A Guide to Choosing the Right Cover for Your Needs

When it comes to protecting your income, your family, or your business, one size doesn’t fit all. That’s why many protection plans allow you to build your own personalised “benefit basket” — a flexible way to combine different types of cover based on what matters most to you.

Whether you’re just starting to explore protection options or reviewing an existing policy, this guide will help you understand the key types of cover available so you can make informed choices with confidence.

What Is a Protection Benefit Basket?

Think of the benefit basket as your custom insurance menu. You can select up to 10 different protection options — known as benefits — and mix them to suit your personal circumstances, goals, and budget.

Here’s what’s typically on offer:

1. Level Term Assurance

🕒 Fixed payout, fixed term

This is one of the most straightforward forms of life cover. It pays out a lump sum to your loved ones if you pass away during a set period (e.g. 20 or 25 years). The amount stays the same throughout the policy.

• Covering interest-only mortgages
• Leaving a fixed amount for your family
• Ensuring consistent financial support

💡 Peace of mind that your loved ones get a set amount, no matter when during the term you pass away.

2. Decreasing Term Assurance

📉 Cover that reduces over time

This policy also pays out a lump sum if you die during the term, but the amount decreases over time — usually in line with a repayment mortgage. Because the cover reduces, the cost tends to be lower than level term assurance.

• Protecting repayment mortgages
• Ensuring mortgage debt doesn’t become a burden for your family

💡 Affordable life cover that reduces as your liabilities reduce.

3. Family Income Benefit

👨‍👩‍👧 Regular income for your family

Instead of a lump sum, this benefit pays a monthly income to your family if you die during the term. It’s designed to replace your lost earnings, helping your loved ones maintain their lifestyle.

• Families with young children
• Anyone whose absence would leave a significant income gap

💡 Provides financial stability over time, not just a one-off payout.

4. Income Protection

💼 Protect your salary if you can’t work

If illness or injury stops you from working, income protection pays you a regular monthly amount — usually until you can return to work or the policy ends.

• Self-employed professionals
• Employees without sufficient sick pay
• Anyone relying on earned income to meet daily expenses

💡 One of the most underappreciated forms of cover — until it’s needed.

5. Whole of Life Insurance

♾️ Guaranteed payout, no matter when

Unlike term insurance, which ends after a fixed period, whole of life insurance pays out whenever you pass away — as long as you keep up with the premiums.

• Funeral expenses
• Inheritance tax planning
• Leaving a legacy

💡 A permanent financial gift to those you leave behind.

6. Business Protection

🏢 Cover for your company’s future

If you’re a business owner, shareholder, or key employee, this benefit is essential. It ensures your company can keep running if a key person dies or becomes critically ill.

• Buy out a partner’s shares
• Repay business loans
• Recruit or replace essential personnel

💡 Protects the people behind the business — and the business itself.

Final Thoughts: Build It Around You

Your financial situation, family life, and career are all unique — and your protection plan should reflect that. Whether you’re covering a mortgage, protecting your income, or planning for your family’s long-term future, the right combination of benefits can make all the difference.

If you’re unsure where to start, don’t worry. During our consultation, we’ll explore your needs together and design a tailored plan that gives you and your loved ones the security and peace of mind you deserve.

📅 Ready to start building your protection basket?
Book a free, no-obligation consultation today and let’s make protection personal.