Protection

Earning an income is vital for some of our clients, especially those who are still in the wealth generation phase of their financial journey. For these individuals, if their income was to stop due to injury, death or illness then the effects on them and their families could be catastrophic.

We will always consider the importance of your income, and the implications if it were to stop, when we are reviewing your financial position and, if relevant, we will advise you about the various protection policies you could put in place to reduce this risk.

These could include:

• Life insurance. This type of product can provide the money your family needs to deal with the costs of raising children, school fees, a mortgage or running a business at a time when they may need it the most. You would pay a monthly premium and in return would receive an agreed lump sum if you were to die before the end of the term. If you have no dependents then you may have no need for this type of product.
• Health insurance. These type of products, which include income protection insurance and critical illness protection, provide money if you fall seriously ill or have an accident and cannot earn income. Even if you do not have dependents this type of product might be necessary to provide income to meet your financial outgoings.
• Key person insurance. This product might be suitable for a business owner. If they were unable to work or a key colleague was incapacitated this could provide money to the business to cover lost revenue or the costs of hiring temporary replacements.
• Medical insurance. These type of policies help you to afford the cost of private medical treatment, which might allow you to get back to work and earn income again quicker than if you relied on NHS treatment.