Why Is This Area Important?
Any plans you may have for your spouse, children, or business may be worthless if you are unable to work owing to an accident, sickness or death. With careful planning we can assist you in protecting those you love and care about.
What Solutions Are There?
There are numerous policies available within this area of financial planning, enabling us to provide a wholly independent solution that is tailored to your unique needs and requirements.
To find the solution to your particular insurance needs, your individual circumstances will have to be assessed, enabling us to look at what cover you already have via product providers or your employers, and what your insurance needs are based on your current circumstances. We can then recommend a suitable solution for you.
Personal Insurance
Below is a guide detailing the different types of insurance that may be essential in forming part of your personal or corporate requirements.
Life Cover
This is an insurance in which the benefit pays out a pre-determined lump sum benefit upon death or terminal illness of the life assured. The cover can be set up on a level or decreasing basis. This means it can be utilised to protect an interest only mortgage, where the balance stays the same, or a repayment mortgage, where the balance of debt decreases throughout the term of the mortgage, should the indivdual insured die, or become terminally ill during the term of the policy. It can be set up to cover a particular period of time, such as for the remaining period of your mortgage, or until you reach a particular age, such as to age 70.
Critical Illness Cover
This form of insurance is very similar to that of Life Cover, however it will pay a lump sum upon diagnosis of a critical illness. In terms of the options you have when the cover is first set up, they are very similar to that of life cover.
Income Protection
Income Protection is also referred to as Permanent Health Insurance, or PHI for short. This is an insurance which pays out a regular income, if you are unable to work due to accident or sickness. You can select a deferred period before the cover pays out, which can be designed to complement your existing arrangements, whether provided by other policies, the state or indeed your employer. This form of insurance is very useful if you do not receive any sick pay benefit from your employer, or indeed if you are self employed, as a policy can be arranged to provide you with an income should you not be able to work due to accident or sickness.
Family Income Benefit
This insurance is a form of Life Cover. However instead of paying out a one off lump sum payment upon death of the life assured, it will pay out an annual amount that is pre-determined from the outset. This form of insurance is particularly useful for families who are heavily reliant upon one income. This could be vital in ensuring that families are left with a sufficient annual income each year to allow the remaining family to live in the manner to which they have become accustomed.
Whole Of Life Cover
This is also a form of life cover, however instead of being set up for a pre-determined period of time, it covers you for the whole of your life. This type of policy is often suitable for individuals who wish to have a guaranteed amount paid out upon their death. It can also be used in inheritance tax planning, often set up to pay the inheritance tax due on ones estate, meaning you can pass your estate on to your loved ones, knowing they will not have the overall value of it reduced by the inheritance tax due.
Private Medical Insurance
Private Medical Insurance is a form of cover that will allow you to receive private medical care. Whilst the National Health Service provides what most would describe as an adequate provision of cover, the benefits of private medical insurance allow you quicker access to private medical expertise and provision which can be invaluable in your time of need.
Business Insurance
If you are an employer, many of the personal insurances detailed above are potentially benefits you may wish to provide to your members of staff. Using independent search facilities we are able to research the whole market in order to provide the correct solution for you and your corporate needs.
In addition to these benefits, the following insurances are also essential to consider in protecting what you have worked so hard to build up.
Key Man Insurance
Key Man Insurance provides a lump sum benefit to bring in a replacement for those individuals who hold a key role within an organisation, where the business would be significantly affected should that member not be able to work, for example, due to ill health.
Partnership/Shareholder Protection
Often when a member of a partnership or private limited company dies, the business could be severely affected, unless appropriate protection is in place. Having this insurance in place could then allow the remaining partners of the business time to find the right replacement for the deceased partner. It also gives the family of the deceased piece of mind, as it may mean that the business can continue trading.
