Asset Protection
We are often so busy building the life we want that we forget the things that could put it all at risk. We take our health for granted and do not get to choose when we die.
None of us want to imagine falling seriously ill, being unable to work or worse still dying. When we see others experiencing difficult times, it is easy to think that it won’t happen to us and hopefully it never will. But if the worse were to happen to you, would you have any reserve funds to see you through? How would you pay for your lifestyle to continue? Private school fees may need to be met, mortgage payments and associated living costs.
Having the correct protection in place can make the world of difference should the worst case scenario become a reality. It means that you and your family are protected.
HOW COULD THE RIGHT INSURANCE PROTECT YOU AND YOUR FAMILY?
Life and Critical Illness / Serious Illness Insurance is an insurance cover, which is paid in a lump sum or monthly amount in case of serious injury or illness.
- Life Insurance covers the person insured in the event of their death.
- Critical Illness Insurance covers the person insured upon diagnosis of a defined critical / serious illness.
Both can be taken out for a specific sum, over a particular term that’s right for you.
HOW EXACTLY COULD IT HELP?
Protection plans help protect you and your family from the financial impact of illness, injury, disability, unemployment and death. Depending on the cover you choose, you could either receive a lump sum payment or regular income payments. These payments could help you to pay bills, debts and other outgoings, as well as help you meet any additional unexpected costs such as medical bills or paying for care.
WHY HAVE BOTH LIFE AND CRITICAL ILLNESS INSURANCE?
Having both of these covered is beneficial for a number of reasons. It can cover mortgage or debt payments, help continue the lifestyle that your family has become accustomed to, or provide income to young children until they reach adult age.
Some insurance policies cover your children at no extra cost, so if the worst were to happen and your child was seriously unwell, the money could be used to provide additional income for your family.
HOW DO YOU KNOW WHAT LEVEL OF CRITICAL ILLNESS YOU ARE GETTING?
You might have heard of a guide called Defacto, an independent researcher of financial products. They produce star ratings based on a selection of factors.
Each insurance company covers a certain amount of defined definitions (ranging from 25 to 166). Some of these definitions are what is referred to as ABI – Association of Business Insurers. Those with this definition are confirmed to be up to the ABI standard.
As whole of market insurance brokers, we look at all insurance companies on the market, offering rates that aren’t available on the internet or the high street to find the very best solution for you.
ARE YOU AWARE OF THE BENEFITS OF ASSIGNING INSURANCE PLANS INTO TRUST?
By assigning a insurance plan into trust, automatically removes the proceeds from your estate, this carries huge benefits, in that funds are available immediately on death and when needed most and not held up in lengthy probates. Proceeds are therefore not subject to inheritance tax, although trust tax could be applicable. The benefits are endless, at Wealth Ideas we can guide and advise you through this process.
WHAT NEXT?
At Wealth Ideas we are passionate about helping our clients take control of their futures, and we’d love to help you find the right Life and Critical Illness Insurance for you and your family.
Get in touch with us now for a free no-obligation quote or review of your existing cover, and we’ll be able to provide full advice and recommendations that best suit your individual needs, ensuring that you are in control of your financial choices no matter what unfortunate events life throws at us!