In this guide, you’ll learn the key considerations, work through a practical example and find useful next steps. Take your time and use the free worksheets to put ideas into practice.
What you’ll take away
- Identify the event
- Check what exists
- Understand common terms
Identify the event
Consider the financial effect of death, illness or inability to work. Each event may create different costs and loss of income.
Check what exists
Review employer sick pay, death-in-service benefits, savings and existing policies. Benefits may end when employment changes.
Understand common terms
Insurance may include exclusions, waiting periods, benefit limits, premium changes and eligibility conditions. Different policy types address different risks.
Seek appropriate advice
If considering a particular insurance contract or suitability for your circumstances, speak to a suitably authorised adviser or provider.
Try it yourself
Write a list of household essential costs, existing protections and questions about exclusions or claim conditions.
Important limits and risks
No policy guarantees every claim; read the policy wording and do not assume a benefit applies.
Putting your learning into practice
Use the guidance above to identify the information you need and the questions to investigate. Consider:
- Identify the event.
- Check what exists.
- Understand common terms.
- Seek appropriate advice.
This is general financial education, not a personal recommendation, an assessment of suitability or an invitation to buy or arrange a financial product. Check current official information and obtain appropriate professional advice for individual circumstances.
Further information
Official or independent UK information →
Educational information only. Family Money Matters does not recommend particular investments, pensions, mortgages, insurance policies, credit products or individual transactions. Seek an appropriately authorised adviser where regulated advice is needed, and a solicitor or accountant for legal or tax questions.
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