There are events we can all face that have the potential to disrupt lives, standards of living and families. It’s a difficult issue to think about but imagine the impact on you and your family should the main earner in your household die or become seriously ill. It may not happen to you – we hope it doesn’t – but it might.
While there is no insurance that can prevent these things from happening, you can protect yourself and your family financially by making money available, should something unexpected happen.
This money can be the difference between keeping and losing your home and maintaining your family’s lifestyle.
Many medical professionals assume their NHS Pension will fully cover their retirement needs, but that’s not always the case. While it’s a solid foundation, recent changes mean additional planning could be essential—not to mention the tax advantages that smart pension strategies can unlock. That’s where Wealth Genius comes in.
How We support:
This is cover that pays out on death. Some plans pay upon earlier confirmation of a terminal illness where the prognosis is death within 12 months. Proceeds can pay out as a lump sum or as annual amount for the remainder of the policy term.
Cover can last for a set term called Term Assurance, or can last throughout life, called Whole of Life.
The amount of cover can remain the same or increase/decrease annually. Level term assurance stays the same throughout. Decreasing cover is sometimes used to cover a reducing debt, such as a repayment mortgage and usually assumes a given interest rate. Provided your mortgage rates don’t exceed that rate, then the cover should reduce at around the same rate as the mortgage. The amount you pay is called the premium. It can either be guaranteed not to change, or it can be reviewable.
This cover will pay out if death occurs and provides an income per year for the term remaining on the policy. For example, for a 20-year term, where the claim occurred after five years, there would be 15 annual payments made in total. Payments can paid out either monthly or annually.
The payments are not normally subject to income tax but may impact some state benefits.
This provides income where you are ill or injured, and as a result your income through employment or your normal route stops.
It is designed to replace most of your net income.
Cover lasts for either a set term in whole years, or to a given age (typically your state retirement age). The amount you pay is called the premium. It can either be guaranteed not to change, or it can be reviewable. Reviewable cover normally changes based on the claims experience of the life assurance company.
This is insurance that pays the hospital or doctor for your treatment. It can include treatment in a private ward or getting seen earlier in an NHS ward. Some plans allow you to claim if you are not able to be seen by the NHS within a set period. Other plans may charge a little more and don’t have any relevance to NHS waiting times.
You are either medically checked and underwritten at the outset (so you know what you’re covered for and what you won’t be). Premiums are usually reviewable annually.
Critical illness insurance pays out when one of the specified critical illnesses occurs. For example, following a heart attack, stroke, cancer or some other specifically defined critical illness.
Cover is for a set term, which may be equal to a mortgage term, or for when children have grown up, until retirement, or until another life stage milestone is achieved. It may be worth considering having one policy for a set term to cover the mortgage and another that will provide money to help provide for your different lifestyle if a serious illness happens.
Most people choose a lump sum to be paid out. There is the option of receiving the payout as a set income over the term remaining, which is often a lower-cost option.
Landlord insurance is insurance for landlords to protect their property and themselves (i.e., their liability). Most landlords are required to take out landlord insurance for each property they rent out, but landlords with large rental property portfolios may be able to get single cover for all properties.
Those that work in the armed forces typically need specialised insurance for themselves and their possessions. They may be asked to declare any future deployments to the frontline and ongoing working hazards. Accessing insurance is not as straightforward for military personnel and can be time-consuming.
Featured below are the ones our clients ask for most frequently.
Excellent, swift, open and honest advice provided to help me plan for my retirement in 0years time
Dinesh has been an invaluable source of knowledge and support in all aspects of our financial planning and I regularly recommend him to family, friends and colleagues.
Professional, friendly, very responsive to questions and explained answers to my questions so that I can understand.
Professional, friendly, very responsive to questions and explained answers to my questions so that I can understand.
