Why you may be looking into protection for you or your business
Protection policies, such as life assurance and key person insurance, are there to protect you from the unexpected.
We offer protection for individuals as well as for businesses and we’ve provided some detail below on each area.
Life and protection insurance
If you were unexpectedly unable to work, your ability to pay your household expenses could be under threat. Protection policies in this case exist to help cover your regular outgoings if you died or were sick or had an accident that prevented you from working.
Common options include Payment Protection Insurance, Critical Illness Cover, Asset Protection Plans and Mortgage Life Assurance.
It’s good practice to periodically review any cover you have with the help of a professional financial adviser to ensure it still covers your needs as your outgoings change over time.
As a business owner you are often responsible for the financial security of your employees through providing work and an appropriate salary. It is important to consider protection for the unexpected to ensure the continuity of your business.
Common options for business protection include:
- Partnership protection – if you own a business with a partner one of the greatest risks is that partner dying or suffering a specified critical illness, with his or her share of the business passing to their beneficiaries. Partnership protection gives the safety net of a pre-arranged scheme to ensure you and any other surviving partners have enough funds to buy out the departed partner’s interest in the business, rather than it passing to someone who may not be interested in supporting the future of the business.
- Shareholder protection – similar to partnership protection but specifically designed for shareholders to provide a pre-arranged scheme in the event of a shareholder dying or suffering a critical illness.
- Key person insurance – although there is no set definition of ‘key person insurance’, as the key people in each business are different, it is an important form of business insurance. If your business has an important person and, in the event of their death or serious injury, your business would suffer financial loss, then this type of insurance is important to consider.
The benefits of planning protection with an Independent Financial Adviser
Often when looking into protection for yourself or your business, you will have additional financial services to be considering. With an Independent Financial Adviser you have the option to plan all of your financial protection needs with a higher perspective on your wider finances.
Many find working with an independent adviser a more effective way of planning their finances today and in the future.
Why choose HJS Financial Planning for your protection planning?
The breadth of services we offer at HJS Financial Planning means we’re well positioned to help our clients make informed decisions about all areas of planning their financial future. Protection services are just one of those key areas that the team have decades of experience in.
We pride ourselves on our approach of building strong, personal relationships with all our valued clients and we have a strong sense of loyalty and accountability toward them. Ensuring they have the right protection as a way of security for the future is just one reason our clients choose to work with HJS year on year.
To get the right advice on protection you may need for yourself or your business talk to our team today on 02380 920128.
These types of plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. Different policies from different providers may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Policy Documents.
Information regarding taxation levels and basis of reliefs are dependent on current legislation and individual circumstances, are not guaranteed and may be subject to change.
HJS Financial Planning is authorised and regulated by the Financial Conduct Authority no. 755721. The guidance and/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.