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Protecting your family
If you have children or a family that depend on you financially, it may be worth taking out an insurance policy.
It’s good to have peace of mind if things don’t work out quite how you would like them to. There are different types of policies you can take out. It all depends on the type of cover you want and your circumstances.
- Life insurance
- Income protection insurance
- Critical illness insurance
Types of insurance
Life insurance
Life insurance could pay out a cash lump sum if you die before your policy ends. It can act like a safety net and could help your loved one’s cope financially when you can’t be there.
Benefits of life insurance
- Financial peace of mind for you and your loved ones.
- Help with covering debts or to pay for funeral costs.
- A cash lump sum if you die before your policy ends.
Critical illness insurance
Critical illness cover could pay out a cash lump sum if you are diagnosed with an illness covered by your policy before it ends. The money could help you and your loved ones meet day-to-day costs and let you focus on your own health and wellbeing.
Benefits of critical illness insurance
- If you are diagnosed with an illness covered by your policy before it ends, you get a cash lump sum.
- Gives financial help for you to keep up with daily living costs.
- Financial peace of mind so you can focus on your own health.
Our critical illness policy is provided by our partners at Scottish Widows.
Income protection insurance
Income protection insurance offers cover if you can't work due to a serious illness or injury covered by the policy.
Benefits of income protection insurance
- Replaces part of your income – if you can’t work because you become ill or disabled.
- Pays out until you can start working again – or until you retire, die or the policy term ends.
- Covers most illnesses that stop you from working. It may depend on the type of policy and its definition of incapacity.
- Let's you claim as many times as you need to – while the policy lasts.
You can find more information on income protection insurance on the MoneyHelper website.
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