Protecting your family’s finances against the unexpected
Speak to an expertMany families would struggle to make ends meet if a family member developed a serious illness or died. This is why it’s so important to take advice to ensure you have the right level of financial protection and insurance in place. Our specialists can give you the peace of mind that you and your family are protected, whatever the future brings.
The most common reasons for setting up financial protection are to:
An unexpected illness or death can often leave your family in a precarious position – protection gives you the peace of mind that your family will be financially secure, whatever the future brings.
In order to give you suitable advice, our financial planners will get to know your financial and family circumstances. They can then begin checking for potential shortfalls or vulnerabilities. We call this disaster planning and it involves running through various scenarios to assess the impact on your family and their lifestyle, income, capital resources and future aspirations.
After any potential risks or vulnerabilities are identified, your financial planner can begin setting up the appropriate levels of protection to ensure any shortfalls will be covered.
Your level of protection and insurance policies should be reviewed regularly to ensure they remain suitable. People’s needs and circumstances change over time, but in general you should contact a financial planner to review your protection whenever:
We have a dedicated team of protection specialists who have a deep understanding of the products available. They aren’t tied to any single provider – instead they carry out in-depth due diligence on all insurance providers and products, and maintain an in-house list of approved plans. This means that your financial planner can select the most suitable plans and features to meet the unique needs of your family.
Our dedicated team of protection specialists carry out in-depth due diligence on all providers and products, and maintain an in-house list of approved plans.
Protection is often needed to ensure your family will remain financially secure if you were suddenly unable to provide for them – for example, if you became ill or died. Protection can also be used to pay a future Inheritance Tax bill.
Financial protection usually comes in the form of an insurance policy. There are many different types available – the right one for you will depend on your individual circumstances.
Level term and decreasing term life insurance policies both continue to provide protection for a predetermined length of time, and will pay out a lump sum if you die within this period. However, level term policies specify a lump sum that can stay the same throughout the life of the policy, whereas decreasing term policies offer a lump sum that automatically reduces over time.
Whole-of-life policies are a type of life insurance that last for the rest of your life, rather than for a predetermined number of years. They are often used to cover a future Inheritance Tax bill. Premiums can be guaranteed (the future cost is known) or reviewable (the future cost is unknown).
Family income benefit policies pay money to your beneficiaries upon your death or if you are diagnosed and survive a specified critical illness. However, unlike other life or critical illness insurance policies they pay out a regular tax-free income until the plan’s end date, rather than a one-off lump sum. You can choose how long the policy payments will last – for example, until your youngest child turns 18.
This type of insurance pays out a tax-free monthly income, based on a percentage of your earnings, if you become unable to continue your normal occupation due to a health condition or injury. After a pre-agreed waiting period, you can claim a percentage of your earnings until the cover expires, you return to work, the policy ceases or you die.
Critical illness cover or serious illness cover pays a tax-free lump sum if you are diagnosed and continue living with a defined illness, or have to undergo certain surgical procedures. The list of conditions includes heart attacks, strokes, brain tumours, a range of cancers and degenerative diseases such as Parkinson's. Critical illness benefits for children are automatically included with most providers.
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