Family Protection

Making sure that you and your family can cope if you fall ill or die prematurely is something we can too easily put to one side.

Whether it is your family or other loved ones, it’s essential to make sure that the people and things that matter to you are taken care of – whatever life throws at you.

FINANCIAL HARDSHIP

Many dads and mums admit their household wouldn’t survive financially if they lost their income due to long-term illness, leaving many more at risk of financial hardship if they were to become seriously ill.

• Critical illness insurance – this doesn’t usually pay out if you pass away, so it’s not always suitable if you want to make sure your family are provided for after you’ve gone. This is where life insurance comes in.
• Life insurance – this insurance usually only pays out if you pass away. It’s designed to help your family maintain their lifestyle after you’ve gone, for example, to pay off a mortgage or other loans and provide for children’s university fees.

NO SAVINGS

If they were unable to work due to serious illness, many parents say they could only pay their household bills for a maximum of three months, and some say they have no savings at all. On top of this, many parents are leaving themselves and their families unprepared for other aspects of illness or bereavement. Many also don’t have the protection of a Will, power of attorney, guardianship or trust arrangements in place for their families.

RISKY POSITION

This is an especially risky position for the two thirds of UK fathers who are the main breadwinner in the family, and it’s clear that many are in lack of a ‘Plan B’. Many fathers don’t consider having insurance as a necessity, saying they don’t see critical illness cover as a financial priority, or saying they don’t think they need it. The value of protection, however, is to provide long-term peace of mind about having financial security in place for your dependents.

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SEEK ADVICE

Life is full of uncertainties – and while we insure cars, houses and even holiday arrangements, when it comes to ourselves and our family, often insurance is overlooked and undervalued. The simple truth is we can get too ill to carry on working or tragically die too soon, either through serious illness or accident. These events are random, and they can potentially affect us all. Recent changes to bereavement benefits, and their continued unavailability to those in cohabiting relationships, mean that it’s more important than ever for fathers to review their financial protection needs and seek advice to make sure their household is covered.

UNFORESEEN CIRCUMSTANCE

The impact of losing the family breadwinner can be devastating – missed mortgage repayments, savings depleted, your home being sold, your family’s standard of living eroded, with stress and worry all too evident.

If you are concerned about protecting your family if the unforeseen were to happen, then please get in touch.

Business Protection

Protecting people should be an integral part of any business succession plan.

Business owners already protect many of the important things that keep the business running smoothly, like property, fleets and stock. So they should also insure their most valuable assets: their staff and shareholders.

Key person and Share and Partnership cover can include Life insurance or Life insurance with Critical illness cover.

OWNERSHIP

If a partner or shareholder dies or is diagnosed with a critical illness, the proceeds help the remaining owners buy the affected individual’s share of the business. Without protection, the surviving owners could lose control of the business, impacting on-going success.

PROFIT

If a business loses a key person who influences revenue, the policy gives the company a cash injection, helping replace lost profits and possibly recruit a replacement.

DEBT

If the business loses a key person, the money paid by the policy can be used to clear loans or other debt. Without a cash injection, investors and creditors (like the bank) may call in debts as they’re no longer confident the business can keep on top of them.

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RELEVANT LIFE COVER

Relevant Life cover is often referred to as a type of Business Protection and is a tax-efficient life insurance policy, allowing companies to offer death-in-service benefits to their staff.