Why Do You Need Protection Insurance?
We all have worries and concerns about how we would cope if we suffered an unfortunate incident, which compromised our lifestyles. The perception is that the solutions can be complicated and unaffordable, but this need not be the case. What price for peace of mind?
In the case of any unfortunate accident or event, there will still be bills to pay such as rent, mortgage, and utilities. Not everybody has access to a savings pot in case of emergency, and the state benefits are often not entirely sufficient to maintain the lifestyle you want. There are a number of different options to consider when choosing protection insurance, and CJP Financial Planning will help you fully recognise your needs and then work with you to ensure that your requirements are met
How important is your income to you? How quickly would you be able to get another job if you were made redundant? What would you live on if you had an accident
or fell seriously ill?
We can help you protect your income should the unexpected happen.
There are other providers of payment protection insurance and other products designed to protect you against the loss of income. For impartial information about insurance please visit the website at www.moneyadviceservice.org.uk
How would your family survive if it had no income? Starting a family is when many people decide to protect their income should they be unemployed, become seriously ill, or die.
We can find policies which provide the type and level of cover you require – you may be surprised how affordable they are
Most people would like to pass their remaining wealth on to their family, but unless you take steps to protect your assets, including your home, this is unlikely
We can explain how you can make provision for nursing home fees, so you don’t have to sell the family home to pay for them*. We can also explain how to pass as much of your wealth as possible on to your family
You may find yourself faced with the dilemma of caring for elderly parents or relatives. This is expensive and can quickly deplete the family’s accumulated wealth. However, we can help you plan ahead to meet the cost of nursing home care without selling your hard-earned assets.*
Also, inheritance tax now reduces the wealth of many families. Do you understand how it will affect yours? Are the Wills of all family members up-to-date and tax-efficient?
Estate planning including inheritnce tax planning, wills & trusts are not regulated by the FCA
Our will writing service is seperate to our relationship with Quilter Financial Planning who are not responsible for the service.
The Financial Conduct Authority do not regulate estage planning, wills and trusts.
Will writing is not part of Quilter Financial Planning offering and is offered in our own right.
Level Term Assurance
It is designed to pay out a tax free lump sum in the event of death. It is one of the cheapest types of cover as it has a set term and if there is no claim during that term then the policy ceases and you do not get anything back.
This is similar to Level Term Assurance except that instead of the amount of life cover remaining the same throughout the term it actually decreases each month and is therefore ideal to run alongside a repayment mortgage where the amount of the loan decreases each month. The cost of this type of insurance is cheaper than Level term assurance due to the reducing cover
This type of policy is designed to cover you during the whole of your life, therefore it has no specific term to it. Often this type of policy can be used to cover a potential Inheritance Tax Liability by placing the policy in Trust. In the event of death the death benefits will be paid out to the beneficiaries under the trust, and they can use the money to pay the tax bill.
Family Income Benefit is designed to replace lost income in the event of death so that your family is protected against the loss of your income. In the event of your death the policy pays out a set amount of income for the remaining term of the life insurance policy enabling your family to maintain their standard of living.
This is designed to make a lump sum payment in the event of you being diagnosed with a Critical – Serious illness. In such circumstances there is bound to be a financial effect on your family. The proceeds from the policy can be used to replace possible lost income, or alternatively to pay for private medical treatment that may not be available quickly or on the National Health Service. The policy covers for specific medical conditions and has set definitions of these illnesses. These definitions can vary from company to company. Critical illness cover can be built into your Life Insurance or taken out separately on a decreasing or level basis over a defined term or a whole of life basis.
You may due to accident or illness be unable to work for a prolonged period of time, Income Protection does as the name suggests, protects your income when you may have lost it due to accident or illness whether your employed or if you are self employed. You can take a policy that will pay in the regions of 65% of your regular earnings during a period when you are unable to work. This payment will continue until you either return to work, the policy term finishes or you die.
If you have any queries or wish to make an appointment, please contact us:
Tel: 01922 665040
The Financial Advice Centre
2 Queens Parade