Safeguard Your Future with Comprehensive Protection

Harry Robinson Wealth Management deal in two main forms of life assurance; Term Assurance and Critical Illness Cover. 

Life Assurance

Life assurance provides a lump sum payment in the event of death and comes in two basic forms: term assurance and whole of life assurance.

Term assurance provides coverage for a predefined length of time, whereas whole of life assurance will provide a lump sum payment whenever death occurs. Both forms of protection require that the premiums be kept up to date throughout the ongoing term of the policy. 

Critical Illness Cover

Critical illness cover, also known as critical illness insurance, is a long-term insurance policy which covers serious illnesses listed within a policy. If you get one of these illnesses, a critical illness policy will pay out a tax-free, one-off payment. This can help pay for your mortgage, rent, debts, or alterations to your home, such as wheelchair access, should you need it.

Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy.

But be aware that not all conditions are covered and policy will also state how serious the condition must be.

Examples of critical illnesses that might be covered include:

• Stroke
• Heart attack
• Certain types and stages of cancer
• Conditions such as multiple sclerosis.
• Most policies will also consider permanent disabilities as a result of injury or illness.

It only pays out once and then the policy ends.

Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.

Having the physical ability to simply go to work and earn a living is by far one of the most valuable assets an individual or family has in life. Failure to protect this precious skill could potentially see a family’s lifestyle pause overnight. 

This is where Income protection insurance (sometimes known as permanent health insurance) comes in. Described as a long-term insurance policy designed to help you if you can't work because you're ill or injured. It ensures you continue to receive a regular income until you retire or are able to return to work giving you and your family that essential coverage to maintain your current lifestyle should the unexpected happen. 

Business life insurance can support your business financially if something happens to your staff, your partners or more importantly you. Setting up a policy is about making sure your company is prepared – which is the best any business can do. And just as there are lots of different types of life insurance, there are various types of business life insurance you should consider. Here are five key types of cover to think about;

Key Person Insurance

This is aimed at protecting your company against losing the one person it simply couldn’t be without. Think about how your business would function without your key performer if they became ill and couldn’t work for some considerable time. How would you cope? Key person insurance might be the answer.

Relevant Life Cover

If you’re a small business with fewer than five employees, life cover can offer an alternative to group life insurance schemes and can be a very tax efficient way of offering death in service benefits – which can give staff and their families’ real value and peace of mind. It can be a valuable addition, or a starting point, for any benefits package while helping to retain your best people or recruit new talent. 

Business Protection Insurance

Business protection insurance, sometimes called business loan protection, can cover various types of debt – from director’s loans, commercial loans and mortgages, to venture capital loans, overdrafts, credit cards and even personal guarantees. Unlike most life insurance pay-outs, when it comes to business protection insurance a claim can be paid to a business instead of a family member.

Ownership Protection

If you run your business with a partner or have shareholders, what would happen if you suddenly lost them? When someone passes away, their assets usually go to their dependants – that would include any shares in your business. And what the dependants want may not be what your business needs. For example, they may prefer to receive a lump sum, but you may not have the capital to honour this. That could mean you have to sell on shares, which could reduce your control of the business.