Protection for your family
Who knows what the future holds. It’s worth considering taking out an insurance policy in case of an emergency, especially if your children, partner or other relatives depend on you financially.
There are different types and levels cover you can take out, depending on your circumstances.
What is life insurance?
Life insurance can give your loved one's peace of mind and protection, in case the unexpected happens. In the event of your death, life insurance can pay out a cash lump sum, which could give your loved one's financial support.
There are two main types of life insurance policy:
- Term life insurance policies: run for a ‘term’ of five, ten or twenty-five years. They are often linked to a mortgage and only pay out if the policy holder dies during the policy term. There’s no lump sum at the end of the policy term.
- Whole-of-life policies: pay out when the policy holder passes away, as long as you keep up your premium payments.
The benefits of taking out a life insurance policy:
- Financial peace of mind for you and your loved ones.
- Help covering outstanding debts or to pay for funeral costs.
- A cash lump sum if you die before your policy ends.
View our life insurance page for more information about our products and policy terms.
What is income protection insurance?
Income protection insurance provides cover if you are can't work due to a serious illness or injury. The policy replaces part of your income, if you can’t work because of an illness or disability covered by your policy. You may be able to receive payments until you can start working again, you retire, die or the policy term ends.
The 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 leave you unable to work - either in the short or long term (depending 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.
There’s often a waiting period before payments start. Generally, after your sick pay ends or after other insurance stops covering you. The longer you wait, the lower the monthly premiums. Income protection insurance is not the same as payment protection insurance (PPI).
See the MoneyHelper website to find out more about income protection insurance.
What is critical illness cover?
A critical illness policy provides a lump sum payment if you are diagnosed with a serious or life changing illness. This payment could help you and your loved ones with medical expenses, loss of income and the day-to-day costs, letting you focus on your health and wellbeing.
The benefits of critical illness cover:
- Pays out a cash lump sum if you are diagnosed with an illness covered by your policy before it ends.
- Provides help keeping up with day-to-day costs.
- Gives financial peace of mind so you can focus on your own health.
See our critical illness insurance page for more information about our products and policy terms.
Our protection plans are provided by Scottish Widows, which, like us, is part of the Lloyds Banking Group. Scottish Widows protection products have no cash-in value at any time. If the policy amount has not been paid out by the end of the selected term, the policy will end, and you’ll get nothing back. If you don’t pay your premiums on time your cover will stop, your policy will end, and you’ll get nothing back.