Insurance policies come in different shapes and sizes. This may be in the form of personal cover or a policy that is funded by a business. Protection policies can be held in single or joint names, pay a lump sum or income and can be set for various terms depending on their requirements.
Protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Life Cover
Life cover, often referred to as life insurance or life assurance, is a financial product that provides a lump sum payment or regular income to beneficiaries upon the death of the insured person. It's designed to provide financial protection and support to the insured person's dependents or beneficiaries in the event of their death.
Critical Illness
Critical illness cover is a type of insurance policy that provides a lump sum payment if the policyholder is diagnosed with a specified critical illness or medical condition during the term of the policy. This lump sum payment is made regardless of whether the insured person passes away due to the illness.
Income protection
Income Protection Insurance is a type of insurance policy designed to provide a replacement income if the policyholder is unable to work due to illness or injury. It offers a regular income payout, typically a percentage of the policyholder's salary, to help cover living expenses and financial obligations during the period of inability to work.
Key Person insurance
Key person insurance, also known as key man insurance or key employee insurance, is a type of life insurance policy taken out by a business on the life of a key employee or employees whose skills, knowledge, or experience are crucial to the company's success and financial stability.
Key person insurance provides financial protection to the business in the event of the death or incapacity of the insured key individual. The policy pays out a lump sum to the company, helping to offset financial losses and cover expenses that may arise due to the loss of the key person's contributions.
Relevant life insurance
Relevant Life Insurance is a specialised life insurance policy designed for small businesses, particularly aimed at providing a tax-efficient life cover for their employees, including company directors and key employees. It's structured as a tax-efficient way for businesses to offer life insurance to their employees, especially when traditional group life schemes might not be feasible.