Life Assurance
Protection Planning
People generally take their health for granted and rarely consider the implications for themselves and their family if they fall ill, have an accident or die prematurely. With many households relying on two incomes to pay for all the bills there has never been a more important time to make sure that your protection plans are both sufficient and cost effective.
By utilising our impartial whole of market review service, you can be assured that you will have the correct level of cover for the required term.
Under the umbrella of protection we include advice on life assurance, critical illness protection, income replacement plans, mortgage payment protection, redundancy cover, whole of life cover and family income benefit plans. We are also able to advise on ways of minimising inheritance tax liabilities.
Types of cover you may already be familiar with include: -
Term Assurance
This may offer valuable financial protection, in the form of a tax-free lump sum, in the event of your death(s) within a set period of time. It could be taken out for many reasons but the most common ones are to provide for your financial dependents or repay a financial commitment, such as a mortgage.
Critical Illness
The financial consequences of a critical illness might be similar to that of death. If you, or those who depend on you, would face financial difficulties if you became critically ill, you may want to consider the merits of critical illness cover.
Critical illness cover is designed to pay out a lump sum or a regular monthly income on diagnosis of specific critical illnesses. Critical illnesses are life-threatening illnesses, such as heart attacks, strokes, and some forms of cancer. The extra money can be particularly useful in the event of a prolonged illness.
Please note that not all critical illness policies provide the same cover and to see which specific illnesses are covered by policy you would need to read the policy booklet.
Income Protection
An income protection policy is designed to pay you a benefit if you are too ill to work. This benefit is paid as a proportion of your salary and could be as much as 75% of your normal income.
The benefit is designed to be paid until either the insured returns to work, upon retirement or until the end of the term of the policy. The benefit is usually paid monthly and is tax-free.
Levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances.
Insurance which is based on an assessment of health is unlikely to cover previous or existing medical conditions. Please always refer to the policy document and seek advice in order to understand what the policy does and does not cover before making an application.
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Salus Financial Solutions is authorised and regulated by the Financial Services Authority (http://www.fsa.gov.uk/register/home.do). FSA Registration No: 536575
