Insurance & Protection
Everyone should have cover in place to protect themselves and their family (or their business), it's our job to find the right cover for your specific needs whilst keeping it affordable.
We receive a commission directly from the recommended provider and there are usually no direct fees or charge to you to take out cover (exceptions may include more complicated advice including Trust Planning or corporate protection). Protection premiums are based on the policy term, amount of cover and the health of the life assured, we use a panel of insurers to find you the right cover.
Protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse. Cover is subject to terms and condition and may have exclusions
Key Areas of Protection
Life Cover pays a tax-free lump sum to your beneficiaries if you pass away during the cover term. The most common use is to cover a mortgage, however we believe it should go further than that, such as providing funds to cover a family's living costs following a bereavement, or even to provide for future events such as school fees or even a first car for children.
Everyone has different needs and budget, but almost everyone needs life cover in place.
Critical Illness Cover
This cover pays a tax-free lump sum to the life assured on diagnosis of a critical illness. The lump sum can be used to provide for living expenses whilst off work and recovering, to pay for private medical care amongst other uses. If you're diagnosed with a critical illness you shouldn't also need worrying about money, this cover takes away at least one immediate problem.
Everyone should have critical illness cover in place, regardless of whether they have a mortgage, partner or dependent family, though someone with any of those has an even greater need.
Income protection is designed to pay you a tax-free monthly income if you're unable to work through illness or injury. It can be a vital tool to ensure you're able to pay your bills (including rent or mortgage), until you're recovered enough to go back to work. Statutory sick pay is unlikely to be enough for your needs and whilst many companies offer sick pay, very few will offer it for more than 6-12 months. Income protection is the most likely to be claimed on and we believe there are very few people (particularly self-employed) that wouldn't benefit from it.
Relevant Life Plans
A Relevant Life Plan can be used by Limited company directors to provide themselves (or other employees and directors) with company paid life and/or critical illness cover, whereby all premiums are an allowable business expense. This means you save a significant amount versus taking the income personally and taking out a personal policy.
There are certain criteria to be met however whilst the premiums are payable by the company the proceeds (money paid on claim) are able to go to anyone, tax-free, in the same way as a normal life policy.
Group Cover & Shareholder Protection
We can offer advice and set up for Employer group schemes for Life Cover, Critical Illness and Income Protection, for companies of all sizes. We can also refer you to advisers providing private medical insurance for your staff
Shareholder Protection is used to ensure that if one shareholder passes away, the other shareholders or their families are able to purchase the deceased's shares, ensuring the business can continue and/or nobody is tied to a business they don't want to run.