Whilst nobody can predict the future, insurance is often the easiest and most cost-effective way to prepare for it. It should be the cornerstone of any financial plan. We will help you identify your needs and priorities, plan the right mix of cover and then scour the market for the most suitable providers.
One of the cornerstones of financial planning is protecting your family and dependents in the event of serious illness, injury or untimely death. We can work with you to establish a family protection plan that is tailored to your individual needs and requirements.
Life cover and mortgage protection plans provide a lump sum on death within an agreed term. They are an efficient and cost-effective way of protecting the financial security of your family. The need for security is particularly important for those with families with less accumulated resources to fall back on and for those with large liabilities (e.g. mortgage debt).
Critical illness policies pay a lump in the event of you being diagnosed with one of a number of specified illnesses. Each provider will have slightly different definitions of the conditions that they cover. This type of plan can provide much needed capital at a time when cash is needed most.
Your potential future earnings are likely to be one of your family’s most valuable assets. Income protection can provide you with replacement income should you become incapacitated or ill and thus unable to continue work.
Smaller businesses are particularly vulnerable to the death or illness of key staff members and shareholders. Insurance can provide business owners with peace of mind. Different types of policy can help in different ways.
If a partner or shareholder dies or is diagnosed with a critical illness then insurance can help the remaining owners buy their share of the business. Without protection, the surviving owners could lose control of the business to the affected individual’s family, which is usually an undesirable outcome for both parties.
If a business loses an individual that plays a key role in generating profit, then certain insurance plans can give a company a cash injection, helping to protect profits and aid in the recruitment of a replacement.
Certain plans can be used to insure loans or other debt against the loss of a key person. Without this cash injection, investors and creditors may lose confidence and call in debts prematurely.
Relevant life insurance allows you to take out valuable life cover via your limited company for a fraction of the price it would cost on an individual basis. Because the premiums are paid by your company, it’s far more tax efficient and so far, cheaper.
In recent years, premium rates have been reducing, largely due to fierce competition between product providers. If you buy cover directly from an insurance company, then you could end up paying over the odds for the protection you need. You might also end up with cover that is unsuitable for you.
As part of our wider financial review service, we can assess whether you are paying too much for your existing plans. We can also check the small but important details of your existing cover.
If you are unsure of the cover you need, then call us for more help and guidance.
