We all love to talk about growing our money, but what about using it to make sure we’re safe?
Legacy week is dedicated to helping our community prepare, plan and feel financially well when it comes to the legacy they leave behind and the protection they put in place for them and their loved ones.
Like other personal finance products, protection can feel overwhelming, but we’re going to do what we do best and break it down into a simple checklist for you to follow.
✅ Life Insurance
- Covers you for a fixed period (e.g. 20 years).
- Pays out if you pass away during the term.
- Often chosen to protect children until they’re financially independent.
Decreasing Term Life Insurance
- Coverage reduces over time, usually in line with your mortgage.
- A cost-effective option if your main goal is to make sure your repayment mortgage is paid off.
How Much Cover Do You Need?
This is the big question and the answer is personal to you. Think about:
- Debts & mortgage: Could your loved ones pay these off without you?
- Everyday costs: Rent, childcare, bills, groceries.
- Future goals: Uni fees for children, or simply giving your partner breathing space.
💡 Top tip: There are calculators online that can help you work this out but your needs will depend on your personal circumstances. An authorised protection adviser can help you assess this.
✅ Critical illness cover
- We’re all at risk of developing a serious illness so it’s important to take steps to protect ourselves and our families.
- Policies vary, but many critical illness policies cover conditions such as certain types of cancer, heart conditions and some autoimmune diseases. Some cancers that are more common in women, such as breast, ovarian and cervical cancer, may be included depending on the insurer and policy definition.”
- You can see our guide on Critical Illness cover here
- Coverage varies by insurer and policy – not all conditions are covered and definitions differ.
How much is critical illness cover?
As an example, LifeSearch who we work with can quote prices from £5 per month: 25 year old, non-smoker- level term critical illness £20,000 over a 25 year term- £5.00 pm
Check out what a quote looks like for you here
Source: LifeSearch/IRESS/Feb 2025
Examples are for illustrative purposes only, premiums depend on a number of factors.
✅ Income Protection
What’s the purpose?
Replaces a portion of your income if you’re unable to work due to illness or injury
Who should consider it?
Income protection isn’t just for people with risky jobs or adventurous hobbies — it’s for anyone who relies on their income to cover living costs. If losing your regular pay would make it hard to pay your mortgage, rent, bills, or other commitments, this cover could be valuable.
It can be especially helpful for:
- People with children or other dependents who rely on their income
- Self-employed people or freelancers who don’t get sick pay
- Homeowners or renters with regular monthly payments
- Anyone without significant savings to fall back on
Income Protection Insurance from £6.47 per month: 25 year old, non-smoker, admin assistant, Short Term Income Protection (2- Year limited claim payout)
Source: LifeSearch/iRess/Feb 2025 (attached, row 22)
Income protection policy options
- Short term policies – provide benefits for 1-2 years, allowing time to recover or adjust
- Long term policies – offer benefits until retirement age if unable to return to work
Click here to view a Income Protection calculator with our partner Lifesearch.
✅ Write a will
What’s the purpose?
Your will, or your Last Will & Testament, is a legally binding document that lays out your wishes and how you want your assets to be divided after you’ve died.
Why is it important to have a will?
Writing a will is an important piece of life admin to tick off.
Having a will lets you have a say after you’re gone about the things you really care about: it’s where you decide what happens to your assets, your home, or who looks after your children if you are a parent.
If you’re ready to write a will, you can with our friends at Octopus Legacy here
Financielle does not provide legal advice. You should consider using a qualified solicitor or regulated will-writing service.
✨Homework
Use this checklist as a self assessment to help you find out if and how much cover you need. We want you to ⬇️
- Evaluate your current financial obligations – debts, monthly expenses, future money goals etc.
- Look at your dependents – who relies on your income?
- Assess current savings – how long and what can your emergency fund cover?
Now you have this information go through and think about each type of cover and figure out what insurance you need.
Head to Financielle to get started.
Important Notice: This guide is for general information only and is designed to help you understand the basics of Life Insurance and Critical Illness Cover. It does not constitute financial advice, and Financielle is not authorised to advise on financial products. If you require advice tailored to your personal circumstances, please speak to LifeSearch or an authorised protection adviser.
*Source: Cancer Research UK, Lifetime cancer risk statistics, February 2026
**Indicates a tracked link, which tells our partner that we sent you and may in the future result in a payment or benefit to our site.
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Financielle is an Introducer Appointed Representative of LifeSearch Partners Ltd, which is authorised and regulated by the Financial Conduct Authority. FCA Registration Number: 656479.