Life, Health and Income Protection

Why Is This Area Important?

None of us knows what tomorrow may bring and life’s circumstance can change in the blink of an eye.  To help protect those we love and care about should the unthinkable happen as a result of an accident, ill health or death, we can assist in helping you to arrange the most appropriate cover through Life, Health and Income Protection planning.

What Solutions Are There?

There are numerous policies available within this area of financial planning, enabling us to provide a solution that is tailored to your unique needs and requirements.

To find the right 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 and predicted future circumstances.  We can then recommend the most suitable solution for you.

Personal Insurance

Below is a summary detailing the different types of insurance that may be essential in forming part of your personal requirements.

Life Cover

This is an insurance in which the benefit pays out a pre-determined lump sum upon death or terminal illness of the life assured.  The cover can be set up on a level or decreasing term 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 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 pre-determined age.

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 qualifying 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 (PHI).  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 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 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 in order to allow them to retain the lifestyle 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 circumstances, often set up to pay the inheritance tax due on one’s 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 providing that the sum assured is sufficient to cover this cost.

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 both a unique and dedicated level of medical cover and care, the benefits of private insurance enables an individual to gain quicker access to medical expertise which can be invaluable in their 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 of market in order to provide the correct solutions for you and your corporate needs.

In addition to these benefits, the following different types of insurances may also prove essential in forming part of your corporate financial planning requirements.

Key Man Insurance

Key-Man Insurance provides a lump sum in order to provide sufficient capital to help cover the costs of bringing in a replacement for those individuals who hold a key role within an organisation.  This is especially beneficial where the business would be significantly affected should that member not be able to work, for example, due to a prolonged period of 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 allow the remaining partners of a business time to find the right replacement for the deceased partner.  It also gives the family of the deceased peace of mind, as it may mean that the business can continue trading.

For more information on any aspects of Life, Health and Income Protection planning please contact us.