Financially, the most important thing for most people is securing an income to pay their commitments and enjoy a quality of life. Without an income, most people would be in a desperate situation. Therefore you should make sure that should you be unable to work through sickness or disability, an ongoing income would be paid to you. This is normally provided by an Income Protection Plan or "Permanent health Insurance".
Contracts can be written to age 65, sometimes beyond. Premiums can be offered on a guaranteed or reviewable basis. Cover can be level or index-linked. However there are lots of pitfalls. Most providers will only pay out up to 50% of a client's pre-disability income, so this can cause real problems for start-up businesses with no accounts and/or low net profits. Some providers will pay out if you cannot perform your own occupation, whilst others will insist that you have to be unable to perform any type of work before they pay out.
As income protection specialists we can find cover for many people who would have been rejected by more mainstream providers.
Whilst an Income protection policy is an absolute must in financial planning terms, it is of course not much use if you were unfortunate enough to die prematurely. To protect your family in the event of premature death, a life insurance policy is required.