Priority 1
Income protection - provides an income if you're unable to work
Priority 2
Critical illness cover - provides a one off lump sum cash payment if you have a serious illness
Priority 3
Life cover - provides a one off cash lump sum if you die suddenly
Priority 4
Life cover (family income benefit) for your family's financial protection
Private medical insurance - access prompt treatment if you're ill
Priority 1
Income protection - provides an income if you're unable to work
Priority 2
Critical illness cover - provides a one off lump sum cash payment if you have a serious illness
Priority 3
Private medical insurance - access prompt treatment if you're ill
Priority 4
Whole of life cover
Priority 1
Income protection - provides an income if you're unable to work
Priority 2
Critical illness cover - provides a one off lump sum cash payment if you have a serious illness
Priority 3
Life cover - provides a one off cash lump sum if you die suddenly
Priority 4
Life cover (family income benefit) for your family's financial protection
Private medical insurance - access prompt treatment if you're ill
Priority 1
Income protection - provides an income if you’re unable to work
Priority 2
Critical illness cover - provides a one off lump sum cash payment if you have a serious illness
Priority 3
Private medical insurance - access prompt treatment if you’re ill
Priority 4
Life cover (family income benefit) for your family's financial protection
Private medical insurance - access prompt treatment if you're ill
Income protection – provides an income if you’re unable to work
You could continue to pay your bills and other regular outgoings if you were unable to work due to illness or injury and can no longer work.
- If you’re employed then you may receive sick pay from your employer. But do you know what sick pay you get and have you thought about this when planning your finances?
- You might receive Statutory Sick Pay (SSP), but it’s limited in how much you can receive and how long you can have it for?
- You might be able to get other State Benefits but these can be complicated and are likely not to cover your regular and ongoing financial needs. Also how much money comes into your household is considered and this can reduce the amount of benefits you could receive.
- If you are self-employed then you won’t receive SSP and you may have to rely on your savings or other income if you cannot work.
Critical illness cover - provides a one off lump sum cash payment if you have a serious illness
You would receive a lump sum if you have a serious illness as defined by your plan. You could use this to pay off some debt, such as a mortgage, or remove a financial burden on the family.
- A lump sum is not an ongoing payment so how will you pay regular bills once you have used up all of your lump sum payment?
- If you don’t have any debts to pay off then the lump sum may replace your income but only for a certain amount of time.
Life cover - provides a one off cash lump sum if you die suddenly
This pays a lump sum when you die and means debts such as a mortgage can be paid and remove the financial burden on your family.
Life cover (family income benefit) for your family’s financial protection
If you have life cover and you die then the plan pays an income to your family until the plan ends. It provides a similar benefit to income protection.
Private medical insurance to access prompt treatment if ill
You will be able to get immediate medical attention / treatment if you become ill, which means you can get support and back to full health more quickly.
