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There are various, complex risks in life that we all face such as serious illness, an accident or death. What would happen if something were to happen to you? Would your family be able to cope financially with the impact an unexpected event might have?
These are not easy questions to ask but it is important to consider what would happen if an unexpected event or accident took place, and how you could protect your family from the financial effects of serious illness or death.
Deciding what your priorities are and understanding what options you have are key parts of the protection planning process. This helps you ensure that you have the financial protection most suitable for your circumstances.
These are some of the common forms of protection that you may wish to consider:
Life insurance encompasses a range of different types of protection that pay money to your family when you die.
Commonly purchased is term assurance which is assurance payable on the death of the life assured during the specified term of the policy. It pays out a lump sum if you die during a specific time period. It can provide considerable help to families at what is inevitably a difficult time.
For life assurance protection that will pay out on death at any time, whole of life assurance is appropriate. Once bought (and premiums are maintained) it will provide the required cover throughout life as opposed to a set number of years. This type of protection can be used to cover Inheritance Tax bills.
There is a variation on the basic term assurance theme that is often worth considering as it can reduce the cost of cover. Family Income Benefit is a policy with a sum assured that reduces uniformly over time but provides regular payments of capital on the death of the breadwinner - life assured.
The risk of inadequate cover if sickness were to occur is a serious issue for many. This type of insurance pays out if you become too ill to work by paying a percentage of your earnings after a pre-agreed waiting period.
Critical illness cover policies commonly provide a lump sum if you are diagnosed with a serious illness. It provides for an accelerated payment of the sum assured under a term assurance policy or other life assurance policies. Critical illness cover can, however, also be bought on a stand-alone basis. Critical illness cover can represent a very worthwhile addition to life assurance taken out in connection with a mortgage. In these cases, a big financial commitment can be removed if the life assured suffers ill-health on a significant scale.
If you are a business owner, protecting yourself and your business from common risks will benefit your business’ future. If you or a co-founder became ill or died, that person’s shares would automatically be passed to their next of kin, allowing them significant control over the business. By taking out business insurance, you can consider the potential scenarios and mitigate the unexpected risks. Protection planning for your business is just as important as your personal life; therefore, the options available should be thoughtfully discussed with the relevant stakeholders.
Partnering with an adviser begins with taking a 360° assessment of your financial position, and then assessing what would happen in different potential scenarios, taking into consideration any vulnerabilities you may have. From there, you will work together to decide what your priorities would be if something were to happen to you.
Your adviser will research insurance protection policies that are most suited to your needs, and will find competitive rates. We’ll set up your policies as part of our protection planning service, taking care of the paperwork so you can focus on what you need to.
We can offer guidance on how to protect your income, your family and your business with protection planning. We can give you peace of mind that you are protected against the unexpected.
Here are some of the benefits can enjoy:
And as our client, you can rely on:
Before you invest, make sure you feel comfortable with the level of risk you take. Investments aim to grow your money, but they might lose it too.
