Protection planning
While protecting your family and assets may not be something you have considered at your stage of life, protection plans fundamentally enable you to keep safe all that you hold dear.
Protection is about more than simply buying a life insurance policy, mortgage protection plan or salary protection plan – it’s about optimising the effectiveness of your wealth for the next generation.
For the challenges you face – Protection planning
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How can I guarantee that my wealth is passed on according to my wishes?
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What impact could a major illness have on my income?
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How can I protect my family from loss of income?
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How can I protect my business?
Our protection planning services
Our Protection Advisers can help you build strategies to ensure your loved ones benefit from your wealth. Through protection planning we can help provide peace of mind:
- Protecting your financial plan, aiming to still achieve the retirement you want if you are unable to work
- Family peace of mind if something were to happen to you suddenly, such as death, illness or job loss
- Business protection should there be the loss or incapacity of a key employee or business owner
- Protection of any personal or business debts
Protection planning: How Morrinson Wealth can help
Life assurance
Income protection
Critical illness
Family income benefit
Building and contents
Business protection
Providing a lump sum on the event of your death, life assurance comes in two basic forms:
1. Term assurance covers a specified period of time, and is typically used when covering a financial liability that will reduce or end in the future, such as repayment of a mortgage or school fees.
2. Whole life assurance provides a lump sum whenever death occurs, provided contributions have been maintained. They typically cover liabilities that will arise on your death, such as an Inheritance Tax bill, or to supplement what you leave to your beneficiaries, and where the period of cover is unknown or uncertain.
Your earning potential is likely to be your family’s most valuable asset. Income protection plans provide you with an income should you be unable to work for a prolonged period due to illness or injury.
These plans cover you for a specified number of years (usually until retirement) and, in the event of a qualifying claim, the proceeds are paid until you are able to return to work or reach the end of the term, whichever occurs first.
If you are diagnosed with an illness or suffer a heart attack, you and your family may find yourselves financially worse off. This is because your expenses are likely to be the same, or even higher, but you may be unable to work.
Critical illness plans provide a lump sum in the event of you being diagnosed with one of a large number of specified illnesses. This can be structured on a term or whole of life basis and can often be the most valuable element of all protection plans.
If you want to protect the monthly expenses ensuring that in the event of someone passing away in your family, family income benefit can be used to continue to live in the family home which pays your monthly expenses such as tax.
This type of insurance does what it says on the tin and is highly recommended when buying a home. It covers the cost of repairs to any damages on the structure of your home which includes roofs, walls and floors. The contents side of the insurance covers replacing or repairing your damaged, destroyed or stolen items.
Somewhat overlooked, business protection helps business owners plan for the unexpected, by providing cover to ensure the business can continue with minimal disruption following the loss of one of their key employees or business owners through death, critical illness or temporary disablement. Different types of business insurance include key person insurance, shareholder agreements and SME protection.
Contact us for your protection planning needs
Book a call with one of our experts today and take the first step towards establishing and achieving your financial goals.
