Life Assurance & Protection
By planning in advance, it is possible to protect yourself and your family against life’s uncertainties. We can assist you to ensure that you have the most suitable protection in place. With so many options available in the market place, it is our job to advise you on the features, benefits and downsides of each of the options available and help you determine the most suitable product(s) for your needs. The main protection products available are as follows:
Term protection is a practical, cost effective way to make sure you have financial protection in place for your family if the worst were to happen. Your cover will pay out a cash lump sum if you die during the term of the plan. Your loved ones can use this money to help settle any outstanding debts or loans, pay off a mortgage, pay bills, whatever it takes to make them financially secure. It’s hard to underestimate how valuable that financial peace of mind can be at a difficult time.
Income protection gives you a monthly income if illness or injury prevents you from working for a period of time – it is generally possible to cover up to 75% of your normal total income. Income protection premiums attract income tax relief at your marginal rate.
Buying a home is a major financial commitment, so it’s important (and indeed required by all banks) to have cover in place to protect your home if the unexpected happens. A mortgage protection plan will pay off the outstanding balance on your mortgage if you die, giving you peace of mind that your family home is secure no matter what happens.
Serious/specified illness cover offers you protection from the financial impact a specified illness may bring, which provides a lump sum payment if you’re diagnosed with any of a specific set of illnesses covered by your chosen plan.
It can make sense to protect against the loss of certain key members of staff (including yourself), insulating your business against the financial and operational consequences of such an event. Insurance companies offer a range of life insurance plans to cover employees, directors and partners, as well as providing bespoke group risk schemes – the latter mentioned are particularly popular in the sense that it can be relatively low cost to have a group life policy for all employees, with employees then having some comfort in the knowledge that his/her family will receive a lump sum in the event of his/her death.
Whole of Life Assurance
Whole of life assurance is a protection policy that lasts for a whole lifetime, and is not limited to a specific term. When you pass away, this policy will provide a lump sum payment to your family. This type of policy can also be used to protect your loved ones from the burden of any potential inheritance tax liabilities. A whole of Life policy can be taken out on a single, joint or dual life basis.