Looking after your loved ones

Everything you need to know about keeping your family on a sound financial footing at every stage of life.

Looking after your loved ones

How to help your kids be good with money

Virgin Money customers share their top tips for getting your little ones off to a flying financial start.

Jargon buster

Looking after your loves ones might come naturally to you but some of the terms related to being able to do so might not. That’s why we’ve provided some handy explainers below.

An insurance policy that allows you to use funds in your pension pot to receive a guaranteed annual income for life. They’re arranged with annuity providers (typically insurance companies).

Critical illness cover is a form of insurance that pays out a lump sum if you’re diagnosed with a specified critical illness during the term of the policy.

Pays out a lump sum to dependents if the worst happens and the policy holder dies during the contract.

As the name suggests, level term cover provides a fixed rate of protection over the term of the policy. If you select £100,000 of protection over 25 years at the start of the policy, you would be covered for this amount until the policy ends.

Decreasing term life insurance is specifically designed to cover the repayment of a mortgage. Over time the amount of cover required reduces in line with the amount owed on a mortgage.

Services which help people with an illness or disability who cannot care for themselves. It can be provided by the government or funded privately.

A type of insurance that pays out a percentage of your salary for a set amount of time if you are unable to work because of sickness or injury.

A lump sum paid to a family or dependent by an employer in the event of an employee's death.

Drawdown is when you choose to access funds in your pension. Up to 25% can be taken as a tax-free lump sum, and you can invest the rest of your pension in a range of investments, drawing down further funds as and when required.

A legal document that sets out your wishes for when you die, including what happens to your property and prized possession.

Useful links

Everyone needs help from time to time and so you may find these links handy.

Money Advice Service
Learn how to make and change a will and find out about the different options available.

Citizens Advice
Debt and consumer advice service, covering everything from managing debt to negotiating with creditors.

Financial Conduct Authority (FCA)
Information about financial scams and what to do if it happens to you or a member of your family.


Before making financial decisions always do research, or talk to a financial adviser. Views are those of our mentors and customers and do not constitute financial advice.