Protection Services
Take a typical non-smoking couple aged 40 for example; before they reach 65 they each run the following risks:
0%
Chance of at least one of the following three events happening to either you or your partner
A
0%
Chances of being unable to work for 1 month or more
B
0%
Chance of suffering a serious (or critical) illness or death
C
0%
Chance of dying
Understanding your unique needs
Before beginning to advise and recommend possible solutions, we need to understand your personal circumstances.
We will do this by asking you questions about things such as your income and outgoings, your health, your savings, and any protection you already have. We call this a fact-find. It’s possible you already have enough protection, or enough savings to see you and your family through any financial disruption. In which case we will confirm this with you. But, if you don’t, we will look at what protection you have taken out personally, any protection your employer gives you, and any state benefits to which you may be entitled. We’ll also help you consider how long you could pay essential bills if you are unable to work. By doing this we’ll discover any potential gaps in your protection needs.
Once we’ve established your needs we’ll then research the most suitable products, before designing a bespoke solution that’s tailored specifically for you. We understand that you don’t want to spend money unnecessarily, so we will recommend solutions that offer the best possible cover for your budget. We take pride in offering a personal service that‘s tailored specifically to your individual circumstances. As you’ve seen, threats to financial security exist for all of us but the protection needs of you and your family are unique. That’s where we can help.
Protecting your assets
You will most probably be familiar with how you protect your property, using buildings and home contents insurance.Are you as familiar with protecting your greatest asset – you?
A mortgage is likely to be the greatest financial commitment most people make. Your home (or buy-to-let investment) relies on your income to repay the loan.
Events that could stop you earning enough to repay your mortgage are:
- Short-term or long-term illness
- Redundancy
- An accident
- A serious illness – such as cancer, stroke or heart attack
- Death (yours or a partner)
- Any of the above happening to a tenant in your buy-to-let.
How long will your current provisions last?
You may have plans in place already but are they sufficient and how long will they last? The first step we take is to check what you have already and how that contributes to the solution. Should you need to build on your existing plans we will always consider your overall objectives and budget.So, is protection only about your mortgage?
The first aim of protection is to help you keep your home (or property). The second aim is to maintain your, and your family’s, standard of living should something terrible happen.We want to help you get the right cover for your needs within your budget.
After we have assessed your needs, we will advise and make recommendations for you.
Our Terms of Business will confirm the marketplace we will visit on your behalf.
Making sure your money ends up in the right hands
Why you need a will - Leaving a will is the only way you can be sure the right people will inherit your estate. Don’t assume all of your estate will automatically pass to your spouse. If you do not leave a will, intestacy laws, which vary between countries, will dictate who inherits your estate. This can take a long time to resolve.
Inheritance tax isn’t only for the rich - Your home is likely to be the biggest asset in your financial estate. As a result it can affect how much of your estate is passed on to your beneficiaries when you die. Inheritance tax is payable on death.
Each year the UK Government reviews the tax rates payable, the reliefs available, the amounts over which it becomes payable, and how it treats gifts during your lifetime. It is important to plan each year and check that your estate will pass legally and ethically to your beneficiaries, without them having to pay a large tax bill.
Each year the UK Government reviews the tax rates payable, the reliefs available, the amounts over which it becomes payable, and how it treats gifts during your lifetime. It is important to plan each year and check that your estate will pass legally and ethically to your beneficiaries, without them having to pay a large tax bill.
Using a Trust
A trust is a legal deed that ensures the asset placed inside it is treated in a specific way for taxation and access. By using a trust any life cover stays outside your estate. This benefits you because:- It avoids any inheritance tax
- The money goes quickly to the right person because it is outside your estate and avoids any probate delays.
Lasting and enduring power of attorney - This allows you to grant somebody else the power to make decisions on your behalf, if you’re no longer able to. There are different types depending on where you live, what types of decisions you want to use it for, and when you want to use it. For example, some cover property and financial decisions, and others cover your health and medical wellbeing.
