Aurum
Download

Life & Income Protection Insurance

A cover figure built from your dependants' real needs, the right mix of life, critical illness and income protection, policies written in trust and a yearly review that keeps cover in step with family life.

Free · Mac (Apple silicon) and Windows · v1.0.0 · Other platforms

Then open the Marketplace in the app, search for Life & Income Protection Insurance, and click Install. It goes into your own files, and works offline from then on.

Before you start: this plan is general information to help you organise your own money decisions. It is not financial, investment, tax or legal advice. Check decisions that matter with a qualified, licensed adviser in your country, and remember that investing and trading can lose money.

What it installs.

1

Pillar

1

Area

50

Projects

204

Starter tasks

💷 Personal Finance

Life & Income Protection Insurance

Choosing life insurance, critical illness and income protection cover to protect dependants if illness or death strikes.

  1. Map of who depends on your income
  2. Inventory of the cover you already hold
  3. Employer sick pay and death in service check
  4. State support if you die or cannot work
  5. Life cover amount worked out from real needs
  6. Income protection benefit and deferral worked out
  7. Critical illness cover decision and sum
  8. Monthly protection budget ceiling
  9. Health and lifestyle disclosure file
  10. Adviser, broker or buying direct
  11. Protection policy register
  12. Premium payment and lapse watch
  13. Annual protection review
  14. Life event trigger list for cover changes
  15. Beneficiary nominations and trust records
  16. Workplace benefits enrolment window
  17. Policy documents and household access
  18. Indexation and anniversary offers
  19. Term life cover types explained
  20. Income protection definitions that decide a claim
  21. Critical illness definitions and severity levels
  22. Reading key facts and policy wording
  23. How underwriting decisions are made
  24. Writing a policy in trust
  25. What happens in a protection claim
  26. Tax and estate questions on payouts
  27. Like-for-like quote comparison
  28. Joint or two single life policies
  29. Family income benefit versus a lump sum
  30. Guaranteed or reviewable premiums
  31. Replacing an old policy safely
  32. Cutting premiums without cutting protection
  33. Policy add-ons worth paying for
  34. New baby protection update
  35. Protection alongside a new mortgage
  36. Changing jobs without losing cover
  37. Application and medical screening day
  38. First thirty days after cover starts
  39. Claims checklist for the people left to claim
  40. Policy end dates and cover gap planning
  41. Single parent protection plan
  42. Cover for a parent at home
  43. Self-employed income protection
  44. Applying with a health condition
  45. Blended family cover and nominations
  46. Winding down cover towards retirement
  47. Business owner protection options
  48. Lifelong support for a dependant with disabilities
  49. Whole of life cover for an estate tax bill
  50. Household survival scenarios

Where it starts.

Each project arrives with its purpose, milestones and first tasks written out. Here is how the first three read.

Map of who depends on your income

Protection cover exists for the people who would be left short, so the starting point is a list of them: a partner, children, a parent you help support, anyone on the mortgage with you. Writing down what each would lose, and for how many years, turns a vague worry into numbers you can insure against.

First tasks

  • List everyone who would be worse off if your income stopped
  • Write the age each child would reach independence and the years left until then
  • Add every joint debt and its current balance
  • Talk the map through with your partner over one evening

Inventory of the cover you already hold

Most people own more protection than they think: a policy taken out with a mortgage ten years ago, life cover bundled with a bank account, a death benefit inside a pension, a small free policy from a card provider. Finding every one before shopping stops you paying twice for cover you have, or relying on a policy that lapsed years ago.

First tasks

  • Search your email for the words policy, assured and premium
  • Scan twelve months of bank statements for insurer direct debits
  • Call each insurer to confirm the policy is still in force
  • Total the life cover and monthly income cover in force today

Employer sick pay and death in service check

What your employer pays if you are off sick or die in service often decides how much personal cover you need, yet few people have read the details. A death in service benefit of four times salary and six months of full sick pay change the sums completely; statutory minimums alone change them in the other direction.

First tasks

  • Find the sick pay section of your contract or staff handbook
  • Log in to the benefits portal and note the death in service multiple
  • Ask HR whether a group income protection scheme exists and on what terms
  • Write down which benefits end if you leave the job

Make it yours.

Install Life & Income Protection Insurance, then tell Aurum the date you're aiming for. It checks whether the plan fits the weeks you actually have.

Free · Mac (Apple silicon) and Windows · v1.0.0 · Other platforms

Blueprints are general information to help you organise your own work. They are not medical, financial, legal or other professional advice. See the Terms.