Financial products are sometimes at their most useful when they are protecting our families, our incomes or our property. Whilst insuring ourselves against an undesirable event such as sickness or even death may not be a pleasant thing to think about, the benefit of being able to set financial issues aside at emotionally difficult times cannot be overlooked.

There are many different ways to protect your family and your standard of living when you need it most.

Income Protection

ASU policies were traditionally sold to accompany mortgages, allowing for a regular income to be paid to the insured should they be unable to work (or lose their job). The product can be split down, and unemployment cover is usually the optional extra available for an additional premium. It is important to compare ASU and Income Protection closely as one may be more suitable than another.

Business 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. Keyperson protection can provide a fixed sum should the individual be unable 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.

Similarly, if a key shareholder was 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.

Life Protection Options

There are several ways in which to protect yourself and your family in the event of an untimely death. Most people take out life insurance to provide for their families and alleviate any financial worries at a difficult time.

We would recommend a review of your current arrnagements to see if more competitive contracts are available.