Protection

Protection Services we offer

Life Assurance

Life assurance is a contract between a policyholder and an insurance company. The policyholder pays a premium in exchange for a lump sum payment to their beneficiaries upon their death. This can provide peace of mind to the policyholder and their loved ones, as it ensures financial security for them even after their death. Life assurance can be especially important for those with dependents who rely on their income, such as spouses, children, or elderly parents. It can also be used as a way to cover mortgage repayments, estate taxes, or other outstanding debts.

Additionally, life assurance policies can offer potential tax benefits, depending on the specific policy and the jurisdiction in which the policyholder resides. As such, life assurance is an important consideration for anyone who is concerned about the financial well-being of their loved ones or the protection of their assets.

Family Income Benefit

Family income benefit (FIB) is a type of term life insurance policy that provides regular financial support to the family of a policyholder if they die or are diagnosed with a terminal illness. The monthly income payments can be used to cover a variety of expenses, such as mortgage payments, household bills, and childcare costs.

FIB is typically designed for families with young children, as it can help to ensure that the family’s financial security is not disrupted if the primary breadwinner dies or becomes ill. However, it can also be a good option for single people or couples without children who want to make sure that their loved ones are financially secure in the event of their death.

When choosing a FIB policy, it is important to consider the following factors:

  • The amount of monthly income you need: This will depend on your family’s expenses and lifestyle.
  • The term of the policy: This is the length of time for which the policy will pay out. You will need to choose a term that is long enough to cover your family’s needs.
  • The level of cover: This is the amount of money that will be paid out in the event of a claim. You will need to choose a level of cover that is sufficient to meet your family’s needs.

FIB can be a valuable financial protection for families, and it is important to compare different policies carefully before choosing one. You can get quotes from a financial adviser.

Critical Illness

Critical illness insurance is a type of insurance that pays out a tax-free lump sum if you are diagnosed with a serious medical condition. The conditions that are covered by critical illness insurance vary from provider to provider, but typically include cancer, heart attack, stroke, multiple sclerosis, and loss of limbs.

The lump sum payment from critical illness insurance can be used to help you meet the financial challenges of a serious illness, such as:

  • Paying for medical treatment
  • Making mortgage or rent payments
  • Providing for your family
  • Adapting your home to your changing needs

Critical illness insurance can be a valuable financial safety net if you are diagnosed with a serious illness. However, it is important to shop around and compare policies carefully before you buy a critical illness insurance policy. This is because the premiums (the amount of money you pay for the policy) and the benefits (the amount of money you will receive if you make a claim) can vary significantly from provider to provider.

Income Protection

Income protection insurance (also known as permanent health insurance) is a type of insurance that pays out a regular income if you’re unable to work due to illness or injury. This can help you to cover your essential expenses, such as mortgage payments, bills and food, while you’re not working.

Income protection insurance typically covers you for a period of 12 months to 20 years and can pay out up to 60% of your gross income. The amount of cover you need will depend on your individual circumstances, such as your income, outgoings, and savings.

There are a few different types of income protection insurance available in the UK, including:

  • Accident and sickness cover: This type of cover pays out if you’re unable to work due to an illness or injury.
  • Unemployment cover: This type of cover pays out if you lose your job through no fault of your own.
  • Accident, sickness, and unemployment cover: This type of cover combines the benefits of accident and sickness cover, and unemployment cover.

The cost of income protection insurance will vary depending on a number of factors, including your age, health, occupation, the level of cover you choose, and the length of the policy.

If you’re considering taking out income protection insurance, it’s important to shop around and compare quotes from different insurers. You should also make sure that you understand the terms and conditions of the policy before you take it out.

Discounted Life Assurance for Directors

Discounted life assurance (also known as relevant life insurance) is a type of life insurance policy that is designed for directors of limited companies. It is called discounted life assurance because the premiums are discounted by the tax relief that the company can claim for paying the premiums.

The main benefits of discounted life assurance for directors are:

  • Tax-efficient premiums: The premiums for discounted life assurance are paid by the company, and the company can claim a tax deduction for these premiums. This means that the directors do not have to pay income tax or national insurance contributions on the premiums.
  • Larger death benefit: Discounted life assurance policies can typically provide a larger death benefit than personal life insurance policies. This is because the company can afford to pay higher premiums, and the policy is written into trust, which means that the death benefit is not subject to inheritance tax.
  • Flexibility: Discounted life assurance policies are more flexible than personal life insurance policies. For example, the company can change the level of cover or the term of the policy without the director having to go through medical underwriting.

If you are a director of a limited company, discounted life assurance is a tax-efficient way to protect your family financially in the event of your death. It can also provide a larger death benefit than personal life insurance policies.

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