The sum paid out from life insurance can help your family to repay a mortgage or debt, fund funeral costs and/or provide support to them with living costs when you're gone. This gives your loved ones peace of mind and financial support in case the worst happens.
This protection will stay in place until an agreed end date as long as you keep up with the monthly payments of the policy.
Our advisers take your needs seriously and offer advice from a wide and varied lender panel. We can answer any of your questions in relation to life cover.
For insurance business we offer products from a choice of insurers.
The policyholder will pay a monthly premium and cover remains in place for a set period of time. If the policyholder were to die during that period, their loved ones would get a tax-free income to help replace lost earnings of the policyholder. This policy will help dependants maintain mortgage payments, rent and other essential expenditure.
One of the main advantages of family income benefit is that it doesn't require your beneficiaries to deal with the complexities of managing and investing a large sum of money as they would with other types of life insurance. This cover may appeal to families with young children - particularly where one parent is the primary earner as it provides regular income, often with cheaper premiums than other life insurance policies.
Most of us think of life insurance to keep a roof over their heads but family income benefit will pay your dependants a tax-free monthly income which could be used for mortgage and rent payments, bills, child care costs and keeping food on the table too. If you're concerned that the funds wouldn't be managed correctly if your dependant/s aren't mature enough to make financial decisions, you can set up a trust which is a legal entity that holds assets on behalf of the dependant/s.
Our advisers take your needs seriously and offer advice from a wide and varied lender panel. We can answer any of your questions in relation to family income benefit cover.
For insurance business we offer products from a choice of insurers.
Relevant Life Insurance for directors is one of the most tax-efficient ways of providing life insurance for an employee/director of a limited company.
Your business pays for the policy, and the premiums are HMRC-approved as a tax-deductible business expense.
The relevant life policy is a single life, stand-alone death-in-service plan, providing benefits on an individual basis.
Key benefits:
– Unique individual stand-alone cover
– Premiums not taxed as a benefit in kind
– Allowable as an expense for the employer
– Cover now up to 20 times annual salary
The lump sum benefits do not form part of the employee’s annual or lifetime pension allowance.
Although the company pays the premiums, they are not normally taxed as a benefit in kind – which can offer huge savings, especially for a higher rate taxpayer.
It can be suitable for any employee. What’s more, the payments may also be treated as an allowable expense for the employer in calculating their tax liability.
The employer will own the policy and the employee will be the person covered but as Relevant Life Cover is written in trust, for the employee’s beneficiaries, the pay-out will go into the trust in the event of a claim.
A term used to describe policies that will provide life insurance or critical illness cover where the sum insured pays back to the business.
Small to Medium business often ensure they have liability and indemnity insurance, if they have premises, they will make sure they are protected against theft, loss or damage but often the biggest assets of the business get overlooked – the people in it. What would happen to your business if you or the people that make it run were seriously ill or worse to die. How would the business be impacted?
Key Person Insurance – cover the cost of recruiting/training a permanent or temporary replacement. Protect against losing key accounts critical to the business. Potential loss of income/profitability whilst you find the right replacement.
Shareholder protection - Shareholder protection insurance is designed to help businesses and shareholders buy a terminally ill or deceased person’s share of the business. If the shareholder was to pass away and you didn’t have shareholder protection in place, then the shares would pass to their estate and the family would decide what to do with them. Depending on the importance of the shares that are passed onto the family, they may try to change or influence the direction of the business with little experience, or they may sell the shares onto someone equally as inexperienced, or even a competitor. Moreover, current shareholders may also want to purchase the shares, but may not have the funds to purchase them or may have to wait for probate.This protection means that the business has the funds to buy the ill or deceased persons share & the family who has lost a loved one gets a fair price for the share and does not have to worry about dealing with a business they may know very little about running.
Business Loan Protection - If a guarantor of a business loan, such as an owner, director or other individual, was to pass away the lenders may ask for the debt to be repaid immediately. This can sometimes cause financial strain on the business, which is already suffering from the loss of a key person. Business loan protection can provide a lump sum into the business to help repay this loan or loans.
It's designed to help you deal with the financial implications of your illness such as having to pay medical bills, adapt your home for your changing needs, pay household bills, fund private healthcare, pay rent or mortgage payments, replace lost earnings or provide provisions for your dependants at this incredibly difficult time.
This cover protects you when you are diagnosed with a serious illness such as cancer, or suffer a stroke or heart attack.
Our advisers take your needs seriously and offer advice from a wide and varied lender panel. We can answer any of your questions in relation to critical illness cover.
For insurance business we offer products from a choice of insurers.
Typically, it includes buildings and contents insurance and can also include landlord specific covers such as loss of rent, legal cover and tenant damage. The cover can offer protection in the event of the following - cost of repairs or rebuilding the property if the structure is damaged/destroyed.
Replacing or repairing furniture or other items if stolen or damaged. Rent being covered if the tenant fails to pay.
For insurance business we offer products from a choice of insurers.
Writing a will ensures your wishes are followed. The people/charities in this instance are known as 'beneficiaries'. Your assets and possessions are known as 'estate'. Estate includes property (worldwide), savings and investments, pension funds and insurance funds.
It's important to make a will if you own a property or business, have children, have savings, investments or insurance policies.
Having home insurance means you won't be out of pocket if you need to repair your home or replace your belongings after they've been stolen, damaged or destroyed. Most home owners with a freehold property will have both buildings and contents.
Contents only is usually held by leasehold home owners and tenants too. Our advisers take your needs seriously and offer advice from a wide and varied lender panel. We can answer any of your questions in relation to home insurance.
For insurance business we offer products from a choice of insurers.
A large number of employers don't offer sick pay to their employees and where employers do offer it, it isn't a guaranteed, indefinite source of income. Where it is offered, it is usually limited. For example - 3 months full pay followed by 3 months half pay then sick pay ceases. The government offer (SSP) Statutory Sick Pay if you're too ill to work. It's paid by an employer for up to 28 weeks and as of January 2024, the current rate of payment is £116.75 per week.
It doesn't take much to realise that SSP isn't sufficient to pay for essential outgoings and lifestyle and unless an employer offers indefinite sick pay (which is extremely rare), many people would start to fall behind on committed expenditure and suffer financially, mentally and physically.
Self employed individuals do not qualify for SSP. Our advisers take your needs seriously and offer advice from a wide and varied lender panel. We can answer any of your questions in relation to income protection cover.
For insurance business we offer products from a choice of insurers.
If you're looking for specific advice for your circumstances you can read our frequently asked questions below which provide answers to the most common questions we get asked. If you can't find the answer to your question, you can get in touch with one of our expert advisers who will help you with the answer.
