Financial Risk Assessment
Discover gaps in your protection coverage and understand what you need to protect yourself and your family.
Utilities, food, council tax, etc.
Subscriptions, gym, takeaways, etc.
What Financial Risk Means for Households
Loss of Income
If you could not work due to illness or injury, how long would your savings last? Most UK households have less than three months of expenses saved.
Serious Illness
One in two people will be diagnosed with cancer in their lifetime. A critical illness payout provides funds for treatment costs, mortgage payments, and lifestyle adaptations.
Interest Rate Changes
Higher mortgage rates increase monthly payments. Stress-testing your affordability ensures you can cope if rates rise before your next remortgage.
How Protection Reduces Financial Risk
Life Insurance
Pays a lump sum to your beneficiaries if you die during the policy term. Ensures your mortgage is cleared and family income replaced.
Critical Illness
Pays a tax-free lump sum if diagnosed with serious conditions like cancer, heart attack, or stroke. Lets you focus on recovery without financial worry.
Income Protection
Replaces up to 70% of your income if illness or injury prevents you from working. Continues until you recover, retire, or the policy ends.
Why Financial Protection Matters
Many UK households are underinsured without realising it. Research shows the average family has just three months of savings to fall back on if the main earner cannot work. For families with mortgages and dependants, this creates significant financial vulnerability that a proper protection plan can address.
Life insurance is particularly important for anyone with a mortgage or dependants. A policy that matches your mortgage term ensures your family would not lose their home if you died. For families with young children, consider additional cover to replace your income until children are financially independent—typically age 21-25.
Income protection is often overlooked but arguably the most valuable protection product. Unlike critical illness cover which pays a one-off lump sum for specific conditions, income protection pays a monthly income for almost any illness or injury that prevents you working. This ongoing support can continue until you recover, retire, or the policy ends.
Critical illness cover bridges the gap between life insurance and income protection. If you survive a serious diagnosis like cancer or heart attack, critical illness pays a tax-free lump sum immediately. This money can fund private treatment, cover mortgage payments during recovery, or allow you to take time off work without financial pressure.
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Content reviewed: January 2026
CeMAP awarded by The London Institute of Banking & Finance. Cert CII (MP) awarded by the Chartered Insurance Institute.