Family & Financial Protection

It’s best to have what you hope you’ll never need.

Who Needs Family
And Financial Protection?

If you value your business and family and want to make sure they’re looked after if you can’t do it yourself, family and financial protection is for you. After all, you’re doing everything you can to provide for them now— so why wouldn’t you want that to continue if you’re unable to do the day-to-day?

Think of family and financial protection as a safety net underneath the tightrope that is life. You hope you don’t fall, but in case you do, it’s there to catch you. Life can throw curveballs, and while you may feel safe now, you may feel even safer knowing you have family and financial protection in place.

Protect Your Nearest And Dearest

You’ve insured your phone or laptop— probably even both. That’s a good start, considering you likely use them daily, and they help you keep in contact with others and even help you with your work. But have you insured yourself?

The younger you are when you take out insurance often means that your premiums will be cheaper, so if you don’t have it in place now, it’s time to get going! Whether you’re interested in life insurance, critical illness insurance, income protection, or something else to make sure your family is cared for or your business is in good hands, we’re here to help.

Greenfields Financial
Management Is Here To Help

Navigating the market of insurance products can be tricky. There are so many policies to consider— how are you to know which is the most appropriate one? It’s just as possible to be over-insured as it is to be underinsured, and you want to make sure you’re sitting nicely in the middle. From there, you also need to ensure it’s set up correctly and into the relevant trust so that funds can be released as quickly as possible if they’re needed. And that’s just the beginning! Would you expect to receive that level of service from an online comparison site?

If you feel overwhelmed, we don’t blame you whatsoever. More than anything, we want to help you find the right option and tailor the right solution for you. Our goal is to help you secure the best possible protection for your needs, whatever they may be.

Ready to protect what matters most?

Find the right protection options for you and your family. 

The Benefits Of Family
And Financial Protection

Having family and financial protection in place can offer you:

 

  • Peace of mind
    Knowing that you and your family are protected against unexpected events can provide peace of mind and reduce stress.
  • Financial security
    Family and financial protection can provide financial support in the event of unexpected events, such as illness, injury, or death.
  • Protection of assets
    Protection insurance can help protect your assets, such as your home, business, or savings, from being used to cover unexpected expenses.
  • Continued income
    Income protection insurance can provide a continued source of income if you are unable to work due to illness or injury.
  • Customisation
    There are many different types of protection insurance available, allowing you to tailor your coverage to your specific needs and budget.

Your Family And Financial Protection Questions Answered

Life is unpredictable, and unexpected events such as illness, disability, or death can have devastating financial consequences. Insurance provides a safety net to help you and your loved ones cope with these situations by covering the costs of medical bills, lost income, and other expenses. By having the right insurance coverage in place, you can protect your assets and ensure that your family’s financial future is secure.

The main types of insurance available for family protection include life insurance, critical illness insurance, income protection insurance, private medical insurance, and home insurance.

Critical illness insurance pays out a lump sum if you are diagnosed with a serious illness that is covered by your policy. It can help you and your family cope with the financial impact of your illness, such as medical bills, time off work, and other expenses.

To purchase critical illness insurance, you would pay a monthly or annual premium to the insurance company. If you are diagnosed with a covered illness during the policy term, you would be eligible to receive a lump sum payment from the insurer. The amount of the payment would depend on the terms of your policy and could range from a few thousand pounds to several hundred thousand pounds.

This type of insurance pays you a regular income if you are unable to work due to illness or injury. It can help you and your family cover your everyday living expenses while you focus on your recovery. When you purchase an income protection policy, you would typically choose a monthly benefit amount that you would receive if you are unable to work. The benefit amount can be up to a certain percentage of your pre-tax income, depending on the policy you choose.

It’s important to note that income protection insurance is not the same as critical illness insurance, which pays out a lump sum if you are diagnosed with a serious illness. Income protection insurance is designed to provide you with a regular income to cover your living expenses if you are unable to work due to long-term illness or injury.

A relevant life plan is a type of life insurance policy that is paid for by the employer and provides tax-free death-in-service benefits to employees of small businesses. It can be a valuable benefit for employees who may not have access to group life insurance or who have pre-existing medical conditions. The premiums are tax-deductible for the employer, and the benefits are paid tax-free to the employee’s beneficiaries. It’s important to speak to a financial advisor, such as our team at Greenfields Financial Management, to determine if a relevant life plan is a suitable option for you or your business.

The main types of insurance available for financial protection include life insurance, critical illness insurance, income protection insurance, private medical insurance, home insurance, car insurance, travel insurance, and pet insurance.

To protect your business from unexpected events, you can take several measures such as:

  • Have appropriate insurance coverage for your business.
  • Develop a comprehensive business continuity plan that outlines steps to take in the event of unexpected events such as natural disasters or cyber-attacks.
  • Regularly review and update your business policies and procedures to mitigate potential risks and protect your business.
  • Invest in cybersecurity measures to protect against data breaches and other cyber threats.
  • Have an emergency response plan in place in case of accidents or other unexpected events, such as a fire or a security breach.

Key person insurance is a type of life insurance policy that a business takes out on the life of a key employee or owner. The purpose of key person insurance is to provide financial protection to the business in the event of the death or incapacity of the key person. The business pays the premiums on the policy, and if the key person dies or becomes incapacitated, the policy pays out a lump sum to the business. This can help to cover costs such as finding a replacement, paying off debts or losses, or funding a buyout of the deceased or disabled person’s share of the business.

Key person insurance is a type of life insurance policy that a business takes out on the life of a key employee or owner. The purpose of key person insurance is to provide financial protection to the business in the event of the death or incapacity of the key person. The business pays the premiums on the policy, and if the key person dies or becomes incapacitated, the policy pays out a lump sum to the business. This can help to cover costs such as finding a replacement, paying off debts or losses, or funding a buyout of the deceased or disabled person’s share of the business.

Shareholder protection insurance is a type of insurance policy that provides financial protection to a business in the event of the death or critical illness of one of its shareholders. The policy pays out a lump sum to the surviving shareholders, who can use the funds to buy the shares of the deceased or critically ill shareholder. This ensures that the ownership of the business remains with the remaining shareholders and helps to prevent the shares from being sold to outsiders.

Shareholder protection insurance is typically recommended for businesses with multiple shareholders, particularly those where one or more shareholders own a significant portion of the company’s shares. It can help to protect the interests of all shareholders and ensure that the business can continue to operate smoothly in the event of unexpected events. It’s important to note that shareholder protection insurance should be taken out by each shareholder individually rather than by the business as a whole.

To ensure your business can continue to operate if something happens to you or a key employee, you can take several measures such as:

  • Develop a business continuity plan— A plan that outlines the steps your business needs to take in the event of unexpected events such as the death, illness or incapacity of a key employee. The plan should include details on how to maintain operations, contact employees, and manage communications with clients.
  • Implement a succession plan— A plan that outlines who will take over the key responsibilities of the business in the event of the death, illness or incapacity of a key employee. The plan should include identifying potential successors, outlining their roles and responsibilities, and ensuring they are properly trained.
  • Consider key person insurance— A type of life insurance policy that provides financial protection to the business in the event of the death or incapacity of a key employee. The policy pays out a lump sum to the business, which can be used to cover costs such as finding a replacement, paying off debts or losses, or funding a buyout of the deceased or disabled person’s share of the business.
  • Implement a cross-training program— A program that provides training to employees to ensure they have the necessary skills and knowledge to take on additional responsibilities in the event of unexpected events.

With so many options available, we understand if it seems overwhelming. If you’d like any assistance, please contact us at Greenfields Financial Management for our expert help.

Choosing the right types of protection insurance for you and your family can be a complex decision. Here are some steps you can take to determine which types of protection insurance are right for you:

  • Identify your needs— Consider your current financial situation, your family’s needs, and your future financial goals. This can help you identify which types of protection insurance may be most important for you.
  • Research available options— Look into the different types of protection insurance that are available, such as life insurance, critical illness insurance, income protection insurance, and others. Research the benefits, costs, and terms of each policy.
  • Seek professional advice— Consider speaking with a financial advisor or insurance broker who can provide expert guidance and advice on the different types of protection insurance available and which ones may be best suited to your specific needs.
  • Compare policies— Once you have identified the types of protection insurance you need, compare policies from different providers to find the best value for money and coverage that meets your needs.
  • Review regularly— Regularly review your protection insurance policies to ensure they continue to meet your needs and make adjustments as necessary based on changes in your financial situation or family’s needs.

If you’re unsure which types of protection may be best for you, please feel free to make an appointment with us at Greenfields Financial Management so we can help you select the most appropriate protection/s.

Determining how much coverage you need for family and business protection can depend on various factors, such as your personal and business financial situation, future goals, and family needs. To determine how much coverage you may need, you may wish to:

  • Assess your current financial situation— Take an inventory of your current assets, debts, and income to determine how much coverage you may need to maintain your family’s current standard of living in the event of unexpected events.
  • Consider your future financial goals— Think about your future financial goals, such as saving for your children’s education, buying a new home, or saving for retirement. Consider how much coverage you may need to help protect those goals.
  • Evaluate your family’s needs— Consider the needs of your family, such as mortgage payments, child care expenses, and other living expenses to determine how much coverage you may need to ensure their financial security.
  • Evaluate your business needs— Consider the financial impact that losing a key employee or owner of the business could have and assess how much coverage may be needed to ensure the business can continue to operate smoothly.
  • Seek professional advice— Consider speaking with a financial advisor, such as our team at Greenfields Financial Management, who can provide expert guidance and advice on how much coverage you may need based on your specific situation.

The cost of protection insurance varies due to several factors, including age, health, occupation, lifestyle, coverage amount, type of policy, duration of coverage, and more.

To find a reputable insurance provider, firstly ensure they’re regulated and authorised by the Financial Conduct Authority (FCA). Once you’ve determined that, it’s advised to check their reviews and ratings, consider their experience, and compare policies and prices. You may also wish to consult with a financial planner, such as our team at Greenfields Financial Management, to help you navigate the market and find a reputable insurance provider for you.

Why Greenfields Financial Management?