover," keeps the life and critical illness pots separate. If you claimed on the critical illness element, the full life cover would remain in place. This is more expensive but offers more comprehensive protection. An expert adviser at WeCovr can help you weigh the costs and benefits to decide which is right for you.

The Ultimate Safety Net: Adding Income Protection to the Mix

For truly robust protection, adding Income Protection to a Life and Critical Illness plan creates the ultimate financial shield. The two types of payout (lump sum and regular income) serve different but complementary purposes.

  • The Critical Illness lump sum is your "shock absorber." It deals with the big, immediate financial hits: clearing the mortgage, paying for private care, or adapting the house.
  • The Income Protection monthly payments are your "day-to-day defence." They replace your salary and ensure the bills, groceries, and regular outgoings are covered, month after month, for as long as you need.

Real-Life Example:

  • Client: Chloe, 35, is a self-employed solicitor earning £60,000 per year. She has no employer sick pay.
  • Her Protection Portfolio:
    1. Decreasing Term Life & CIC: £250,000 to cover her mortgage.
    2. Income Protection: To pay out £3,000 per month (£36,000 per year, or 60% of her gross income) after a 13-week deferred period, paying until she is 67.
  • Scenario: Chloe is diagnosed with multiple sclerosis. While it's a defined critical illness, she is still able to work part-time for another two years. After that, her condition worsens, and she has to stop working completely.
  • Outcome:
    • Critical Illness Payout: On diagnosis, she receives the £250,000 lump sum. She uses £200,000 to pay off the majority of her mortgage and puts £50,000 aside for future needs, like specialist equipment or home help.
    • Income Protection Payout: Two years later, when she stops work, her IP policy kicks in after the 13-week deferred period. She starts receiving £3,000 tax-free every month. This income allows her to live comfortably and maintain her independence without worrying about daily bills. The policy will continue to pay until she turns 67 if she can never return to work.

This combined approach ensures that both the immediate financial shock and the long-term income loss are fully covered.

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Specialist Protection: Solutions for Business Owners and the Self-Employed

If you work for yourself or run your own company, your financial vulnerability to illness is significantly higher. There's no safety net of employer sick pay, and the success of the business often rests squarely on your shoulders. Thankfully, there are specialist protection products designed for you.

Income Protection: The Non-Negotiable for Freelancers and Sole Traders

For anyone self-employed, Income Protection isn't a luxury; it's an essential business overhead. It is your sick pay. When choosing a policy, pay close attention to the "definition of incapacity":

  • Own Occupation: This is the gold standard. The policy will pay out if you are unable to perform the specific duties of your own job. For a surgeon, a pianist, or a specialist tradesperson, this is vital.
  • Suited Occupation: Pays out if you can't do your own job or a similar one based on your skills and experience.
  • Any Occupation: The most basic definition. Only pays out if you are so ill you cannot perform any kind of work. This should generally be avoided.

For those in riskier jobs like tradespeople, nurses, or electricians, who may be more susceptible to short-term injuries, a Personal Sick Pay policy can be a good option. These are a form of IP, often with shorter payment periods (1 or 2 years) and shorter deferred periods (sometimes just one day), designed to cover short-to-medium term absences.

For Company Directors: Beyond Personal Cover

If you're a director of a limited company, you can arrange protection in a more tax-efficient way by having the company pay the premiums.

  • Executive Income Protection: This is an Income Protection policy owned and paid for by your limited company. The premiums are typically an allowable business expense, and the benefit is paid to the company, which then distributes it to you via PAYE. It's a highly tax-efficient way to secure your income.
  • Key Person Insurance: What would happen to your business if you, or another vital employee, were to die or become critically ill? Key Person Insurance is designed to protect the business itself. The policy pays a lump sum to the company to cover costs like lost profits, recruiting a replacement, or repaying business loans.
  • Relevant Life Cover: This is a tax-efficient death-in-service benefit for directors and employees. The company pays the premiums (which are a business expense), and if the individual dies, the payout goes directly to their family via a trust, completely free of income tax, national insurance, and inheritance tax. It's a fantastic alternative to a personal life insurance policy for company directors.

Inheritance Tax (IHT) Planning with Gift Inter Vivos Insurance

For successful individuals and business owners looking at estate planning, a Gift Inter Vivos policy is a clever tool. When you gift a large sum of money or an asset, it is still considered part of your estate for Inheritance Tax purposes for 7 years. If you were to die within that period, your beneficiaries could face a large IHT bill on the gift.

This type of insurance is a specific life policy designed to cover that potential tax liability. It's a decreasing term plan where the sum assured reduces over the 7 years, mirroring the tapering IHT liability on the gift.

How Much Cover Do I Really Need? A Practical Calculation

Determining the right amount of cover is crucial. Too little leaves you exposed; too much means you're overpaying on premiums.

Calculating Your Life Insurance Needs

A simple way to estimate this is to think about clearing all debts and replacing your income for a set period.

Financial NeedCalculation / ConsiderationYour Estimate (£)
Mortgage & DebtsYour outstanding mortgage + any car loans, credit cards etc.
Family Living CostsYour annual take-home pay x the number of years your family needs support (e.g., until youngest child is 21).
Future EducationEstimated cost of university fees or private schooling for your children.
Funeral CostsThe average UK funeral cost is around £4,000-£5,000, but can be higher.
Total Life Cover NeededSum of the above

Sizing Your Critical Illness Cover

There are two main schools of thought here:

  1. Cover Your Mortgage: Your primary goal is to clear the biggest debt, removing the main financial pressure during recovery.
  2. Cover Your Salary: Aim for a lump sum equivalent to 1-3 years of your net salary. This gives you a significant buffer to use as you see fit.

The right answer is often a blend of the two, ensuring major debts are handled and there's a cash fund for other needs.

Determining Your Income Protection Amount

This is more straightforward:

  • Start with your gross (pre-tax) annual income.
  • Calculate 60-65% of this figure. This is the maximum amount most insurers will cover.
  • Consider your deferred period. Look at your savings and any employer sick pay. If you have 3 months of savings, a 13-week (3-month) deferred period makes sense. A longer period will lower your premium.
  • Choose your payment term. For the most robust cover, select a term that pays out right up until your planned retirement age (e.g., 67).

WeCovr's Top Tips for Getting the Best Value and Coverage

  1. Be Honest and Thorough: When applying, you must disclose your full medical history. Non-disclosure is the primary reason claims are denied. Being upfront ensures your policy is valid when you need it most.

  2. Review Your Cover Regularly: Life doesn't stand still. Getting married, having children, moving house, or getting a pay rise are all key moments to review your protection and ensure it's still fit for purpose.

  3. Place Your Policy in Trust: This is one of the most important yet overlooked steps for life insurance. Placing your policy in trust is a simple legal arrangement that ensures the payout goes directly to your chosen beneficiaries, bypassing the lengthy probate process and usually falling outside your estate for Inheritance Tax purposes. Most insurers offer this service for free.

  4. Look Beyond the Premium: The cheapest policy is rarely the best. Pay attention to the details, especially the definitions for Critical Illness Cover and Income Protection. Check the insurer's claim payout statistics – the Association of British Insurers (ABI) reported that 96.9% of all protection claims were paid in 2023, a testament to the industry's reliability. A broker like us can help you compare these crucial details.

  5. Embrace Wellness: Proactive health is your first line of defence. Many insurers now offer value-added benefits like discounted gym memberships, free health checks, and mental health support. At WeCovr, we believe in supporting our customers' wellbeing beyond just the policy. That's why we provide our customers with complimentary access to our AI-powered calorie tracking app, CalorieHero, to help them on their health journey.

  6. Don't Delay: Protection insurance is priced based on your age and health at the time of application. The younger and healthier you are, the cheaper your premiums will be for the entire life of the policy. Procrastination literally costs you money.

The WeCovr Advantage: Why Use an Expert Broker?

Trying to navigate the protection market alone can be a false economy. The landscape is complex, and the details matter immensely. Using an independent expert adviser like WeCovr gives you a significant advantage.

  • Whole-of-Market Access: We are not tied to a single insurer. We compare policies, features, and prices from across the entire UK market to find the perfect fit for your unique circumstances.
  • Expert Guidance: We translate the jargon and explain the small print. We help you understand the crucial differences between policies and craft a combined strategy that leaves no gaps.
  • Application Support: We guide you through the application process, ensuring it's completed accurately to give you the best chance of getting cover on standard terms and ensuring any future claim is paid smoothly.
  • Trust and Claims Support: Our service doesn't end when the policy starts. We provide expert assistance with setting up trusts and are here to support your family and advocate on their behalf should they ever need to make a claim.

Conclusion: Building Your Financial Fortress

Your financial health is just as important as your physical health. Creating a robust protection strategy by combining Life Insurance, Critical Illness Cover, and Income Protection is the most effective way to build a financial fortress around you and your family.

This isn't about being pessimistic; it's about being pragmatic. It’s about taking control and ensuring that if the worst should happen, financial worries are the last thing on your mind. The right combination of cover provides a lump sum to handle major shocks and a steady income to manage daily life, giving you a comprehensive shield against uncertainty.

The path to financial security is unique for everyone. Don't leave your family's future to chance. Speak to an expert at WeCovr today for a no-obligation review of your protection needs and let us help you build the peace of mind you deserve.

Frequently Asked Questions (FAQs)

Can I get cover if I have a pre-existing medical condition?

Generally, yes. It is often still possible to get some form of protection cover if you have a pre-existing medical condition. The insurer will assess your specific situation. The outcome could be that you are offered cover on standard terms, cover with a higher premium (a "loading"), or cover with an exclusion for your specific condition. In some cases, an application may be declined. This is where an expert broker is invaluable, as they know which insurers are most favourable for certain conditions.

Is the payout from these policies taxable?

For personal policies taken out to protect you and your family, the payouts from Life Insurance, Critical Illness Cover, and Income Protection are generally paid completely free of UK income tax and capital gains tax. For life insurance, placing the policy in trust can also ensure the benefit is paid outside of your estate, meaning it is not normally subject to Inheritance Tax.

What's the difference between "reviewable" and "guaranteed" premiums?

Guaranteed premiums are fixed at the start of the policy and will not change for the entire term, unless you choose to alter your cover. This provides certainty and makes budgeting easier.
Reviewable premiums are usually cheaper to begin with, but the insurer has the right to review and increase them at set intervals (e.g., every 5 years). They may increase due to factors like your age or claims trends. Whilst cheaper initially, they can become much more expensive over time. For long-term planning, guaranteed premiums are often the preferred choice.

How long should my policy term be?

The ideal term depends on the policy's purpose:
  • For Life and Critical Illness Cover: The term should typically last until your major financial responsibilities have ended. This is often until your mortgage is paid off and/or your children are financially independent (e.g., age 21 or 25).
  • For Income Protection: The most comprehensive cover will have a term that runs right up to your planned retirement age (e.g., 65 or 67), ensuring your income is protected throughout your entire working life.

Do insurers actually pay out?

Yes, absolutely. This is a common misconception, but the reality is that the vast majority of claims are paid. According to the Association of British Insurers (ABI), in 2023, UK insurers paid out over £6.85 billion across all protection policies, representing 96.9% of all claims submitted. For life insurance specifically, over 97% of claims were paid. The small percentage of claims that are not paid are typically due to non-disclosure (not providing accurate information at the application stage) or the claim not meeting the policy definition.

What is Family Income Benefit?

Family Income Benefit is a type of life insurance (and can sometimes include critical illness cover) that pays out a regular, tax-free income rather than a single lump sum. If you were to die, the policy would pay the chosen monthly or annual income to your family for the remainder of the policy term. It is often a more affordable way to ensure your family's ongoing living costs are met, as it directly replaces your lost income in a manageable way.
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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.
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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!

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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 coverage for a specific period, such as 10, 20, or 30 years, and pays out a death benefit if you die during the term of the policy. Whole life insurance, on the other hand, provides coverage for your entire life and includes a cash value component that grows over time. Whole life insurance also offers lifelong protection and may accumulate cash value that you can borrow against or withdraw.

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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