| Protection:
This forms the cornerstone of any financial
plan. Whether dealing with a family or a business
this provides the finance necessary in the event of
a key member being incapacitated or dying to enable
the family or business to continue without financial
hardship.
Family
The days when most people worked for
large companies offering substantial benefits through
a final salary pension scheme are long gone. If you
are not fortunate enough to receive these benefits
it is likely that you will need to consider higher
amounts of life cover to protect your family. A family
with two children would be entitled to parent’s
bereavement income as shown below.
State Benefits
Widowed Parent’s Allowance is
paid until the youngest child reaches nineteen if
they are in full time education. The basic allowance
is £4,539 per annum plus £488 per annum
for the first child and £590 for the second.
Casestudy:
Family Protection
Other areas to Consider
Replacement of income in the event of
long term sickness
Payment of a lump sum in the event of
diagnosis of critical illness such as cancer, stroke
or heart disease.
Business Cover
If you are a co-director of a company
or a partner in a partnership have you considered
what would happen should one of the owners die in
unforeseen circumstances?
Business Protection, either through
Whole of Life or Term Assurance, can be set up to
ensure that the surviving director/partner retains
control of the business.
This is a complex area and care needs
to be taken when setting up the policies to ensure
that they don’t fall foul of Inheritance Tax
or Pre-Owned asset tax.
If you would like further detailed information
about this please press the enquiry button below and
complete the short questionnaire. |
