Why do I need to consider protection?

For the vast majority of people, it is our income that helps us pay for our lifestyle and possessions. Any threat to our income poses a threat to our way of life. How would you or your family cope in the event of the death of the major breadwinner or child carer? How would you continue to meet the cost of your outgoings if you were too ill to carry on working? How would you cope with the effect of a critical illness? How could a business cope with the death or serious illness of a director or key worker? There are several areas of financial planning where protection must be considered: -

• Death of an earner or carer
• Critical Illness of an earner or carer
• Long-term illness of an income earner
• Mortgage Protection
• Inheritance Tax Mitigation
• Key Man Protection
• Partnership or Business Share Protection

What types of cover are available?

There is a vast array of protection solutions available and an equally large range of options available within many plans.

There are level term assurances, decreasing term assurances, whole of life assurances, increasing term assurances, family income benefit assurances, renewable term assurances, convertible term assurances, gift inter vivos plans, pension term assurances, critical illness plans, personal accident assurances, income protection plans, accident sickness and unemployment insurances, endowments, in addition to group protection schemes for businesses.

There are options within these plans, for example single life, joint life first death, joint life second death, life of another, key man and group cover.

There are then further options such as premium payment protection, life cover buyback, indexation of benefit and premiums, increase options, term extension, and different combinations of life cover with critical illness, income protection and unemployment insurance.

Why do I need advice?

As the above is by no means an exhaustive list of options, it may therefore make sense to take advice from us as to what level and type of cover you require. Choosing the appropriate protection solution for your needs involves far more than selecting the cheapest premiums. It is not much help saving money if you end up with the wrong plan for your circumstances. We will assess your overall situation and take into account the type of cover you need, the length of time you need it for, the amount of cover required, the tax implications, the level of cover offered by existing plans and assets, the people intended to benefit, the need for flexibility and alterations, and of course your budget. Only then will we advise you on the most appropriate solution for your needs. This may well involve a combination of plans to provide you with a tailor-made solution to suit your requirements and budget. As independent financial advisors, we have access to a whole range of protection solutions, rather than being tied to one provider. We can therefore obtain the most cost-effective solution available to us rather than offer a limited “panel” of providers.

For Accident, Sickness & Unemployment cover we usually offer products from a
Selected Panel of providers a list of which is available on request.

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