Life Protection Options – There are many ways to protect yourself, your family or a business should the worst happen. Level Term Assurance pays a lump sum in the event of death during the term of the policy. Decreasing Term Assurance works in a similar way but the benefit is set at the outset and gradually decreases over the term of the policy. Family Income Benefit works the same way as term assurance but instead of paying a lump sum it pays a regular monthly or annual tax free income to your dependents until the end of the policy term.

Critical Illness Insurance is usually available as an addition to all term assurance plans but can be taken in isolation. It provides a lump sum benefit or income in the event of certain critical illnesses. The illnesses covered will be specified in the policy along with any exclusions and limitations which differ between the various insurers.

Income Protection Options – These policies are designed to provide an income in the event the insured is unable to work due to ill health. This gives certainty and peace of mind should your income ever be affected by circumstances beyond your control.

Business Protection Options – Shareholder Agreements can provide protection in the event that a shareholder were to pass away. The firms remaining shareholders or directors may want to purchase the deceased’s shares from their estate promptly to maintain control of their business and the same scenario may also apply to partners in a firm. This can give protection and security to the shareholders and take away some of the stress and uncertainty surrounding what can be very difficult circumstances. There can also be a cross option agreement in place to finance the purchase of any shares where otherwise the funds may not have been available.

Keyperson Insurance or Partnership Protection – Businesses may want to protect the key employees within their firm – perhaps the key salesperson, or the IT manager without whom the business will not function properly. Protection can provide a fixed sum should the individual be unable to work, or even die. The benefit will be designed to cover the firm’s expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business.

The variety and complexity of the various financial products available mean it is vital to get good advice so you can make an informed decision.

The Profit Key has a strategic partnership with Foxbridge Independent Financial Solutions Ltd which is Authorised and Regulated by the Financial Conduct Authority. Financial Services Register Number 456481.

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The guidance and or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.