Repay a mortgage (financial liability) in the event of death or critical illness

Maintain your current standard of living if you were unable to work for a prolonged period of time

Protect your family financially in the event of death (or the death of a partner)

Secure your business against the risk of losing a key member of staff

Financial protection planning can bring peace of mind in the event of the unexpected happening, meaning you and your family can remain financially stable and maintain your current standard of living.

We often underestimate our own value. We insure our homes, our cars, and our pets, but we forget about life protection and insuring our incomes.

Deciding what type and level of cover to take can be a challenge, especially without the right advice.

Your financial adviser will get to know your personal circumstances and work with you to identify your potential risks. They will then provide you with financial insurance advice and source products tailored to you and your family.

Financial protection - your key questions, answered

What is life insurance?

A life insurance policy can put financial provision in place for your family in the event of your death. When selecting a life insurance policy, you will usually choose between level term, decreasing term, or whole-of-life.

Level and decreasing policies both last for a predetermined length of time and will pay out a lump sum if you die within this period. Level term policies offer a lump sum that stays the same throughout the duration of the policy, whereas the lump sum from a decreasing term policy reduces over time.

What is whole of life insurance?

Whole-of-life policies are different as they run for the remainder of your life, rather than a set number of years. Paying out a lump sum at the time of death, these policies are often considered as a means of insuring against post death liabilities including funeral costs and inheritance tax.

What is critical illness or serious illness cover?

Critical or serious illness cover are types of insurance that pay a tax-free lump sum if you are diagnosed with a serious illness, or have to undergo certain surgical procedures. Similar to life insurance, this can be on a level or decreasing basis.

What is income protection?

Income protection is a long-term policy that is designed to pay a regular income should you develop an illness or injury that prevents you from working. It will continue to pay out until you are able to return to work, retire, or until the policy ends.

What is business protection?

If you own a business, it’s important to consider the risks associated with the death or incapacity of a key member of staff. Speak to your financial adviser to find out more about business protection.

Do I need to review my protection products?

Protecting your assets is an essential part of financial planning. It is important to regularly review your protection products to ensure that you have the right type of protection and cover in place based on your situation.

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