Life insurance, critical illness, and income protection can all be complex products, with several exclusions, however it is necessary in life for if or when the inevitable happens.
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Life Insurance: Pays out a lump sum if you, the policyholder, die during the policy term, or if you’re diagnosed with a terminal illness and not expected to live longer than 12 months. It provides for your loved ones after you’re gone and help them maintain their standard of living.
Critical Illness: Pays out a tax-free lump sum if you’re diagnosed with a critical illness that meets particular definitions during the policy term and survives a minimum period. It’s designed to provide you with money while you recover from your diagnosis illness. This allows you to focus on your recovery without worrying about how the bills will be paid.
Income Protection Insurance: Covers most illnesses and injuries if you are unable to work either in the short or long term, but it doesn’t payout if you’re made redundant. It replaces part of your income if you become ill or injured and can’t work. Income protection covers you until your return to work or until retirement, death, or your policy ends. You can claim as many times as you need to during the policy term.
Private Medical Insurance: It pays for private medical treatment, surgery and test if you are ill or injured during the term of your policy.
You usually make a monthly payment for your health insurance, which is called the premium. Your insurance can payout if you need treatment that it covers while the policy is active.
It is designed to offer treatment alongside the service provided by the NHS. For example, appointments with your GP would still be through the NHS. But with medical insurance you could get:
A choice of where you get treatment
A private room
A more comprehensive range of treatment types
Relevant Life Cover: allows employers to offer a death-in-service benefit to their employees, typically used to protect Directors of the company. It’s a tax-efficient life insurance policy, set up by the employer and pays out a tax-free lump sum on the death (or diagnosis of a terminal illness) of the person insured. The proceeds go to the employee’s family or financial dependants.
Shareholder Protection: Insurance pays out a cash lump sum if an insured shareholder dies or suffers a terminal illness (diagnosed with fewer than 12 months to live). The cash lump sum enables the surviving shareholder(s) to buy back the shares from the beneficiaries of the deceased shareholder.
It helps make succession planning as smooth as possible and allows the company or partnership to continue trading as usual.
It also provides peace of mind for the deceased shareholder’s family knowing they will receive the value from the company without having to wait for the company be sold and provides a clean break for both company and family.
Do you need protection advice?
Life insurance, critical illness, and income protection can all be complex products, with several exclusions, however it is necessary in life for if or when the inevitable happens. Here at The Eman Effect UK, we provide advice and quote cover on:
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What Eman Effect offers:
Accident & sickness
Income protection insurance