A key element of any financial plan is to consider what would happen if something unforeseen should happen and how this would impact the individual and the people around the individual.
If you had a machine that printed ££££ wouldn’t you insure it? You are that machine.
The solutions to those problems take the form of insurance, otherwise known as protection.
The most obvious example is taking out a life assurance policy to pay off a mortgage should one of the property owners die before the mortgage has been repaid.
Typical protections available to Private Individuals include:
- Life cover to pay a lump sum on the death of an insured party.
- Critical Illness Cover to pay a lump sum upon diagnosis of a serious medical condition of an insured party.
- Income Protection to pay an income in the event that insured party is unable to work due to accident or illness.
Typical protections available to Corporate and Businesses include:
- Shareholder Protection to pay a lump sum on the death of a shareholder to enable either the business or the remaining shareholders to purchase the deceased party’s shares from their estate.
- Key Person Insurance to pay a lump sum to a business in the event of the death (and / or the critical illness) of a key member of staff.
- Death-in-Service plans to provide a lump sum to an employee’s family in the event of their death
- Employee Income Protection Plans to help ensure that employees’ incomes are maintained should they become long term absentees, whilst moving the cost to the insurer.
To find out more please get in touch to discuss our range of services and how we can help you on your financial journey.
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