The death or serious illness of a family member is devastating on its own without the aftermath of financial hardship or even the risk of losing the family home.
In the past I have spoken to many people who believed that the death in service benefit provided by their employer provided sufficient cover. However, most employers won’t employ a seriously ill person beyond a certain time and the death in service benefit normally finishes when they leave work.
Life cover can be provided either as a lump sum payout or in the form of an income for a specified period. The lump sum payout can be either for a specified term or for the whole of life and where it is for a specified term it can either remain level or decrease in line with a repayment mortgage. Critical Illness or Serious Illness cover is often included within the policy.
We can help you select the right type and level of cover within your budget and help to ensure that the right money gets to the right people at the right time.
However, it is important that the policy is set up in the right way to ensure that in the event of a claim the money gets to the right people in a timely manner without the taxman taking a lump.
Lack of income protection is probably the greatest risk taken by the UK’s working population. It is possible to protect your income in the event of illness or injury. Premiums vary widely between insurance companies depending on your occupation and lifestyle. You can potentially make significant savings by taking specialist advice.
This is designed to protect small businesses from the financial impact caused by the death or serious illness of a partner, director, or key employee. Money may be needed to buy the deceased’s share of the business or to pay for a temporary replacement.
We can help you work out an appropriate level of cover and find a suitable insurance company. Again, it is important that the arrangement is made in such a way that the taxman doesn’t get a lump of the money.
You will have the option of paying us directly from your bank account or through any product that we may recommend.
For insurance business we are paid a commission by the company we recommend.