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We insure our buildings, contents and cars for example against loss and damage – what about people? If we had our own personal cash machine (ATM) that provided us with income every week right through to retirement, wouldn’t we insure it against loss or breakdown? Every wage earner is that machine; people break too! Why not protect the wage earner and the income provided.
How would you, your partner or family cope financially after death, critical illness, accident or sickness? This is something we all need to consider throughout our lives as our circumstances change.
If you were unable to work through serious illness how would the bills get paid? Even if you have a good secure job it is likely that your salary will be reduced over a period of time; this varies from employer to employer. The state is unable to provide enough financial support and not everyone qualifies for it. Even if you do qualify, state payments may not cover the weekly shopping bill let alone other expenses like the phone bill and maintaining a car.
That’s why it makes sense to think now about making sure your family can be provided for. Protection plans can be designed to provide an income should you be unable to carry out your work due to accident or illness; or a lump sum and/or income upon death or suffering a critical illness.
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Below is a brief description of some of the types of cover available and examples of some of the potential problems solved.
Term Assurance – cover for a specified term – can be used to provide a lump sum on death or critical illness to protect the balance of a mortgage or loan, or provide income for a family.
Whole of Life – these plans pay the benefits on death at any time and are not for a specified term of years – can be used for inheritance tax mitigation.
Income Protection Plans – personal health insurance, which provides an income should you be unable to work due to accident or illness.
Accident, Sickness and Unemployment/Redundancy – often used to cover mortgage or loan payments after one of the given events.
Medical Insurance – insurance to cover the cost of private medical treatment.
Long Term Care Plans – help to cover the cost of personal care in later life.
Park Row Independent Financial Advisers are not tied to any financial institution and are therefore able to search the whole market place for the financial solutions to suit your circumstances. We would welcome the opportunity to help you arrange the cover you need. Analysis, advice and recommendations are objective and for the benefit of the client.
Please click here to make an enquiry
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