Protection
Financial products are sometimes at their most useful when they are protecting our families, our incomes or our property.
What are the protection options?
All of us appreciate the importance of insuring our property, whether this be buildings, personal items of value or vehicles, but sometimes we overlook protecting ourselves and our families, finances, and businesses against unforeseen events in life.
We can provide you with impartial advice and services tailored to your individual needs.
Income Protection Options
Business Protection
General Insurance
Life Protection Options
Income Protection Options
This policy is designed to provide an income in the event the insured individual is unable to work due to ill health. The level of premium will depend upon the amount of benefit and term selected. Most policies cease to pay the benefit once the insured is able to return to work. Income protection policies are usually written to retirement age or 60 if earlier.
Business Protection
A business 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.
General Insurance
Whether you rent or own your home, insuring it makes sense.There are two main types of home insurance to consider:
Buildings – As the names suggest, buildings insurance protects the property itself and Contents insurance covers the furniture, furnishings, appliances, clothing and all your possessions.
Although we all like to think that it won’t happen to our home, unfortunately, accidents, fire, burglary, and other mishaps are not uncommon. So, whilst it’s tempting to think that home insurance is one expense that can be avoided, such a decision could prove to be a false economy.
Life Protection Options
There are several ways in which you can protect yourself and your family in the event of an untimely death.Most people take out life assurance to provide for their families and alleviate any financial worries at a difficult time.
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 ends. The benefit is paid tax-free. Premiums are usually monthly and fixed throughout the term. As the term and benefit are known from the outset, and there is no investment content. Term assurance can be a cost-effective method of protection.
Decreasing Term Assurance works in a similar way 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 loans where the amount of capital outstanding also decreases over time. As the benefit reduces over time, the premiums are usually lower than for Level Term Assurance.
Family Income Benefit works the same as term assurance but instead of paying a lump sum upon death, it will usually pay a regular monthly/annual tax-free income in the event of death to your dependants up until the end of the term of the policy.
Critical Illness Insurance is usually available as an addition to all term assurance plans but can be bought on a standalone basis. Critical illness provides a lump sum benefit / income in the event of diagnosis of certain critical illnesses, such as heart attack, stroke, transplant, blindness, total and permanent disability. The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers.
Importance of a Will
What if I die without making a Will – Rules of Intestacy
If you die without a Will, then the government will decide who will inherit your estate in accordance with the Rules of Intestacy.
These were drawn up in the 1920s, and despite major revisions in 2014, may not accord with your wishes. Depending upon circumstances and the size of your estate, your spouse may end up sharing your assets with your children.
Married partners or civil partners inherit under the Rules of Intestacy only if they are married or in a civil partnership at the time of death. So, if you are divorced or if your civil partnership has been legally ended, you can’t inherit under the Rules of Intestacy.
The full laws of Intestacy depend on which part of the UK you lived in and can be found on the government website.
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