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Thrive Protected Potential

WeCovr Editorial Team · experienced insurance advisers
Last updated Feb 20, 2026
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TL;DR

We all build our lives on a foundation of ambition, hope, and hard work. We plan for promotions, dream of family holidays, save for our children's futures, and strive to grow our businesses. But what happens when the ground beneath our feet unexpectedly gives way?

Key takeaways

  • The Cancer Challenge: Cancer Research UK projects that a staggering 1 in 2 people in the UK will be diagnosed with some form of cancer in their lifetime. While survival rates are continuously improving thanks to medical advances, a diagnosis invariably brings significant emotional and financial disruption.
  • Heart and Circulatory Diseases: The British Heart Foundation reports that around 7.6 million people in the UK live with a heart or circulatory disease. These conditions, including heart attacks and strokes, are a leading cause of disability and premature death.
  • The Inability to Work: The risk of being off work for a long period is higher than many realise. According to the Office for National Statistics (ONS), over 2.8 million people were economically inactive due to long-term sickness in early 2024, a record high. This highlights a significant vulnerability for any household reliant on a steady income.
  • Statutory Sick Pay (SSP): For those eligible, SSP provides a mere £116.75 per week (2024/25 rate). This is a fraction of the average UK wage and is wholly insufficient to cover mortgage payments, bills, and daily living costs.
  • The Savings Gap: A study by the Financial Conduct Authority (FCA) revealed that millions of UK adults have very little in savings. A sudden loss of income would push many households into immediate financial hardship within weeks, not months.

Thrive Protected Potential

We all build our lives on a foundation of ambition, hope, and hard work. We plan for promotions, dream of family holidays, save for our children's futures, and strive to grow our businesses. But what happens when the ground beneath our feet unexpectedly gives way? A sudden health crisis or an inability to work can shatter the most carefully laid plans, replacing security with stress and aspiration with anxiety. This isn't about scaremongering; it's about acknowledging a fundamental truth of modern life: true freedom and the ability to thrive are not just built on what we earn, but on how well we protect it.

Proactively "future-proofing" your life is not a defensive act of pessimism. It is the single most empowering step you can take to secure your potential. It's the unseen scaffolding that allows you to build higher, take calculated risks, and live more fully, knowing that a safety net is firmly in place. When you remove the paralysing fear of 'what if?', you unlock the mental and financial space to pursue your goals with unstoppable confidence.

This comprehensive guide will illuminate the robust framework of protection available to you. We'll explore how a tailored strategy, combining powerful tools like Life Cover, Critical Illness Cover, and Income Protection, can shield you, your family, and your business from life's most challenging storms. We'll delve into specialised solutions for tradespeople and freelancers, strategic advantages for company directors, and the vital role of Private Health Insurance in accelerating your return to health and productivity. This is your blueprint for building a resilient, protected, and truly thriving future.

The Reality Check: Why 'It Won't Happen to Me' is a Dangerous Myth

It’s human nature to feel invincible. We see unfortunate events happening to others and subconsciously believe we're immune. However, the statistics paint a starkly different picture, grounding us in a reality that demands proactive planning.

Consider these sobering facts about life in the UK today:

  • The Cancer Challenge: Cancer Research UK projects that a staggering 1 in 2 people in the UK will be diagnosed with some form of cancer in their lifetime. While survival rates are continuously improving thanks to medical advances, a diagnosis invariably brings significant emotional and financial disruption.
  • Heart and Circulatory Diseases: The British Heart Foundation reports that around 7.6 million people in the UK live with a heart or circulatory disease. These conditions, including heart attacks and strokes, are a leading cause of disability and premature death.
  • The Inability to Work: The risk of being off work for a long period is higher than many realise. According to the Office for National Statistics (ONS), over 2.8 million people were economically inactive due to long-term sickness in early 2024, a record high. This highlights a significant vulnerability for any household reliant on a steady income.

The financial consequences of such events can be devastating:

  • Statutory Sick Pay (SSP): For those eligible, SSP provides a mere £116.75 per week (2024/25 rate). This is a fraction of the average UK wage and is wholly insufficient to cover mortgage payments, bills, and daily living costs.
  • The Savings Gap: A study by the Financial Conduct Authority (FCA) revealed that millions of UK adults have very little in savings. A sudden loss of income would push many households into immediate financial hardship within weeks, not months.

This isn't about dwelling on the negative. It's about recognising the tangible risks we all face and understanding that a robust financial plan must account for them. Protection insurance is the mechanism that transforms this vulnerability into a source of strength and resilience.

Building Your Fortress: A Deep Dive into Personal Protection

Your personal protection strategy is the cornerstone of your financial security. It’s a multi-layered defence designed to provide the right kind of financial support at the right time, depending on what life throws your way. Let's break down the essential components.

1. Life Insurance: The Bedrock of Your Legacy

Life Insurance pays out a cash sum upon your death, providing crucial financial support for your loved ones when they are at their most vulnerable. It's not for you; it's for the people you leave behind.

Who needs it?

  • Anyone with children or other dependents.
  • Homeowners with a mortgage.
  • Individuals with personal loans or debts that would pass to their estate.
  • Anyone who wants to leave a financial legacy or cover funeral costs.

There are two primary types:

Policy TypeHow it WorksBest For...
Term InsuranceProvides cover for a fixed period (e.g., 25 years). If you die within the term, it pays out. If you outlive the term, the policy ends.Covering liabilities with an end date, like a repayment mortgage or the years until your children are financially independent. It's the most affordable type of life cover.
Whole of LifeProvides cover for your entire life, guaranteeing a payout whenever you die.Estate planning, covering a guaranteed Inheritance Tax (IHT) bill, or leaving a fixed legacy for your family. It is more expensive than term insurance.

A specialised form of life insurance is Gift Inter Vivos cover. If you gift a large sum of money or an asset (like a property) to someone, it may be subject to Inheritance Tax if you die within seven years. This type of policy is designed to pay out a lump sum to cover that potential tax bill, ensuring your gift reaches its recipient in full.

2. Critical Illness Cover (CIC): Financial Breathing Space When You Need It Most

A serious illness can be as devastating financially as it is physically. Critical Illness Cover is designed to alleviate this financial pressure. It pays out a tax-free lump sum if you are diagnosed with one of a specific list of serious medical conditions defined in your policy.

How does it help? The payout is yours to use as you see fit. Common uses include:

  • Paying off your mortgage or other significant debts.
  • Covering lost income while you focus on recovery.
  • Funding private medical treatments or specialist care not available on the NHS.
  • Making necessary adaptations to your home (e.g., wheelchair access).
  • Simply providing a financial buffer to reduce stress for you and your family.

It's crucial to understand that policies vary. The number and definition of illnesses covered can differ between insurers. Common conditions covered include most types of cancer, heart attack, stroke, multiple sclerosis, and major organ transplant. When considering a policy, it’s vital to check the details – something an expert broker can help you navigate.

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3. Income Protection (IP): Your Personal Salary Parachute

For many financial experts, Income Protection is the single most important insurance policy you can own. While Life and Critical Illness cover address specific events, IP protects your most valuable asset: your ability to earn an income.

If you are unable to work due to any illness or injury, IP pays out a regular, tax-free monthly income until you can return to work, retire, or the policy term ends.

Key Features of Income Protection:

  • The Deferment Period: This is the waiting period between when you stop working and when the payments begin. It can be tailored from as little as one day up to 12 months. Aligning this with your employer's sick pay scheme or your personal savings is a smart way to manage the premium cost.
  • Level of Cover: You can typically protect up to 50-70% of your gross annual income. This is designed to replace your take-home pay without disincentivising a return to work.
  • The Definition of Incapacity: This is the most critical part of an IP policy.
    • Own Occupation: The gold standard. It pays out if you are unable to do your specific job. This is highly recommended for professionals and skilled workers.
    • Suited Occupation: Pays out if you cannot do your own job or a similar one for which you are qualified by education or experience.
    • Any Occupation / Activities of Daily Living: The most basic definition. It will only pay out if you are so incapacitated that you cannot perform any job or a set number of basic daily tasks. This type of cover should generally be avoided if possible.

Think of it this way: your home is insured, your car is insured. Why wouldn't you insure the income that pays for everything?

4. Family Income Benefit (FIB): A Regular Income for Your Family

Family Income Benefit is a clever and often more affordable alternative to standard lump-sum life insurance. Instead of paying out a single large amount upon death, it provides a series of smaller, regular, tax-free income payments to your family.

These payments continue from the date of the claim until the policy's original end date. For example, if you took out a 20-year policy and died in year 5, your family would receive an income for the remaining 15 years. This structure is excellent for replacing a lost salary and makes budgeting much simpler for a grieving family, ensuring that monthly bills and living costs are consistently met.

5. Personal Sick Pay: Short-Term Cover for Hands-On Professions

While full Income Protection is the ideal, some individuals, particularly those in riskier manual trades or the gig economy, need a more immediate safety net. Personal Sick Pay (also known as Accident, Sickness & Unemployment cover) is designed for this.

It provides a short-term income, typically for 12 or 24 months, if you can't work due to illness or injury. It often has very short deferment periods (sometimes 'day one' cover), making it invaluable for self-employed plumbers, electricians, nurses, or construction workers who have no employer sick pay to fall back on. It bridges the crucial gap before a longer-term IP policy might kick in or covers shorter spells of incapacity.

The Strategic Advantage: Private Health Insurance (PHI)

While the protection policies above provide financial support, Private Health Insurance (PHI), also known as Private Medical Insurance (PMI), is about your health itself. It's designed to work alongside the fantastic service provided by our NHS, offering you more choice, control, and speed when it comes to your medical care.

The Key Benefits of PHI:

  • Bypassing Waiting Lists: This is perhaps the most significant advantage. NHS waiting lists for consultations, diagnostics (like MRI scans), and non-urgent surgery can be extensive. PHI gives you prompt access to care, which can be crucial for a faster recovery and a quicker return to work and normal life.
  • Choice and Comfort: PHI typically gives you more choice over the specialist who treats you and the hospital where you are treated. It often includes the comfort of a private en-suite room, which can make a significant difference to your recovery experience.
  • Access to Specialist Treatments: Some policies provide access to drugs, treatments, or therapies that may not be routinely available on the NHS due to funding constraints.

For both individuals and business owners, the value is clear. For an individual, it's about peace of mind and optimal well-being. For a business owner, ensuring a key team member gets treated and back to work quickly can be commercially vital.

The Business Owner's Shield: Protecting Your Enterprise and Your Team

If you are a company director, a partner in a firm, or a freelancer, your personal and business finances are intrinsically linked. A personal health crisis can have a catastrophic impact on your business, and vice versa. Specialised business protection is therefore not a luxury, but a necessity for continuity and stability.

Here's a breakdown of the essential tools:

Protection TypeWhat it ProtectsHow it Works
Key Person InsuranceThe business's financial health.The business takes out a policy on a 'key' individual (e.g., a top salesperson, a technical genius, or a director). If that person dies or suffers a critical illness, the policy pays a lump sum to the business. This cash injection can cover lost profits, recruit a replacement, or reassure lenders.
Shareholder / Partner ProtectionThe ownership and control of the business.In the event of a shareholder's or partner's death, this provides the remaining owners with the funds to buy the deceased's shares from their estate. This prevents shares from passing to family members who may have no interest or skill in running the business, ensuring a smooth transition of ownership.
Relevant Life CoverYour employees' families (and your own, as a director).This is a tax-efficient, company-paid death-in-service benefit. The premiums are typically an allowable business expense, and the benefits are not treated as a P11D benefit-in-kind for the employee. It's a highly valued perk, especially for small businesses that don't have a large group scheme.
Executive Income ProtectionA director's or key employee's income.Similar to personal IP, but the policy is owned and paid for by the limited company. This is a tax-efficient way to provide income protection, as the premiums are usually a deductible business expense, and it doesn't count towards an individual's annual pension allowance.

For the self-employed and freelancers, personal Income Protection is non-negotiable. With no employer to fall back on, your ability to earn is your entire business. A robust IP policy is your sick pay, your safety net, and your business continuity plan rolled into one.

Crafting Your Personalised Protection Strategy

There is no "one-size-fits-all" solution when it comes to protection. The right strategy is deeply personal, reflecting your unique circumstances, responsibilities, and aspirations.

Follow these steps to build your plan:

  1. Assess Your Needs: Start with a thorough financial health check. What are your outgoings? What debts do you have (mortgage, loans)? How much would your family need to live comfortably without your income? What are your future goals?
  2. Consider Your Existing Cover: Do you have any death-in-service benefits or sick pay through your employer? Understand what you have, but be aware of its limitations – it's often tied to your employment and may not be sufficient.
  3. Prioritise Your Protection: If you can't afford everything at once, prioritise. Income Protection is often the foundation. If you have dependents and a mortgage, Life and Critical Illness cover are essential.
  4. Use Trusts: Placing your life insurance and critical illness policies into a trust is a simple yet powerful step. It means the payout can be made directly to your beneficiaries, bypassing your estate. This makes the process much faster and can help avoid Inheritance Tax.
  5. Seek Expert Advice: The protection market is complex, with dozens of providers and subtle but important differences between policies. Using an expert independent broker, like WeCovr, is invaluable. We can scan the entire market, from all major UK insurers, to find the policies that offer the right level of cover for your specific needs and budget. We demystify the jargon and help you make an informed decision.
  6. Review and Adapt: Life changes. Getting married, having children, buying a new home, or starting a business are all key moments to review your protection strategy and ensure it's still fit for purpose.

Beyond Insurance: Cultivating a Lifestyle of Resilience

While insurance provides a financial safety net, the first line of defence is always your own health and well-being. A proactive approach to your lifestyle not only reduces your risk of illness but can also have a positive impact on your insurance premiums.

  • Nourish Your Body: A balanced diet rich in whole foods, fruits, and vegetables is fundamental to good health.
  • Move Regularly: Aim for at least 150 minutes of moderate-intensity activity a week, as recommended by the NHS.
  • Prioritise Sleep: Quality sleep is essential for physical and mental recovery. Aim for 7-9 hours per night.
  • Manage Stress: Chronic stress can have a significant impact on your health. Find healthy coping mechanisms like mindfulness, hobbies, or spending time in nature.
  • Stay Socially Connected: Strong social ties are linked to better health outcomes and longevity.

At WeCovr, we believe in supporting our clients' holistic well-being. That's why, in addition to finding you the best protection policies, we provide our customers with complimentary access to CalorieHero, our proprietary AI-powered calorie and nutrition tracking app. It's a small way we can help you take proactive control of your health, underpinning the very foundation of resilience we've discussed.

Building a secure future is the ultimate act of self-care and responsibility. It's about having the foresight to protect what you're working so hard to build. By understanding the risks and embracing the powerful solutions available, you can lay an unshakable foundation, freeing yourself to focus not on what could go wrong, but on the limitless potential of what can go right.

Is protection insurance expensive?

The cost of protection insurance varies significantly based on factors like your age, health, lifestyle (e.g., whether you smoke), the type of cover, the amount of cover, and the policy term. However, it is often far more affordable than people assume. For example, term life insurance for a healthy 30-year-old can cost less than a few coffees per week. A specialist broker can help you find cover that fits your budget.

Do I really need cover if I'm young and healthy?

Yes, this is actually the best time to get cover. Premiums are at their lowest when you are young and in good health, and you can lock in that low price for the duration of the policy. While you may feel invincible, accidents and unexpected illnesses can happen at any age. Securing cover early provides peace of mind and is the most cost-effective approach in the long run.

What's the difference between Income Protection and Critical Illness Cover?

They serve different purposes. Critical Illness Cover pays out a one-off, tax-free lump sum if you are diagnosed with a specific serious illness listed on your policy. It's designed to handle large capital costs like paying off a mortgage. Income Protection provides a regular, ongoing monthly income if you are unable to work due to any illness or injury, not just a specific list. It's designed to replace your salary and cover ongoing living costs. Many people choose to have both for comprehensive protection.

Will insurers actually pay out?

This is a common concern, but the reality is that payout rates are extremely high. According to the Association of British Insurers (ABI), in 2023, insurance companies paid out over £6.8 billion in protection claims. The vast majority of claims are paid – for example, 97.4% of all life insurance claims were paid. The main reason a claim is declined is due to 'non-disclosure', where the applicant was not honest about their health or lifestyle when they took out the policy. This is why full transparency during the application process is vital.

How does being self-employed affect my insurance needs?

Being self-employed makes protection insurance, particularly Income Protection, even more critical. You have no employer sick pay or death-in-service benefits to fall back on. If you can't work, your income stops immediately. An Income Protection policy becomes your personal sick pay scheme. For company directors, additional covers like Key Person, Relevant Life, and Executive Income Protection are also essential tools to protect both your personal finances and the health of your business.

Do I need to declare pre-existing medical conditions?

Generally, you must be completely honest and declare all pre-existing medical conditions and any relevant medical history when you apply for any protection insurance. Failing to do so is known as 'non-disclosure' and could invalidate your policy, meaning your insurer could refuse to pay a claim. While a pre-existing condition might lead to a higher premium or an exclusion on that specific condition, it is far better than having a policy that won't pay out when you need it most.

Sources

  • Office for National Statistics (ONS): Mortality and population data.
  • Association of British Insurers (ABI): Life and protection market publications.
  • MoneyHelper (MaPS): Consumer guidance on life insurance.
  • NHS: Health information and screening guidance.

Related tools

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WeCovr is an FCA‑regulated insurance broker. We may earn a commission if you purchase a policy via us. This guide is written to be impartial and informational.

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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.

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 experienced 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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How It Works

1. Complete a brief form
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2. Our experts analyse your information and find you best quotes
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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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