PROTECTION
What do you want to protect?
Your home, family, income and business all depend on financial stability. Protection insurance can help when death, a qualifying serious illness or an inability to work puts that stability at risk.
At CoverLife Insurance, we help you understand your options and recommend cover based on your circumstances, priorities and budget.
Why do people need life insurance?
Life insurance can provide financial support for the people you leave behind. It can help your family repay a mortgage, meet everyday costs or pay for childcare if you die during the policy term.
Whether you need it, and how much, depends on who relies on you financially, your commitments and any protection you already have.
Work out how much life insurance you need with our calculator
- Protect your mortgageHelp your loved ones remain in their home by arranging life cover suited to your mortgage.
- Provide for your childrenLeave financial support for childcare, everyday living costs and your children's future.
- Protect your partnerHelp your partner manage household expenses and the loss of your financial contribution.
- Protect a stay-at-home parent's contributionConsider the cost of replacing childcare and the unpaid work that keeps your household running.
- Protect your family while rentingHelp those you leave behind continue paying rent and other essential costs.
- Help with funeral costsExplore life cover that could contribute towards funeral expenses.
Also see: Life insurance for a joint mortgage · How personal life cover works
Why consider critical illness cover?
A serious illness can affect your finances as well as your health. Critical illness cover pays a lump sum if you meet the policy's definition of a covered condition.
That money could help reduce your mortgage, pay household bills or meet additional costs while you recover. Covered conditions, exclusions and payment terms vary between policies.
- Reduce financial pressure during recoveryExplore cover that could provide money towards bills and additional expenses after a qualifying diagnosis.
- Protect your mortgage against critical illnessConsider a financial buffer to help reduce or repay your mortgage.
- Consider children's critical illness coverUnderstand benefits that may help with costs if your child develops a qualifying condition.
Also see: How critical illness cover works
Why consider income protection?
If illness or injury stopped you working, how long could you keep paying your bills?
Income protection can replace part of your earnings during a qualifying period of incapacity. It can help you maintain essential spending when sick pay or savings are insufficient.
The amount payable, waiting period and length of payments depend on your policy and circumstances.
- Keep your household bills paidProtect part of your earnings to help with regular financial commitments.
- Maintain mortgage or rent paymentsPlan how you would keep paying for your home during an absence from work.
- Cover a gap in sick payUnderstand your options if you receive little sick pay or your employer's payments would run out.
- Protect your self-employed incomeExplore protection when you do not have employer-funded sick pay.
- Protect freelance or contract earningsConsider cover suited to your working arrangements and income.
Also see: Income protection for foster carers · How income protection works
Why protect your business?
The death or illness of a director, shareholder or key employee can affect revenue, borrowing and the future ownership of a business.
Business protection can help address these different needs. The right arrangement depends on who needs the financial support and what the money is intended to achieve.
- Provide life cover for directors and employeesExplore relevant life cover paid for by an eligible employer, for the benefit of the insured person's beneficiaries.
- Protect a director's incomeConsider executive income protection for an eligible director or employee.
- Protect against losing a key personHelp your business manage the financial impact of a key person's death or qualifying illness.
- Protect business ownershipExplore shareholder or partnership protection to help fund the purchase of an owner's interest following an insured event.
- Protect business borrowingConsider cover designed to help repay business loans following an insured event.
Also see: Partnership protection · Key person income protection · Director's loan account protection
Already have protection?
Your needs can change when you have children, move home, change jobs or grow a business.
We can review existing arrangements to assess whether the cover still meets your needs, identify gaps and explain your options. A review does not automatically mean replacing your policies.
Review your existing protection
Worried about whether a policy would pay out? Read will my life insurance pay out?
Putting the right combination together
Life insurance, critical illness cover and income protection address different financial risks. You may need one product or a combination, depending on your circumstances and budget.
We explain how the options fit together, including the benefits, costs and limitations.
Combining life insurance, critical illness cover and income protection
How CoverLife can help
We start by understanding what matters to you, who depends on you and what you can comfortably afford.
We compare policy benefits and terms alongside price, explain our recommendations and support you through the application process. You have a dedicated adviser for your application and ongoing support.
We charge no advice or arrangement fee. We receive commission from the insurer.
Deciding whether to use a broker at all? Our guide to using a broker or buying direct sets out the differences.
CoverLife Insurance is a trading name of CoverTrade Risk Management Ltd, authorised and regulated by the Financial Conduct Authority, firm reference number 1020148. More about CoverLife