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LIFE COVER

If you were to die next month, could your family maintain their current lifestyle?You may have life cover to pay off your current mortgage and other debts if you were to die, but your family will still need to pay for everyday bills and expenses plus extras, such as children’s education, and retirement planning for your spouse.Does your existing life cover cater for all of the above?If you believe that there is a shortfall between your annual income and what your family would need then our consultants can help you identify the areas where you are most exposed and advise on the most appropriate level of protection for you and your family

Family Protection

Life Policies can generally be set up on a single life or jointly with your spouse. Joint policies can be structured on a first death basis so that the life cover is paid out and the policy ends if one of the lives assured dies during the life/term of the policy

The aim of life cover is to provide a guaranteed cash sum (usually tax-free) in the event of death thereby allowing the proceeds to:

Settle outstanding debts
Provide an income for your dependants
Maintain the payment of children’s school fees
Maintain the current lifestyle your family have become accustomed to

Life assurance can be in the form of either a fixed term or a whole of life policy. These can be combined with other forms of protection, such as Accidental Death Benefit (ADB) and Waiver of Premium, depending on company and geographical restrictions. Life cover premiums can usually be paid monthly, half yearly or annually.

Life premiums will depend upon age next birthday at issue, term, gender and smoker status. Country age adjustments may apply. Additional premiums for impaired lives may be payable depending upon the individual medical underwriting decision.

Business Assurance

Keyperson & Sole Proprietor Business Protection

All businesses contain people who are key to the success and profitability of the company. Many of these businesses would be severely affected if one of these key people were to die suddenly, leading to problems such as loss of confidence in a company, withdrawal of credit facilities, the need to recruit or train a replacement. In extreme circumstances, it could even lead to the bankruptcy of the company. In addition there may be the possibility of personal liability in the event of the company failing.

Business protection in the form of life assurance can help businesses protect themselves against these eventualities and help ensure the continuation of the business. Such plans are relatively simple to effect and can be a cost-effective way for the company to help safeguard its future.

Partnership & Shareholder Business Protection

A partnership can be an effective method of pooling resources and skills to the financial advantage of all concerned. However, it brings with it responsibilities and the possibility of financial burden, especially when one of the partners dies, retires or becomes incapacitated. For a partner, his share of the business is likely to be his greatest financial asset so he needs to take steps to protect it, not only for the benefit of his family, but also for the benefit of the other partners in order to help ensure the continuation of the business.

The directors of private limited companies are in a similar position. Business Protection Plans, based on a suitable legal arrangement, can provide a simple way to protect the interests of the partners and shareholders.

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