Insurance & Protection
If you have anyone financially dependent on you, such as a partner, children, a sibling or an aging parent, then life assurance is for you. People take out life assurance policies to ensure that if they die their loved ones are looked after. Life assurance can help with paying off debts, household bills, childcare costs and account for your mortgage payments.
You can either take out term life assurance that will cover you for a fixed period of time or whole of life assurance that covers you as long as you need it.
Critical Illness Cover
More than 1 in 3 people in the UK will develop some form of cancer during their lifetime.
Being diagnosed with an illness can cause a lot of anxiety – even if it’s at an early stage. You may have to take time off work for treatment, which can cause stress and financial worries.
A typical critical illness policy will pay out a tax-free lump sum if you are diagnosed as having one of the specific life-threatening conditions as defined in the policy.
Serious Illness Cover
Serious Illness Cover provides cover for many more conditions than the average critical illness plan and you are more than twice as likely to get a pay-out. A serious illness plan pays out a tax-free lump sum on diagnosis of any specified condition. The amount payable is based on the severity of your condition. If part of your cover is paid out, the remainder continues so you can claim on another occasion.
With the chances of you being incapacitated and off work for more than 6 months substantially greater than dying before the age of 60 a replacement income can be crucial.
The State Benefit System is widely perceived as a fall-back, but the reality is that it may not be enough. This may leave you with concerns about how mortgage payments, rent bills and medical costs will get paid without sufficient income.
Income Protection offers a tax-free monthly income payment if you are unable to work due to sickness, injury or disability, helping you to ensure your monthly outgoings are covered.
Private Medical Insurance
Private Medical Insurance (also known as health insurance) can supplement what’s available through the NHS. You might decide it’s worth paying extra to have more choice over your care should you need any hospital treatment in the future.
Key Person Cover
Key person cover protects pre-tax profits of small and medium-sized companies in the event of death or serious illness of one or more of the company’s key employees.
Shareholder & Business Partner Protection
If a business owner dies or suffers a severe illness, their share of the business will pass to their beneficiaries. To maintain full control of the business, the surviving business owners will need to buy the deceased’s or incapacitated individual’s share of the business. For many businesses, finding sufficient capital is difficult or even impossible. Shareholder and partner protection will provide your business with a cash lump sum to cover these costs should this be necessary.
Business Loan Protection
If a business owner dies or suffers from a severe illness, lenders may have the right to demand that any outstanding loans are paid back. These could be difficult to pay off at short notice. Loan Protection provides a lump sum to cover such loans.
Many companies offer their employees a ‘death in service’ benefit, however this kind of benefit does not necessarily suit every company.
Relevant Life is a tax-efficient and cost-effective life cover alternative. You save nearly 50% tax on your contributions as it is a tax deductible business expense no NIC contributions to pay). Relevant Life policies do not count towards the lifetime allowance unlike death in service benefits which attract 55% tax if the Lifetime Allowance is breached.