The common starting point for most people when they consider personal protection against unforeseen events and circumstances is life assurance. This is generally the cheapest type of cover available and if a death occurred it would lessen the financial impact on the life assured’s family.
As life expectancy has increased life assurance premiums have generally gone down over the last ten years. We are more than happy to review your existing policies to ensure that they remain competitive.
Personal insurance is a way of providing a level of cover or financial security to reduce the impact of a serious event in return for the premium paid. The aim is to provide sufficient funds to ensure that in the event of you dying, suffering from a critical illness or being unable to work for a prolonged period, there is the right cover in place to provide sufficient financial support for your family and loved ones.
Critical Illness Cover
These policies normally cover approximately 40 conditions, of which the three biggest in terms of claims are heart attack, cancer and stroke.
Critical illness cover should be regarded as important and pay-outs are generally made in lump sums to replace lost income, changes to property or fund a necessary adjustment in lifestyle, such as reduced working hours.
Income protection policies provide a replacement income after the ‘deferred period’ i.e. the period you’ve been unable to work due to ill health, injury or sickness. This will generally be a tax free monthly benefit, payable until you can return to work or the end of the policy term.
Our protection advisers can provide you with the right advice according to your personal circumstances. For IHT (Inheritance Tax) purposes this may involve writing policies in trust as they can offer a tax efficient way of keeping benefits from life assurance policies outside of an individual’s estate.
If you think you would benefit from a financial review or if you would like to discuss life assurance and protection, please contact us on 01273 208813 or email firstname.lastname@example.org.