Safeguarding families, mortgages and earnings from life’s unexpected events.
Protection involves preparing for life’s unexpected challenges through various insurance options.
These include life insurance, critical illness cover, income protection and key person insurance. Protection ensures peace of mind and financial security in the face of life’s uncertainties.
Life insurance is arranged for a set period of time and is often referred to as term assurance.
There are two types of term assurance available. Level Term Assurance cover provides a lump sum on either death or diagnosis of terminal illness, with the level of cover remaining the same throughout the full policy term. The policy will pay out if you die during the term of the policy and may also pay out if you are diagnosed with a terminal illness.
Decreasing Term Assurance cover reduces during the term of the policy however the monthly premiums will not reduce. If you die within the term of the policy, it will pay out a lump sum to help clear the balance of any debt and could be used by your loved ones to help pay off an outstanding mortgage.
There is also a form of life insurance that helps to replace a lost income. This is known as family income benefit. For those with financial dependents this is a form of life cover that is forgotten about but we feel is extremely important to ensure the financial security for the household should the worst happen.
Our financial advisers can help you to ensure you pick the right type of assurance for you and your requirements.
Critical Illness Cover is an insurance policy that helps protect you if you become critically ill during the policy term.
It pays out a tax-free lump sum that you can use however you like – whether it’s to help pay for health-related costs, monthly expenses, or loss of income while you recover.
This form of insurance is often placed down the priority order, and this is in part because is does cost less then stand alone life cover. Unfortunately, the reason for the cost disparity is that there is a greater likelihood of someone claiming on a critical illness policy than a life policy. It therefore stands to reason that it not only costs more but should, in fact, be higher on the priority list.
Not all critical illness plans are the same. They have different ailments covered and with different levels of ‘pay out’. There are also many plans that can include additional cover for children or provide specialist support over and above that provided by the NHS. All of which means, seeking advice is essential so that you have the right plan for your circumstances.
Income protection is a form of insurance that pays out should you suffer ill health, as these plans are designed to provide a replacement income until you are either fit to return to work or retirement age, whichever comes first.
Any loss of earnings could have a huge financial impact on any family’s lifestyle. Income protection is an insurance policy designed to meet the needs of individuals who want to protect against this, by paying out a regular monthly amount. If your employer doesn’t pay sick pay, or you are self-employed, or feel you would benefit from Income Protection, we are also able to provide a financial protection adviser. Simply get in touch.
When considering financial planning, we often think about ourselves and our families. We protect against an untimely event that may adversely affect our families. But why then, do we not do the same for our businesses?
It seems important then to consider insurance that might help decrease these risks. Many small and medium sized businesses are usually dependent on a few people who play a fundamental role within the business, but little consideration is given to what might happen if such an individual was lost to the business, either through death or critical illness.
It is a type of insurance policy taken out on someone who is key to the success of the business. The policy is intended to replace the income that the insured would have brought to the company had their death or illness not occurred.
A key person can be anyone employed by the business that, should they be unable to carry out their duties suddenly for an extended period, the business would suffer. A key person could be:
There are a number of reasons to consider this type of insurance, it can:
Contact us for a free consultation. There’s no obligation on your part and, if we think we’re not the best people to help you, we’ll tell you straight away.