Providing advice on suitable protection isn’t about selecting the cheapest provider, which of course you can do, but more about understanding the peripheral factors that can make a considerable difference.
Having identified and quantified your protection requirements, your adviser will then prepare a recommendation bespoke to your circumstances. In addition to price, which of course is important, your adviser will also take into account many other factors, such as comprehension of cover, claim statistics, trust requirements and so on. It is the understanding of these additional factors that truly adds value and safeguards you and your family’s future.
Life assurance plans provide a lump sum on your death and come in two forms: term and whole-of-life. Term plans provide cover for a specified period of time whereas whole-of-life plans provide cover for as long as you keep up your premium payments.
Term assurance plans
Life cover pays out if you die during the term of your policy, and in some cases, if you are diagnosed with a terminal illness before the last 12 months of your plan. The specific reasons for taking out a term assurance plan vary from one person to the next but the most common reasons are:
- Mortgage protection
- Family protection
- Business protection
Whole-of-life plans are designed to cover liabilities that will arise on your death, such as an inheritance tax bill, or to supplement what you leave to your estate. For advice on this form of insurance please visit Cooper Associates Wealth Management Ltd.
A tailored solution
We don’t believe in off-the-shelf solutions, and our advisers know that every client’s circumstances are unique. This is why our advice is provided face-to-face and focused on the personal needs of each individual client. Our award winning advisers will work closely with you to offer protection solutions specifically tailored to you.
A critical illness plan can provide a lump sum or monthly income in the event of you being diagnosed with a critical illness during the term of your policy. As a consequence of suffering a critical illness, individuals face big changes in their lifestyle. An inability to earn the same salary as before the illness, and the financial implications of home adaptations or medical treatment can cause financial difficulties. You’ve worked hard to achieve financial security but without adequate protection you could be taking unnecessary risks with your own and your family’s future financial wellbeing.
Critical illness cover is perhaps the most valuable of all protection plans given that we are statistically four times more likely to suffer a critical illness than to die before retirement.
Your income is likely to be your family’s most valuable asset. Income replacement plans are designed to provide you with an income should you be unable to work for a prolonged period because of illness or injury.
They are term plans, in that they will cover you for a specified number of years, and in the event of a qualifying claim the proceeds are paid until you are able to return to work.
Why might I need it?
For many, even a relatively short period of time without an income would cause financial difficulties and despite popular belief, state benefits aren’t usually sufficient to keep families afloat when illness or accident occurs.
Protecting your income if you are unable to work is a vital part of protecting your family’s financial security, both now and in the years to come.
Our advisers are authorised and regulated by the Financial Conduct Authority and follow strict codes of conduct, so you’re much better protected if you buy through an adviser than if you buy without advice.