Quite often you hear ‘it could never happen to me’ or ‘I’ll sort it out later’.
Well, the old maxim of “failing to plan is planning to fail” is no better suited to the ignoring of crucial decisions on protection.
Income Protection Coverage
What Is Income Protection Coverage Plan?
An Income Protection Coverage plan is designed to pay out a regular income in the event you are unable to work due to an accident or illness. These types of plans continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age).
This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be given up if you do not have sufficient income coming into the household.
Who Is Income Protection Coverage Plan For?
This type of income protection coverage plan is designed for anyone whom is working (employed or self employed). It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months and so ongoing protection coverage is essential. Plans can be adapted to fit in with any existing protection you might have. As Independent Financial Advisors we can help you find the plan that best meets your requirements.
Key Person Protection Coverage
Your employees are one of the most important resources for the future success of your business. Have you given thought to how your company would cope if a key member of staff were to die, be diagnosed with or suffer a critical illness?
The death or critical illness of a key person is likely to have a significant impact on your business. You could suffer a loss of profits, be unable to quickly recruit a suitable replacement and face significant disruption to your own business activities.
However, you can help protect the future survival of your business with Key Person Protection, which can help you financially cope with the loss of a key person.
Business Protection Coverage
Business Protection Coverage aims to reduce the financial impact of death or critical illness affecting key people within your client’s business.
Helping to protect the future of your business
Do you depend heavily on the skills and judgements of others within your business? Are these people vital to its effectiveness and profitability? If so, have you considered the financial impact that the death or critical illness of such a key person would have on your business?
The impact could be:
- A loss of profit
- An interruption to cash flow
- An inability to make loan repayments
- A change in shareholder control.
In some instances, the financial impact could be so great, that the business is unable to continue. Business Protection Coverage allows you to put in place cover that would ensure that funds become available, should a key person in your business become critically ill or die.