By law, we have to insure our cars and our houses, but very few of us adequately protect ourselves.
In our experience, if protection is effected, this is normally only to a level to repay any mortgage debt, which generally won’t then meet any living requirements once this is repaid by a lump sum payment.
Ensuring Adequate Protection
At MAC Financial, we look beyond the basics of this planning and seek to provide our clients with an understanding of how much is required to ensure standards of living are maintained, debts are repaid and children are supplied for in the future.
We will assess your current situation and provide you with a formal proposal of both an ‘Ideal’ level of cover and what we consider to be a ‘Minimum’ level.
Our recommendations, for the most part, look at the lump sum benefits of:
• Life Assurance Cover
• Critical Illness Cover
Other areas of protection that we advise on are as follows:
• Income Protection (PHI)
• Private Medical Insurance (PMI)
This formal approach forms part of our core services and further product information can be made available on request
N.B. It may be advisable to affect Trust planning as part of your protection strategy to mitigate future taxation or Inheritance Tax. See our Tax Planning and Legal section for further information or contact one of our specialists to discuss further.
Corporate Protection
These are all questions that should be considered when looking at protection on a Corporate basis.
- What happens if something significant occurs and one of the firms key people dies or becomes critically ill?
- Where do shares go on death? A Director’s wife with a controlling influence in the business?
- Who performs the function of the individual no longer able to work?
- How much profit does the business lose if a Key individual is not there?
MAC Financial will assess the risk to the business in the event of a Director or Keyman dying or becoming critically ill, the consequences of this business and the continuation of profitability after the event. The types of planning areas we can advise on are as follows:
- Shareholder Protection
- Keyman Assurance
Group Protection
Staff members are just as important as the business owners, Directors and the Key people in your business and so the following benefits could be considered as a solution to benefit employees:
- Group Life Assurance (GLA)
- Group Critical Illness (GCA)
- Group Income Protection (GPHI)
- Group Private Medical Insurance (GPMI)
This planning can be incorporated into a staff benefits package which can include a ‘Total Reward’ statement. We can supply details of our preferred partners in this area on request. Contact us today: info@macfinancial.co.uk