Financial Protection
Financial protection against the unexpected should be one of the first priorities when making any long term financial plans. Given the complex nature of protection we will be on hand to offer the most appropriate protection advice, after all, a simple policy written in trust may be able to save up to a 40% loss in Inheritance Tax.
We offer advice on the following protection products:
Life Assurance
Also known as Life Insurance is a great way to help protect your family from the financial worries they could face if you were no longer around, such as household bills, child-care costs, university fees and covering mortgage payments.
So what is life insurance? In a nutshell, life insurance is a contract between you and an insurer. It could pay out a cash sum if you die during the length of the policy. Critical Illness Cover
Life insurance will cover you in the event of your death but you can also insure against becoming critically ill.
You're actually four times more likely to suffer a serious illness than die before the age of 65. A serious illness can turn your life upside down and throw your finances into disarray. This is why, when taking out life insurance, many people also opt to take out critical illness cover. Critical illness cover helps out by paying a tax-free lump sum if you're diagnosed with a defined critical illness. A payout could be used to deal with your major financial commitments, particularly your mortgage, so you don’t have to add debt to your worries. It could also be used to pay private medical bills or make necessary changes to your house. When you take out critical illness cover you will choose the policy term, for example 25 years. If you fall ill with a defined critical illness during the policy term then you’ll be able to make a claim. You are covered throughout the term, provided you keep paying your life premiums, but once the policy term ends all protection stops and there is no cash-in value. |
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Income Protection Cover
Formerly known as permanent health insurance (PHI), long-term income protection (IP) is an insurance policy that pays out if you're unable to work due to injury or illness. IP usually pays out until retirement, death or your return to work, although short-term IP policies are now available at a lower cost. IP doesn’t usually pay out if you're made redundant, but will often provide 'back to work' help if you're off sick.
Whole of Life Cover
Life Cover pays a cash lump sum to your family, or to someone else you've nominated, if you die while you're covered. Sometimes you can receive an advance payment if you're diagnosed with a terminal illness.
Inheritance Tax Protection
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Company Key Man Cover
Key person insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business and whose absence would threaten the long term future of the business
Relevant Life Cover
A Relevant Life Plan is a term assurance plan available to employers to provide an individual employee with 'death in service' benefit. It is designed to pay a lump sum if the employee dies whilst employed during the length of the term. It will also pay out if the employee, whilst employed, is diagnosed with a terminal illness as defined in the policy.
A Relevant Life Plan is paid for by the employer.
A Relevant Life Plan is paid for by the employer.