Protection
Take advice when you need the cover to protect those little ones or that loan/mortgage. With term, renewable, reviewable and convertible versions it can be a mine field.
Once you have taken advice, further help may be needed for a suitable trust wording.In doing so the money will then go to your loved ones and perhaps not the taxman.
Life Cover
This is an inexpensive way of providing either a lump sum for your dependents or an amount to repay a mortgage or loan.
We offer advice on how to calculate the cover you need and the type of cover you require. There are a range of different types of cover, each one suited to a different set of requirements:
- Mortgage protection
- Term cover
- Renewal term
- Convertible term
These are all valuable tools in financial planning, but which one suits you?
Trust Wording
If your plan is not to cover a loan you should write the policy in trust for the person/beneficiary of the insurance cover. In doing so it is more tax efficient and ensures the money goes where you intended it to and not to repay any debts.
Private Medical Insurance (PMI)
Perhaps you are running your running your business or want flexibility when it comes to having a small procedure carried out, if so PMI is the answer.
As the advert said "...are you ready to see the doctor now?"
Selecting the hospital as well as the day and time is one of the key benefits of this cover.It allows you to plan when you want tests or an operation carried out.
It also speeds up the process when you can receive treatment, rather than waiting for the NHS to write to you.
For company directors or key employees it can be paid through the business as an expense .Furthermore, a group scheme is normally cheaper than an individual plan.
I already have a PMI plan
If this is so,it is in your interests to shop around when the renewal comes in.This would form part of our wealth management programme.
Income Protection (IP)
How long would you be able to pay bills if you were off work?
IP can pay you a tax-free monthly income until you are able to return to work or until your selected retirement date. This can be more beneficial than a critical illness plan.
Our advice is, check your existing cover or what your employer would pay you and for how long and see if it your income is in excess of your outgoings if not, review and take action.
