Insuring yourself against life’s unforeseen events is essential. Here we have a range of insurers to select from who can offer the most basic of policies to the more bespoke. Everyone has different needs specific to their wealth, health and risks so good advice is essential. The insurance chosen now can have far reaching consequences on the future.
This pays out on the policyholder’s death, typically in the form of a lump sum . You may wish to insure known debts and/or leave a ‘legacy’ for a dependant. Terms can have set end dates or be ‘whole of life’.
Family Income Benefit is a variant of Life Insurance that pays monthly rather than a lump sum.
Critical Illness Cover
Unlike Life Insurance, Insurers can differ greatly on what they include in these policies but there is always a solution to match every need and budget. The importance of critical illness cover is that the insurance pays out on diagnosis, so you may get cured from the illness due to technological advances but you will still get your lump sum pay out.
The most commonly claimed critical illnesses are: Cancer, Heart Attack, Stroke, Children’s Critical Illness and Multiple Sclerosis. Cancer Research now states that 1 in 2 of us will get a form of cancer in their lifetime, which makes having this cover in place more important than ever.
This is a type of cover that offers a replacement income if you’re unable to work, usually due to illness or injury. There are several types of income protection insurance, offering short and long-term cover. Useful to all but particularly those that depend on a main or single income. These policies can be arranged to pay immediately after a successful claim (which is particularity useful to Self Employed workers), or after a deferred period of time.
We can choose from a range of insurers, all of which will be acceptable to lenders – Buildings Insurance is mandatory if you have a mortgage and will be checked by a solicitor when exchanging contracts for a purchase of remortgaging to a new lender. As an independent broker, we ensure your needs are met by selecting from our Defaqto 5 star rated policy providers as we understand that the value of any policy is in the claim.
Protecting your business, shareholding and your employees is an essential part of ensuring that it functions correctly and helps you in case you need to replace key staff. As such there is a wide range of policies for several situations, and our professional advisers can help you through the options, structuring solutions to ensure your business is sufficiently protected.
Key Person Cover
One of the most valuable assets of a business is its staff, with business success or failure depending on them.
Some of these people because of their specialised knowledge, skills or contacts, are vital to the profitability of the business. They are often referred to as ‘key persons’ as their death or incapacity could result in the financial performance of the business being adversely affected. Such an event could lead to a significant fall in profits, perhaps to the inability to repay loans or meet other obligations and, in extreme cases, to the collapse of the business.
Just as it is necessary to insure a business against the loss of or damage to physical assets, it is also vital to insure against the loss and/or against the serious illness/disability of a key person.
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