Protection & general insurance

Protection insurance

Whilst insuring ourselves against an undesirable event such as sickness or 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 is usually an appropriate policy for most circumstances and most budgets.

We can help you by navigating and advising on the many different options available to protect your family and your standard of living when you need it most.

Options

Life insurance

Life insurance, sometimes referred to as term insurance or life assurance, will provide a sum of money in the event of death during the term of the policy. This cash lump sum is paid tax free and can be used by your dependents however they choose.

You may want to set up a policy to pay off your mortgage and separately you can also have a policy for protecting your family.

Critical illness (CIC)

Critical illness insurance will provide a tax free cash sum in the event that you are diagnosed with one of a set list of critical illnesses (most policies cover 30-40 illnesses) where your diagnosis meet the provider’s definition.

Critical illness protection is there to provide financial stability at a time that it is needed the most. It could be used to clear a mortgage or it could be used to replace a lost income, pay for private treatment or for whatever else you feel is required.

Income protection insurance (IP)

Income protection insurance is designed to pay you a monthly income to help replace any lost income should you not be able to work due to accident or sickness.

An income protection policy can give you piece of mind, secure your income and lifestyle should you become unwell and unable to work from illness or injury. The impact of a trigger event can be significant, however with cover it is one less thing to worry about.

Family income benefit (FIB)

Family income benefit is a type of life insurance that provides beneficiaries with a regular, fixed, tax-free sum until the end of the policy term, as chosen at the outset by the policyholder. It is an alternative to level term life insurance, and it aims to replace lost income if the person insured dies. Level term life insurance pays out a one off lump sum if the person insured dies, whereas family income benefit pays a monthly income instead.

Private medical insurance

It pays for non-emergency private medical treatment, tests and surgery if you are ill or injured during the policy’s term.

General insurance

Whether you rent or own your home, insuring your home makes sense too. There are two main types of home insurance to consider – buildings and contents. As the names suggest, buildings insurance protects the property itself, whilst contents insurance covers the furniture, furnishings, appliances, clothing and all your possessions.

Although we all like to think that it won’t happen to our home, unfortunately, accidents, fire, burglary and other mishaps are not uncommon.

And importantly, your mortgage lender will require you to insure the property as a condition of the mortgage too.

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Buildings insurance

Buildings insurance covers the structure or fabric of your house, so the walls, roof, windows, floors, and often fixtures and fittings too. For instance, if you have a fitted kitchen or bathroom, your insurance is likely to pay for any repairs you need if they get damaged during your time living there.

By taking out home cover, you will be covered against a range of risks, such as fire, lightning, earthquakes, storms, floods, theft, vandalism, falling trees, water leaks and subsidence etc. Accidental damage to underground pipes and cables will normally be covered too. However, it is critical to check the actual wording of the policy to know what is and what is not specifically covered.

The buildings element of the insurance cover includes the cost to repair or rebuild your home if it is damaged, to a set rebuild cost, although some insurance companies have an unlimited level of cover.

Contents insurance

Contents insurance covers you for your household contents, for things like furniture, TVs, stereo, computer, personal belongings and some types of flooring, including carpets. A simple way of putting it; if you turned your house upside down, contents insurance will cover you against the belongings that fall out of it.

Generally, it is the total value of everything that is in your home that you would take with you if you were to move. Different policies provide different levels of cover but usually you’ll be covered against theft, fire and flood.

With most contents insurance there is the added ability to insure your personal possessions whilst they are away from the home. This optional cover allows you to insure personal items that are normally worn or carried outside the home (e.g. watches, jewellery and cameras) anywhere in the world for up to sixty days a year.

Business protection

Business protection insurance is a type of insurance that protects businesses from financial losses in the event of the death, critical illness, or disability of a key person in the business. Key people can be business owners, partners, directors, or key employees.

These insurances can take several forms – and although we cover them below, in the first instance it’s worth booking a chat with the Investa Finance team to talk through your unique situation and circumstances to determine what are the potential options for your business.

Business protection insurance is important for businesses of all sizes, but it is especially important for small businesses that rely on a few key people. If one of these key people is unable to work, it can have a devastating impact on the business. Business protection insurance can help to mitigate these risks and protect the financial future of the business.

Here are some of the specific reasons why business protection insurance is important:

If you are a business owner, it is important to consider getting business protection insurance. This can help to protect your business and your family’s financial future in the event of an unexpected event.

Options

Key person protection insurance

In most small and medium sized businesses, the success of the business depends on just one or two key people. If you’ve worked with these people for many years it’s easy to underestimate just how much value they add to the company. Unfortunately, we can never be sure what’s around the corner. Sometimes, without warning, life throws us a curve ball and this is why business protection is so important. You can’t predict what will happen in the future, but you can make sure you have the right protection in place to keep your business operational if a key person becomes critically ill or dies.

Key person protection (also known as key man insurance or key person insurance) allows a business to insure itself against the financial loss it would suffer if a key person in their business died, or were diagnosed with a specified critical illness, during the length of the policy.

Key person protection is a life assurance or life assurance and critical illness cover policy taken out to cover the life of a key person within your business. The policy is owned and paid for by the employer, so any pay out is payable to the employer and not the employee.

You may want to set up a policy to pay off your mortgage and, separately, you can also have a policy for protecting your family.

Relevant life insurance

Relevant life insurance is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It pays a lump sum if the person covered dies or is diagnosed with a terminal illness, whilst employed during the term. The relevant life insurance is paid for by the employer, and the plans are similar to most other types of life cover except they aim to provide a tax efficient benefit provided by an employer for an employee.

Shareholder or partnership cover

A policy that can provide businesses with a cash lump sum in the event one of the owners dies or suffers a severe illness. This helps the remaining business owners minimise disruption to the business, by providing capital that enables them to buy that shareholder’s or partner’s shares and so keep control of their organisation.

Business loan protection

This provides a lump sum to cover your business loans and other credit facilities if a business owner dies or becomes seriously ill. In the event you lose a business partner, you may want or need to repay outstanding business loans, some of which may have personal guarantees or have to be repaid when someone dies.

Let's talk

With so many different types of protection policies out there, the world of general insurance can be complex. At Investa Finance we are here to help. We can advise on the best options for your specific circumstances and goals, so you can take your financial security to the next level. Just get in touch to discuss how we can help.

Protection & general insurance

Protection insurance

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General insurance

We have worked with Mo since last year, requiring a number of products. Mo has worked tirelessly to match the right product for our needs. Amazing, professional & extremely hard working!

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Buildings insurance

Contents insurance

Business protection

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