Protection for you, your
family and your business
What is it that keeps your possessions, family, home and lifestyle safe – your income.
If you die, the last thing you'd want would be to leave your family facing financial
difficulties.
That’s why life insurance is so important. But having a cash sum to pay off the
mortgage or provide your family with an income is only half the story. You can also
use life insurance for inheritance tax planning and pass on more to your loved ones.
And it also makes sense to think about what would happen if you suffered a critical
illness, such as cancer, heart attack or a major organ transplant, or had an accident
that stopped you working for a while. We offer plans that help to protect you and
your family in a range of circumstances - plans that will keep safe what's precious
to you.
Types of Protection Plans include:
Life Assurance
Although most people do have a minimal level of cover, have you considered what
quality of life your family would have if they had to rely on your existing death
benefits? Our consultants can identify the most appropriate life cover policy for
you and your family to ensure they receive adequate protection in the event of your
death.
Decreasing Mortgage Cover Plan
This plan is specifically designed to protect mortgage liability. We can tailor
cover to protect you and your family against the effects of serious illness or long-term
incapacity, allowing you to maintain your financial security and remain in your
own home. If you are looking to increase you and your family’s protection, please
contact us and speak with a Homebuyers Mortgage & Property Centre consultant.
We can advise and recommend the most cost effective solution to suit your particular
needs.
Critical Illness Cover
Critical Illness Cover provides a cash sum if you suffer from any of a wide range
of the most serious illnesses such as heart disease or cancer. We can arrange a
protection plan that helps meet the additional financial demands placed upon a family
in the event of such an illness.
Income Protection
What would be the consequence of an accident or illness that prevents you from continuing
to work? We have many clients who are now receiving an income, as we
were able to advise them in time.
Business protection/cover
This deals with protecting your business from the adverse financial effects of the
death of a key person, partner or shareholder. Business protection can be especially
important to smaller companies whose reliance on key individuals for profit may
be greater than large corporates. There are two main types of business assurance,
key man and partnership assurance/director share purchase.
Key Man
Is used to inject a lump sum of cash into the business in the event of
the loss of a 'key person'. A key person may be a top salesman, or a key designer
in a design company etc, someone whose death would have a direct and adverse effect
on the company’s income. The usual solution is a term assurance policy whose sum
assured should be worked out with your financial adviser.
Partnership/Director Share Purchase
Deals with protecting the families and co-owners in the event of the death
of one of the partners/directors. Each party agrees before hand the value of his
or her share and a combination of term assurance policies and legal documents are
put in place to ensure that in the event of a partner or shareholders death, the
remaining co-owners have a sum in place to buy out the family of the deceased for
a fair sum.
General insurance
House (buildings and contents)
It's important you take the time to value your belongings. Many of us may
appreciate the value of our possessions only when faced with a crisis, such as a
fire or a burglary. And by that stage it could be too late.
If, when a claim is made, you haven't got enough cover, an insurer can reduce the
amount it pays out. But don't be tempted to over insure - this will lead to paying
higher premiums than necessary.
Buildings insurance
Buildings insurance covers the structure of your home (walls, windows,
roof and so on) as well as permanent fixtures and fittings (such as baths, toilets,
fitted kitchens). The amount of cover you need is the rebuilding cost of your home.
This includes the cost of demolition (which may be needed after fire, for instance),
clearing the site, architects' and other professional fees.
Contents insurance
Contents insurance policies will cover the items inside your home, such
as audiovisual equipment, carpets, clothing, furniture, kitchenware, and a limited
amount of valuables. Insurers usually apply limits for high-value single items,
so specify the value of expensive possessions before you take out the cover. Contents
insurance will usually cover you for the replacement of keys if lost or stolen,
and damage to locks. You'll also be covered for the theft of cash from your home,
up to a set limit. And it will cover your legal liability as occupier of the house,
such as liability for injuries to visitors.
Policies can also include accidental damage cover, but you may have to pay extra.
This extends cover to include accidental breakages and damage to items such as your
hi-fi, TV, computer and video recorder.
Openwork Limited offers insurance and investment advice on products from a limited
number of product providers and advice on mortgages representative of the whole
market.
|
|
|
|
| |
|
|
|
|