Insurance
Cover for your family and your business, arranged together. That includes life cover, critical illness and income protection, as well as key person, shareholder protection and relevant life cover, so the same setback doesn't leave both exposed.
The cover people put off, sorted properly.
Life cover
Critical illness
Income protection
Key person and shareholder cover
Cover is one part of a wider plan. The financial planning work decides what you are protecting and how much of it you actually need. It is the part most advice skirts around, and the part that matters most on the day it is needed.
On scope. We give a personal recommendation on the basis of a fair and personal analysis of the market, which means we compare a sufficiently wide range of insurers to find the cover that fits rather than working from a short list.
Cover is the thing most people mean to sort out and never do, usually because it needs an evening they do not have. Handing that evening to someone else is most of the point of using us.
If it helps to see the size of it before we speak, the risk reality calculator shows how long your money would hold the line if your income stopped tomorrow. Cover usually sits alongside financial planning and the mortgage rather than apart from them.
Why this gets skipped
It is easy to put this meeting off until something changes.
Protection is the only part of financial planning where the thing you are buying is a bad outcome. It means sitting with the possibility that you get ill, or that you are not here, and thinking clearly about what happens next. Most people would rather talk about pensions.
So it gets deferred, and then deferred again, and the cover people do have was often bought against a mortgage that has since changed and a family that has since grown. We would rather have the uncomfortable hour once than leave that gap sitting there.
Two sides of one risk
Your household and your company both depend on you.
If you are not there
Life cover to clear the mortgage and replace the income the household actually runs on, written properly so it pays to the right people quickly rather than getting held up in probate.
If you are ill but still here
Income protection and critical illness cover. Far more likely than death during your working life, and far more likely to be uninsured. Statutory sick pay is not a plan.
If the business loses you
Key person cover, shareholder and partnership protection, and relevant life policies. Without them a co-owner can find themselves in business with a bereaved family, which serves nobody.
Getting it right matters more than getting it cheap.
The details matter when you need to claim. Check what the policy covers, its exclusions, how long you must wait before payments start and any limits on how long it pays. Keep premiums up to date and answer application questions fully and accurately. We help you understand those terms before you decide.
Answering the medical questions fully is the other half. Underwriting is the moment to be exhaustively honest, because a claim is a bad time to discover something was left off a form eight years earlier.
How much cover you need depends on what you owe, which connects to our mortgage advice and your wider financial plan.
Questions people ask about cover
Does Lucro advise on business protection as well as personal cover?
Yes. We arrange key person cover, shareholder protection and relevant life alongside personal life, critical illness and income protection, and we look at them together rather than separately. The point is that one illness should not be able to take out the household and the company at the same time, which is what happens when the two are arranged by firms who never speak to each other.
What is the difference between critical illness cover and income protection?
Critical illness cover can pay a lump sum if you meet the policy's definition of a covered condition. Income protection can replace part of your income if illness or injury prevents you from working, subject to the policy's definition of incapacity. Payments usually begin after an agreed waiting period and continue only while you meet the policy terms, up to its payment limit or end date. Both have exclusions and conditions. They meet different needs, so the right combination depends on your circumstances.
How much life cover do I actually need?
Start with what would have to be paid off, usually the mortgage, then add what the household would need to keep running and for how long. That second number is the one people underestimate, because it is not just this year's bills but the years until the children are independent.
Should life cover be written in trust?
In most cases yes. A policy written in trust normally pays out faster because it sits outside the estate and does not wait for probate, and it can help with inheritance tax. It costs nothing extra to set up at the outset and is far more awkward to arrange later.
I have death in service through my company. Is that enough?
Rarely on its own. It is typically a multiple of salary, it usually stops the day you leave, and for a business owner paying themselves modestly the multiple can be small. It is a useful layer rather than a complete answer.
What is key person cover?
Cover the business takes out on someone whose absence would cost it money, paying the company rather than the family. It buys the time to recruit, reassure clients and repay borrowing that was granted partly on that person being there.
Will pre-existing conditions stop me getting cover?
A pre-existing condition does not automatically rule out cover. Depending on the condition, the policy and the insurer, you may be offered standard terms, a higher premium or an exclusion; an application may also be postponed or declined. Answer the insurer's questions fully and accurately. Missing or inaccurate information can affect a claim. We can help you understand the options available for your circumstances.
Last reviewed 4 October 2026. We review this page at least every twelve months.
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