Protection Insurance2018-11-28T10:51:15+00:00

Income Protection

Income Protection

Description:

Income Protection is one of the most important types of protection available. This policy acts as a Sick Pay scheme that you control. The policy is designed to pay a tax free monthly sum in the event that you are unable to work due to an accident, injury, sickness or illness giving you financial stability and the opportunity to focus on your recovery without financial pressure.

Most people rely completely on their employer’s sick pay scheme or often have the idea that the State will look after them. Unfortunately the harsh reality is that even the best employer will not provide a wage for the average length of an Income Protection claim (industry average is between 6-7 years) and the State provides nowhere near what would be needed. The ABI (Association of British Insurers) state that over 1M workers a year find themselves unable to work due to sickness or injury leaving the majority of these individuals in financial ruin.

Example:
SSP is currently £92.05 per week for up to 28 weeks whereas the average weekly household spending is £554.20 – Source 2018 – https://www.gov.uk

This leaves a deficit of £462.15 per week! – which asks the question of ‘How would you cope?’

Who we can help?

  • Individuals who permanently live in the UK and are employed or self-employed and receive an income in the UK.
  • People with or without employer sick pay schemes.
  • Customers who struggle to prove their income.
  • Customers in High Risk occupations.

Business Loan Protection

Business Loan Protection

Description:

Business Loan Protection is designed to help pay off any outstanding loans made by the business in the event that a main Shareholder, Director, Partner or Key individual dies or is diagnosed with a Critical Illness. The loss of a person who has a guaranteed loan can impact the business in more than just a financial way: this could have a knock-on effect to contractors, employees, customers and the bank.

The policy works by helping a business pay an outstanding overdraft, loan or potentially a commercial mortgage.

Who we can help?

  • Limited Company’s and LLPs.
  • Sole Traders and Partnerships.
  • Main shareholder, Director, Partner or a Key individual who has a loan against their business.
  • Businesses with large commercial debt such as a commercial mortgage.

Share Protection

Share Protection

Description:

A Share Protection policy is designed to help cover the surviving owners of the business and ensure they have the funds available to purchase the shares from the affected shareholder, whether it be due to a Critical Illness or Death. The loss of a business holder or significant shareholders can rapidly lead to financial difficulties. Share Protection allows the remaining partners/directors to retain control of the company giving them the ability to buy the shares following the death of a business owner.

Often businesses do not realise the impact of a ‘family member’ inheriting a business owner’s shares: the family member may decide to become involved in the running of the company or choose to sell the shares to a competitor. The remaining shareholders may be powerless to stop this from happening. However, with Share Protection the policy grants the remaining business partners/directors to buy the shares from the family member and retain ownership and most importantly control of the company.

Who we can help?

  • Limited Company’s and LLPs.
  • Businesses looking to ensure money is available to buy shares back.
  • Businesses looking to cover majority/high percentage shareholders to ensure control remains within the company.
  • Family members who would not want to inherit shares in a company and instead have the ability to be granted the monetary value of the shares.

Relevant Life Cover

Relevant Life Cover

Description:

Relevant Life Cover acts a as a personal ‘Death in Service’ benefit for clients who have their own Limited Company or small company owners looking to provide death cover to their employees. The policy works in the same way as a typical Life Insurance policy. However the owner of the policy is the business itself with a Trust being used to ensure to the proceeds are provided to the next of kin. This policy offers taxation benefits making it a low-cost option of cover when compared to a typical Life Insurance policy.

Who we can help?

  • Limited Company’s owners looking for insurance cover on their own lives.
  • Small business owners looking to provide insurance cover for their employees.
  • Business owners looking to save money – this policy is not classed as a P11D benefit and therefore not subject to Income Tax or National Insurance.
We would be delighted to provide you with a quote. Please fill in the form below and we will get back to you as soon as possible.
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Frequently asked questions (FAQ)

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This type of Protection is designed to protect what matters most – you and your family. The cover can be designed to protect anything for a mortgage liability through to your children’s futures. There are a range of different levels of cover available, the big 3 are Life Cover, Critical Illness Cover and Income Protection.

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