22 December 2024
Protection and Insurance
The main types of Financial Protection are:
- Life Insurance
- Income Protection
- Critical illness Insurance
- Private medical insurance (PMI)
Most people believe life insurance is more expensive than it really is. The earlier you start the cheaper it is.
Life insurance should be based on need rather than a rule of thumb calculation, like 10 times salary. This type of insurance pays out a lump sum/regular payments to your dependants should you pass away during the term of the contract. The cost of a policy is determined by a number of factors including your age, health and lifestyle. Having the correct type of insurance protection will ensure peace of mind for you and security for your loved ones.
There is a whole array of different life policies in the market and choosing the correct one is vital to ensure that it meets your needs and requirements. We can explain the reasons why a policy should be held in trust in sole names or joint names.
At Palantir Financial Planning Ltd we can find the most suitable policy for you.
Please see below some of the policies we advise on:
- Level Term Assurance
- Family Benefit Insurance
- Decreasing Term Assurance
- Increasing Term Assurance
- Renewable Term Assurance
- Whole of Life Insurance
At Palantir Financial Planning Ltd we use a 5 step process to understand which Policy would be most suitable.
Step 1
Step 2
Step 3
Step 4
Step 5
Identify the general need for Life insurance. Who would be financially affected if the client passed away?
Quantify the amount of capital and income needed if the client passes away distinguishing between short term and long term needs.
How long should the insurance should last for? The effect of any Inheritance tax?
Take into account any other policies, pension schemes etc that can offset against the clients life insurance needs
Recommend the most appropriate type of policy by taking into account all the factors.
The Financial Conduct Authority does not regulate taxation and trust advice.
We offer a free no obligation initial consultation in which you can have an open and honest conversation with an FCA Registered company to determine if we can assist with your future financial plans.