Family and Business Protection

Reviewing protection products across the whole market place to arrange the best deals for you

If someone dies or becomes disabled and unable to work then this can have devastating effects and consequences on a family or business. Besides the emotional heartache it can also create financial hardship as well. Arranging suitable life insurance or income protection to pay off liabilities or to meet everyday expenses is often required to maintain the current family lifestyle or business profits.

The amount of cover needed will vary from person to person or business to business. An estimate or “needs analysis” should be made of how much the family or business would require on a day to day basis along with any need for lump sums and the length of term required. Consideration should also be taken of any employment or pension scheme cover or any entitlement to state benefits.

There are several different types of Protection available.

Family Protection
Term assurance is the cheapest form of life cover because the sum assured is only paid out if death occurs before the expiry date. Family Income Benefit is often an ideal solution for providing an income to dependents as following a claim, the income is paid in instalments to the end of the term. Whole of life policies are more expensive than the others because the cover is permanent as it lasts throughout life, there are guaranteed policies or more flexible unit linked polices.

Income Protection
These policies are designed to provide an income while the insured is unable to work due to illness or injury.

Partnership Protection and Directors’ Share Protection
If a partner or director in a business dies or becomes seriously ill, partnership protection or directors’ share protection gives the remaining partners or directors in the business the option of buying their shares and therefore keeping control of the business.

Key Person Insurance
A key person is any person whose death or disability would have a serious effect on the company’s future profits.

For a quote, information or advice – click here