A suite of protection and life insurance services from a trusted partner.
Your family’s future wealth and well-being is important to you, so it’s important to us. Life insurance and protection insurance can help you secure your loved ones’ future against unexpected loss of income in the light of your death or as a result of illness, accident or unemployment. But while it’s second nature to ensure a car or a home, it’s not easy to think about insuring your life or your finances in case the worst happens.
So first and foremost, we listen to you. To help you find the right income protection insurance or life insurance, we need to clearly understand your circumstances, so we can help identify the policies that can protect you and your family. We’re also here to provide further guidance if your circumstances change.
Types of life and income protection insurance
Life and protection insurance policies are designed to protect your loved ones in the event of loss of income for a variety of causes. For people with mortgages or dependents, protection insurance can help to prevent a financial disaster in the event of illness or unemployment. There are many kinds of protection insurance, including the below.
- Life insurance pays a lump sum or regular income in the event of your death, providing security for your dependents when they really need it.
- Critical illness insurance pays out a tax-free lump sum on the diagnosis of specific life-threatening (not fatal) conditions, including heart attack, stroke, cancer and more. It can be bought separately but often comes as an option with life insurance. Policies generally pay out once, and can be used towards a mortgage or medical treatment.
- Income protection insurance pays out a regular tax-free replacement income if accident or illness means you’re unable to work (in some policies this includes unemployment). You can choose the period for which you are covered. It’s a useful tool for protecting yourself against loss of income in the event of accident or illness.
Helping you to choose the right protection insurance
There are several factors to consider when choosing your protection insurance, and we’re here to help you make the right decisions for you and your dependents. These factors include your income, mortgage or other debt, your personal and professional circumstances, childcare needs and the level of cover you want. You may also wish to consider whether to place your life insurance in trust so that it can be dealt with by trustees in the event of your death, meaning it is (currently) exempt from Inheritance Tax and likely to be dealt with more quickly than if it were not in trust.
It’s a good idea to review your protection as your circumstances change, to ensure you have the best protection insurance for yourself and your family. Any life-changing event, such as getting married, having children or even changing your job can warrant changing your policy to provide the best protection for you and yours.
For sensitive guidance about all of your income protection insurance needs and informed, discreet life insurance advice call Solent Financial Services on 01489 808690.