Guarantee peace of mind by knowing your family are protected
Protecting your income with income protection
What’s the best income protection for you and yours? Our financial planners will review your circumstances to determine what is most suited to your needs.
It’s a simple question, not one we like to think about but one we should ask ourselves: would your family survive financially if something happened to you tomorrow to prevent you from working? If the answer is no, then you should consider some kind of protection, be it life assurance, income protection, or specified illness cover. Reviewing your personal or family protection insurance is one of the most important parts of financial planning yet many of us think of it only when it’s too late.
But don’t worry – that’s where we come in. Based on a thorough understanding of your life, we research the market using our knowledge of the different Life companies and their policies, and make a recommendation to you. In some cases we may find you have enough or even too much cover already, and if this is the case, we can help you prioritise what you need to retain.
"Other things may change us, but we start and end with the family." Anthony Brandt
Types of Protection
Income protection pays a regular sum if you can’t work due to a medium to long-term illness, injury or disability. It is designed to replace part of your income. You must be in full-time employment or self-employed in order to take out this type of insurance. It can be especially important where there is no other income coming into the household, and very little or no sick pay – as would be the case if you are self-employed.
If your career means you cannot get income protection, why not discuss a wage protection option with your planner?
A life assurance policy will pay out a lump sum or a regular income to a named person, such as your spouse or child, on your death. You can select a limited term during which this will occur – for example you might only want it while your children are financially dependent – or you can choose a ‘whole of life’ policy which will pay regardless of whether you die within a certain term or not. You can have single, joint or dual cover. Joint cover will pay out only when the first death in a couple occurs; dual cover will pay out on the death of both parties.
This policy pays a lump sum if you are diagnosed with a serious illness or disability specifically covered by your policy. For this reason it is sometimes called serious illness cover or critical illness cover. There are a few things to bear in mind about this sort of policy – it pays out a lump sum rather than a regular income and it only covers the illnesses or conditions that are specified in the policy, so if you can’t work because you have an illness not mentioned, you cannot claim.
Do You Have a Tax-efficient Will?
You should also consider how you will pass on your estate. The last thing you want is for your loved ones to be faced with huge tax bills because you did not have the advice you needed when you were making your will.
You will need a solicitor to make a will, but we can help you structure your estate in order to transfer it to the next generation in a tax-efficient way.
The SYS Protection Process
At SYS, we follow a tried and trusted process to help you protect your family and your business. Here, we lay out how we do just that.
Identify Your Objectives
- Define your financial goals
- Identify risks to achieving these goals
Understand and Assess Your Current Protection Set Up
- Gain a complete understanding of your current overall financial position
- Gain clarity on the value of existing protection arrangements
- Identify any gaps
- Clarify how much you are currently paying and identify potential cost savings
Research the Market and Propose a Solution
- Identify possible solutions taking into account the standing and track record of the providers
- Negotiate best terms with the chosen providers
Agree and Implement Chosen Solution
- Agree the recommended solution with you
- Help you to complete the initial paperwork and meet the provider’s underwriting requirements
- Liaise with the provider on your behalf to ensure efficient implementation -Ensure all documentation is finalised and in order
- Schedule future reviews to ensure your protection requirements are aligned to any changes in your circumstances
Our mission is to provide you with the best financial advice for you and your family
One piece of the jigsaw
Protecting your family is just one part of your financial life; it affects and is affected by the other elements. That’s why, though you may approach us to talk about protection, our consultants will conduct a financial review with you, taking the time to understand the full picture, so that all the pieces of your jigsaw fit together.
Latest News and Insights
Our consultants have written a variety of blogs, to help you to understand the nuances between different services. If you are still unsure about any service, please email us on email@example.com or ring us on 067 57057