Financial products are sometimes at their most useful when they are protecting our families, incomes or property. Whilst insuring ourselves against an undesirable event such as sickness or even death may not be a pleasant thing to think about, the benefit of being able to set financial issues aside at emotionally difficult times cannot be overlooked.

There are many ways in which a family can protect itself, and because of the large range of products available there is usually an appropriate policy for most circumstances, and most budgets.

Click on the protection options below to learn more.

Income Protection

Should you become unable to work due to an illness or disability, an income protection plan could give you a monthly income to meet your financial commitments. Not to mention peace of mind!

Income Protection

This policy is designed to provide a tax-free income in the event that the insured individual is unable to work due to ill health. The level of premium will depend upon benefit and term selected and most policies cease to pay the benefit once the insured is able to return to work. Income Protection policies are usually written to age 65.

Accident, Sickness & Unemployment (ASU)

ASU policies were traditionally sold to accompany mortgages, allowing for a regular income to be paid to the insured should they be unable to work (or lose their job). The product can be split down and unemployment cover is usually the optional extra available for an additional premium. It is important to compare ASU and Income Protection closely as one may be more suitable than another.

Life Protection

There are several ways in which to protect yourself and your family in the event of an untimely death. Most people take out life insurance to provide for their families and alleviate any financial worries at a difficult time.

Level Term Assurance

Level Term Assurance pays a lump sum in the event of death during the term of the policy. There is no investment element within a term assurance contract so at the end of the term there is no maturity value and life cover lapses. The benefit is paid tax-free and premiums are usually monthly and fixed throughout the term. Since the term and benefit are known from the outset and there is no investment content, term assurance is a very cost-effective method of protection.

Decreasing Term Assurance

Decreasing Term Assurance works similarly to Level Term Assurance, but the benefit is set at the outset and gradually decreases over the term of the policy. These policies can be used as cover for a repayment mortgage or other loan where the amount of capital outstanding also decreases over time. Because the benefit reduces over time, the premiums are kept very low.

Family Income Benefit

Family Income Benefit works the same as Term Assurance but instead of paying a lump sum upon death, it will pay a regular monthly tax-free income in the event of death to your dependants up until the end of the term of the policy.

Critical Illness

Critical Illness is usually available as an addition to all Term Assurance plans but can be bought on a stand alone basis. Critical Illness generally allows for the lump sum benefit to be paid also in the event of diagnosis of certain critical illnesses such as: heart attack, stroke, transplant, blindness, total & permanent disability and so on. Most providers conform to the Association of British Insurers standards for qualifying illnesses and it is important that you fully understand the terms of each illness.

Business Protection

Keyperson / Shareholder Protection

Businesses may want to protect the key employees within their firm – perhaps the key salesperson, or the IT manager without whom the business would not function properly. Keyperson protection can provide a fixed sum should the individual be unable to work, or even die. The benefit will be designed to cover the firm’s expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business.

Similarly, if a key shareholder was to pass away, the firm’s remaining shareholders or directors may want to purchase the deceased’s shares from their estate promptly in order to maintain control of their business.

Please contact us if you wish to discuss any of your protection provisions.