We can ensure that you find the right solutions to protect your assets and offer your family lasting benefits. It is essential that you are able to make an informed decision about the most suitable sum assured, premium, terms and payment provisions.
There are potentially three main scenarios that could put your family’s financial security at risk: the death of you or your partner; you or your partner suffering from a critical condition or illness; and you or your partner being out of work due to an illness or redundancy.
We can help you calculate how much cover you may require, whether this is for capital or for income, or both. You may find that a lump sum of capital is needed to repay debt such as a mortgage or perhaps cover the cost of moving house. In addition, income may also be required to help cover your normal living expenses.
Think about how long you may require the cover and what you already have in place. We can help you review your existing policies and also take into consideration what your employer provides in the way of life insurance and sickness benefits.
Protecting your family from financial hardship
Provides a guaranteed lump sum paid to your estate in the event
of your premature death. To avoid Inheritance Tax and probate delays, policies should be set up and written under an appropriate trust.
For capital needs, term insurance is one of the simplest and cheapest forms of life insurance. If you die during the term of a policy, a fixed amount of life insurance is paid, normally tax-free. A mortgage protection policy is a type of term insurance used to cover a repayment mortgage, with the death benefit reducing as the balance of your mortgage reduces.
For income needs, family income benefit insurance is a worthwhile Benefit consideration. This can provide a monthly, quarterly or annual income, which under current rules is tax-free.
To protect you if you or your partner should suffer from a specified critical condition or illness. Critical illness insurance normally pays benefits tax-free if you suffer from one or more illnesses, diseases or conditions specified in the policy terms. Without obtaining professional advice these can vary tremendously between providers, making it difficult to assess your precise needs. If you combine critical illness insurance with life insurance, claims are paid whether you die or suffer the critical illness.
Income protection insurance is designed to pay you a replacement Insurance income should you be unable to work due to accident, injury or illness. A replacement percentage of your income is paid until you return to work, retire or die. Rates vary according to the dangers associated with your occupation, age, state of health and gender.