Family Insurance
There are three areas of Protection:
a) Life Cover
There are many different type of life cover but essentially they fall under three types:
Mortgage protection :
The cheapest form of Life cover. This pays off the mortgage if you die.
Level Term:
The cheapest way to protect a family or business. The term chosen should protect a family during the period when children are financially depending on you. Here you arrange a fixed sum of cover for a fixed term such as 10 years.
Whole of Life :
Is the most expensive form of Life cover as there is a guarantee that once all premiums are paid, the policy will pay out in the event of death, whenever that is.
b) Serious Illness Cover
Provides a lump sum on diagnosis of certain types of Illness such as Heart disease and Cancer.
It can assist at a time of hardship and at a time when income may be disrupted, all the while increased bills are coming in.
c) Income Protection
INCOME PROTECTION or Permanent Health Insurance :
Income protection provides you with an Income in the event of you being unable to work due to Illness or Accident – normally up to your chosen retirement date. There are different levels of cover you can apply for but you can essentially both protect your salary and any payments you are making into a pension plan.
Premiums paid will qualify for tax relief.
REDUNDANCY COVER
Redundancy Cover protects you and your family should you receive compulsory redundancy.
Covers Mortgage Repayments.
PENSIONS
Retirement Planning and Pension Planning
It is a simple fact that people are living longer and therefore need to put in place funding that will enable them enjoy retirement comfortably. Various tax reliefs help relieve pressure on the monthly, annual household/company outgoings.
It’s important to note that all three areas above apply to both the private and the business customer.
Retirement Planning and Pension Planning
It is a simple fact that people are living longer and therefore need to put in place funding that will enable them enjoy retirement comfortably.
Various tax reliefs help relieve pressure on the monthly, annual household/company outgoings.
