Life Assurance

Life Assurance is a policy taken to ensure a lump sum payment is paid to your loved ones/beneficiaries in the event of your death in exchange for a monthly premium. Most providers also cover events such as terminal illness or critical illness which can also trigger a payment. Checking your policy documentation is crucial to understand the level of protection, however our team will always discuss with you the disclosure of information and accuracy of all documentation.

A Life Assurance payout can be used to provide your family with financial support upon your death, maintain a standard of living, pay a pending Inheritance tax bill or support your dependants through later life.

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Any life assurance policy which is not a joint application should be written by way of a trust which gives you the flexibility to assign trustees over the sum assured once claimed and for them to follow your wishes with who you require the money to go to i.e. a beneficiary or multiple beneficiary as a percentage split.

The huge advantage of this is that once the policy is written in trust, once claimed this would not be paid into your estate and therefore not liable to inheritance tax or tied up with probate. This means a faster, tax free payment to your beneficiaries.

Personal Protection offers a range of covers. You can choose just one cover or a combination to suit your own particular situation, as well as single or joint life policies. As needs change, cover can be adapted or changed to ensure that you have adequate cover in place. With some insurers, a policy can be written up until age 100, or where clients have a higher budget, a whole of life policy can be put in place as a funeral plan or to leave family financially stable.
Income Cover for Sickness or accident if someone can’t work because of illness or injury and meets the insurer definition of incapacitated. This cover would also include waiver of premium where the insurer would pay the plan premium throughout the period of sickness. This can be written as a long term policy that does or does not include cover for unemployment, dependant on your requirements. These policies can be written with varying monthly benefits from 12 months to long term with the premium being reflective of this. Up to 65% of annual salary is available dependent on the provider.

We offer expert advice to ensure that you have the right, comprehensive Accident, Sickness & Unemployment cover in place. ASU offers the same cover as income protection but provides monthly payments for unemployment for a certain period of time. These policies are available from 1 to 5 years provider dependant, however this type of policy would not offer the same high amounts of monthly benefit that an income protection policy would.

A variety of policies can be taken as Family Protection. A decreasing term assurance can be used to settle a mortgage and protect your family home. A Decreasing Term Assurance policy will decrease the sum assured in line with your mortgages interest rate. A Level Term Assurance which provides a lump sum payment can also be used instead of, or in conjunction with a decreasing term assurance and this will provide additional financial security for loved ones or dependants.

Critical Illness

Critical illness insurance is designed to pay out if someone is diagnosed with any of a number of specified illnesses, and each provider offers different levels of cover and specifications. Permanent and total disability benefit can also be offered under this type of policy and has proved to be very popular with most of our clients.

Critical illness insurance can be used to protect a mortgage and can therefore be set up in joint names. It can also be used to adapt a property upon a disability claim, or to pay for private medical treatment if required. Critical illness payments are also often used to replace loss of salary through inability to work. Critical illness insurance covers cancer, heart attack and stroke as a minimum – although the exact number and type of other illnesses covered will depend on the particular provider used.

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Business Protection

Business Protection – to protect business assets by key person or relevant life
Business protection can be written for key personnel to ensure the business would not suffer financially in the event of a death. Any pay-out would go direct to the business as the beneficiary written in trust, providing the policy has been written in trust.

A relevant life protection can be set up for business owners of a limited company where the beneficiary could be personal – spouse or family written in trust, providing the policy has been written in trust.

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A Cross Option Agreement is used to give the surviving shareholders the option to buy the deceased business owners shares from the business. You would need to instruct a solicitor to draw up this agreement. A Shareholder Protection policy would provide financial security for the purchase of these shares.
Key person Insurance covers the life of key persons/employees who are critical to your business and its ongoing success. The monthly payment for a Key Person protection policy is paid for by the business and is deemed as a legitimate business expense. As the premium is paid for by the business the payment upon a claim would be paid directly into the business, as a non-taxable sum.
Anyone owning more than 5% of your business is considered a ‘significant shareholder’ so you may wish to protect yourself from the possibility that should anything happen to any of your shareholders, unless you are protected, you are open to the risk of having new and unassigned business partners calling the shots.

Business loan protection can cover an outstanding overdraft, commercial mortgage or Director’s loan, giving you peace of mind at times of need. Policies can include covers for the death of a key person or in the case of critical or terminal illness.

Employee Benefits

Employee Benefits for you and your staff: Death in service and Income Protection
A death in service or income protection scheme is classed as employee benefits, payable by the business for the benefit of you and your employees. This can also be used for Directors of a firm and offers a level of cover free of medical underwriting dependant on provider. Tax deductible for the business and no P11D benefit payable for staff on a death in service. A minimal P11D benefit charge is applicable to a Group Critical Illness policy for members of staff that wish to be included in the scheme.

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For peace of mind and to ensure loved ones are looked after should the worst happen. In the event of the death of an employee, our Group Life Insurance policies will provide their dependants with a tax-free lump sum after they have completed a letter of wishes nomination form.
You’re there to look out for your employees and we’re here to look out for you. If one of your employees is unable to work due to illness or injury, you can be covered for up to 80% of their salary. This can also be incorporated into a comprehensive benefits package, which in turn will assist you to manage absence whilst also providing financial support for your employees and their families.

In order to manage absence more efficiently within your organisation, trained specialists and rehabilitation experts can provide guidance and support to both you and your employees, so proactively helping your employees return to work.

Should any of your employees be diagnosed with any of the listed, specified conditions covered by the policy, you can rest safe in the knowledge that you and your employee will be covered by a lump sum payment which can be a multiple of their salary.
A Group insurance scheme can be held in a master trust which offers employers the benefit of a governance function with lower operating costs than a single employer scheme.

Home Insurance

Home insurance covers the building that you live in. Our aim is to provide you with peace of mind when dealing with your home insurance making it clear and simple to understand.

There are two types of home insurance. Buildings insurance covers the structure of your home as well as any permanent fixtures and fittings, such as your kitchen and bathroom. Contents insurance protects your belongings within your home.

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Building Insurance covers the structural parts of your home; such as your roof, walls, floors, ceilings and garages.

Insuring your building and fixtures could save you paying thousands of pounds in rebuild costs caused by: fire, flooding, storms, subsidence, fallen trees, burst pipes and accidental damage. All of these circumstances can be covered by accidental damage for an additional premium.

A contents insurance policy can be put in place to protect your belongings from damage to, or loss of, items such as furniture, kitchenware, soft furnishings, electrical equipment, toys, ornaments, clothes and jewellery while they are located within your home.
Combined Building and Contents Insurance takes care of repairs or replacements when it comes to damage, loss and theft to structural parts of your home, such as the walls and roof, including the permanent fixtures and fittings. As well as your personal belongings while they are located within your home.

Our personal possession insurance is designed to protect portable items you take outside of your home such as, mobile phones, tablets, laptops, Jewellery, bicycles, cash, musical instruments, and many more “high risk” belongings against loss, theft and accidental damage.

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