No one enjoys contemplating death, critical illness or the need for income protection owing to long term ill health.
However, knowing that your family’s financial future is secure – in any eventuality – is part of a sensible financial plan that we can help prepare for you. As a firm of independent financial planners, we are in a position to provide advice on a number of different life protection policies which are sourced on a whole of market basis.
We call this Dignity Protection to ensure that you have quality life planning without financial stress.
Our client financial fitness plans always incorporate Dignity Insurance – it makes our clients feel good as a result and delivers peace of mind.
Life insurance only provides a lump sum or regular income in the event of death – if however you and your spouse/partner cannot provide for your family because of illness or disability, alternative policies are available which can provide similar benefits as a life assurance policy. Our experienced financial planning advisers can guide you to ensure that you arrange the protection policy that best suits you and/or your family’s needs.
If you have dependants – school age children, spouse/partner and/or other relatives that depend on your income to cover the mortgage or other living expenses, then the death benefits payable by a life insurance policy are vitally important. Life insurance can, on death (second death on certain policies) also be used to provide a lump sum that can discharge in part or in full, an Inheritance Tax Liability that may arise on death of the remaining partner.
If you cannot work for extended periods due to illness, accident or disability, the loss of income causes stress and anxiety and this is especially acute for the self-employed.
Income protection plans cover a wide range of illnesses and disabilities and pay a regular income until you are able to return to work, reach retirement age or reach the end of the policy term.
Critical illness cover, also referred to as critical illness insurance, is a long-term insurance policy where you’ll get a tax-free ‘lump sum’ – a one-off payment – if you’re diagnosed with one of the serious illnesses covered by your insurance policy.
The money you receive from a critical illness policy can be used to pay off a mortgage, debts, medical bills, home modifications or for any other purpose. The aim of the policy is to relieve you of the financial pressures that arise in the event of ceasing work owing to a critical illness.
We advise clients not to rely on benefits from the state to support you if you become critically ill – these are probably less than you think.
For further information and advice regarding our financial protection and life assurance planning, please contact one of our financial planning advisers.