Protection services

Insurance protection for your income, your family and your business .

What Is Protection?

Protection is a financial solution you can put in place to protect you, your family, your income and your home from unexpected life events such as been diagnosed with a critical illness or long-term sickness. Protection refers to different type of life/protection insurance.

Everybody’s needs are different and will change throughout their life, therefore its essential that protection is reviewed on a regular basis to take into account any changes in your employment/financial situation or your family situation. The ideal time to do this is at the same time as reviewing your mortgage needs.

Life Assurance

This gives you the peace of mind knowing that your family and loved ones are not left with a financial burden and they are provided for if you pass away within the term of your policy, this is tax-free and when the protection is in place for a mortgage generally pays out a lump sum.

Critical Illness

Again this gives you peace of mind if you are diagnosed with a critical or serious illness, similar to life insurance it generally pays out a lump, but rather than on your death, its on the diagnosed of a critical/serious illness, some policies with certain providers can be severity based, depending on the condition. This again is a tax-free lump sum of money.

INCOME PROTECTION AND FINANCIAL SECURITY FOR YOUR FAMILY

Income Protection

If you are unable to work due to illness or injury, income protection is designed to replace a percentage of your income, there are various options, short or long policies depending on your needs and budget, again any benefit you receive is tax free.

Family Income Benefit

This type of protection is designed to provide you, your family and loved ones if you pass away or diagnosed with a specific critical illness financial security, you have the option of life protection only or life and critical illness cover. You also have peace of mind that this pays out if you are terminally ill.

The benefit is also a tax-free benefit and generally designed to pay a monthly benefit to you or your family, however there are also options to take this as a lump sum.

TRUSTED AND RELIABLE INSURANCE SERVICES FOR YOUR BUSINESS.

Key Person Cover

If you were to lose someone vital to the running of your business how would you cope? Key person cover helps to safeguard your company’s future. Losing a key person in your business may have a serious effect on the success of your business. Protecting your business with Key person cover could minimise the effect of losing a key employee, it could potentially minimise the impact to a minimum should the key person die or become seriously ill. The policy would pay a lump sum to make up any losses in revenue, profits or increased workloads for the remaining staff, helping you keep the business moving forward after the loss of a key employee to your business. The lump sum could significantly help the business to recover as the proceeds can be used to help replace lost profit or with finding and hiring a replacement. The policy is owned and paid for by the employer, so any pay-out is payable to the employer.

Relevant Life

What Is It?

A relevant life policy in simple terms is a very tax efficient alternative to a death in service benefit. If your employee dies and the relevant life policy is in place, his or her family will be paid a cash lump sum. The employee does need to be employed by the company before the employee’s family can benefit. The relevant life policy could potentially also include terminal illness benefit, which will pay out to the employee should the life expectancy be less than 12 months.
The relevant life policy needs to be placed into trust which it is why it can be tax efficient for the employee and the employer. Quite a few providers these days offer a signature free trust, which speeds the process up. Call us now 0333 210 0082 for more information about trusts and when it is relevant to set one up

What Is It Going To Do?

You could potentially save nearly 50% in tax compared to a run of the mill life policy. Based on current tax laws Sept 2019.

Why Would I Need It?

  • A relevant life policy would provide company directors beneficial tax incentives, because primarily the premiums are paid for by the company, not the individual.
  • A relevant life policy would be especially useful for an individual classed as a high earner, because the benefits of the relevant life policy wouldn’t count towards the current lifetime allowance of £1.25 million, if this was not the case the current taxable charge could be up to 55% upon death.
  • Relevant life policies are very useful for key employees of your business. They are able to provide levels of cover on an individual basis. So ideal if you only want to provide or reward a certain number of your employees, or in fact give variations of cover.
  • Businesses with too few employees to take on a death in service plan would find a relevant life policy useful, as they are able to set this up on as little as 1 employee.
  • Having a relevant life policy may also be useful for an employee who has hit their maximum pension lifetime allowance.

Where can I buy this?

There are lots of providers out there offering this type of insurance, choosing the right one could be a potential mid field. Why not let us at Independent Mortgages Brokers help and guide you through the buying process, our team of advisers have access to all the main providers offering you the relevant life product. Let us tailor a solution to fit your needs and circumstance. Make the right choices give us a call today to discuss your requirements.

Shareholder Protection

If one of your shareholders dies or was diagnosed with a serious or critical illness, their shares in your business will usually pass to the deceased beneficiaries. In order to regain control of your business, you potentially would need to purchase the shares back from the beneficiaries. Your company may not be in a position to fund the purchase.

Having shareholder protection in place would pay out a lump sum to the company to help take back control of your company, it will enable you to have the funds to be able to purchase the deceased shares.

GET IN TOUCH WITH US AND WE WILL ANSWER ANY OF YOUR QUESTIONS FOR FREE!

After being let down and left hanging by numerous mortgage advisors previously a friend recommended Sarah. She’s been absolutely brilliant and helped no end. A complicated case seemed to scare off other advisors but not Sarah. Cannot recommend IMB highly enough. I also cannot thank them enough for helping ensure we get our dream family home.
Lucy Kettlewell