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More on Life Insurance

Family Protection

Essentially there is an awful lot of overlap with mortgage protection planning.  We would suggest your mortgage is number 1 priority but for additional peace of mind family protection is important.

You have children and one of the parents prematurely dies, the financial consequences would be severe.  The permanent loss of income to the family can make even the simple household bills unaffordable.  Even if your family has one breadwinner and one parent has home carer responsibilities it is a common trap to feel that only the breadwinner needs insuring as the home carer “doesn’t bring any money in”.  However, if the home-carer was to die, how would the survivor carry on working with the new additional duties of looking after children, they may have to reduce working hours or even worse, give up working completely.

Illness

Dealing with a family members illness can have a devastating effect on the family and financial resources.  Hopefully you will have put in place protection policies but may struggle with the complicated claims process or be unsure of where to turn for help.

You may have suffered a life changing accident and require the assistance of a solicitor to seek recompense, we have a team of local and highly skilled contacts who can help.  Once any compensation is received, you may wish to consider investing the proceeds to generate income or need to make changes to your property.  Whatever your situation, we can help.

Income Protection

There is a lot of overlap with mortgage protection planning but with some key differences.  Rather than providing a lump sum for repayment of a debt or specific need, income protection is planning to replace income that was available to a family in the event of death or serious illness.  The main types of policies are explained below:

Lump sum life and/or earlier critical illness

Basically, these policies are lump sum plans however you may choose to receive the lump sum benefits over a period of years to replace lost income.  This may be in the shape of a family benefit plan.  An alternative is to insure a lump sum and upon receipt of the lump sum invest it in order to provide an income.  We never sell products based on guesswork and have years of experience using tried and tested formulae to meet this need. 

Key Person Cover

Does your business have a key individual that would severely affect profits if they were seriously ill or pass away.  Perhaps a senior sales person, your fellow director or even yourself?  This is where key person cover plays a vital role to make sure your business remains a success.

Essentially it is all about planning for unforeseen events and finding the right way to place a value on the impact of that person being unavailable through illness or death would mean.  Once you have agreed the shape and level of cover needed, a life and/or illness policy is then established with the proceeds being paid to the company itself.  In the event of accident/illness/death the policy effectively replaces the profits for an agreed period of time to allow the business source a replacement and get back on its feet!

Private Healthcare

There are many companies available in this market providing policies for private healthcare treatment for you and your family.  They range from simple cash plans providing some limited dental or general health benefits right through to comprehensive plans allowing private hospitals for surgical procedures and regular pro active health checks. 

Our NHS is brilliant but as the demand grows this can result in increasing waiting lists for none urgent treatments.  With a private healthcare plan, you and your family will see specialists straight away in a private hospital with diagnosis and treatment provided potentially much more quickly allowing you to get on with your lives!  Private healthcare will also help treat both acute and chronic conditions.