Protection

Be prepared for the unexpected. Although nobody wants to contemplate the possibility of death or critical or long-term illness, it is an important issue to consider when getting your finances in order. As your journey through life progresses you will tend to take on more and more responsibilities, whether in your family circumstances or in business. Having others depend on you can be an enriching, fulfilling experience but also one which demands that you prepare as best you can for the unknown.

The insurance marketplace is massive, with a dizzying array of products. At Wealth Design we can help you find the right fit for your specific circumstances. Typically you will be wise to consider:

• Life Assurance

  This gives you the peace of mind that after your death your loved ones would receive a lump sum to cover issues such as outstanding debts and the difficult transition period, and maintain their established standard of living. Cover varies according to the regular amounts committed, and it is crucial to work out the optimum balance. Particular types of Life Assurance include:

• Level Term Assurance

  You choose the value of cover required and the length of the policy, and the premiums are calculated on that basis. If you die before you have finished paying in, the policy will still pay out the agreed figure.

• Whole of Life Assurance

  This guarantees that your dependants will receive a lump sum upon your death at any point after the policy is signed, and is therefore a more costly service. The performance of premiums invested will dictate the projected cover.

• Critical illness cover

  This offers protection in the event of critical or terminal illness that prevents you from working, and may be included within Life assurance. Not only a safeguard against loss of earnings, it can contribute to care and treatment costs and disability or mobility aids.

• Family protection

  This is a practical means of helping families cope with the devastating loss of a loved one, covering such expenses as funeral costs and ensuring a regular income after the demise of a breadwinner.

• Private health insurance

  Unless this is provided by your employer, it is worth considering the benefits of taking out private health insurance, ensuring that you receive specialised healthcare quickly should the need arise. In addition, your state of health will have a bearing on your premium levels for Life Assurance.

At Asquith Hart, we can help you steer a path through the vital but tricky territory of insurance. If the right measures are in place, it makes for one less thing to be worried about in already stressful situations.

Life Assurance plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse.  Plans may not cover all the definitions of a critical illness. The definitions vary between product providers.