Insurance Protection is a way of protecting yourself and your family from any costs and financial burden that may arise in the event of your death or if you become seriously ill and unable to work. There are many options available to consumers to cover these eventualities. Thanks to the benefits of our one to one personal service MK Financial will recommend the best cover to suit your financial and personal circumstances.
If you would like to arrange a personal consultation to see how we can assist you please contact us.
For a brief overview of the different types of policy available, please see below.
Life cover is particularly important to consider if you have dependants, such as a spouse/partner and children, who rely on you financially. Life insurance policies pay a lump sum in the event of you dying during the term of the policy.
Serious illness insurance pays a tax-free lump sum if you are diagnosed with one of the specific illnesses or disabilities covered by the plan. Serious illness cover is worth considering if you have a mortgage, personal loans or other debts that you would still have to pay if you became seriously ill. It also gives you peace of mind should you be unable to work due to a serious illness. This can be stand alone cover or an additional to Life cover.
Income protection is worth considering if you are self-employed and would have no source of income if you couldn't work due to illness or disability. Income Protection pays out a regular cash payment that replaces a percentage of your lost income if you can't work due to a medium to long-term illness or disability. It’s a taxable payment but you get tax relief on your monthly premiums at your marginal rate.
Inheritance Tax protection is a life assurance policy, also known as a Section 72 policy. This policy is intended to cover any Inheritance Tax liability incurred by the beneficiary of an inheritance, for example a child on the death of a parent. It is not designed to increase the value of an estate.
Business Protection Insurance is designed to protect your business should you or one of your key people die or suffer a serious illness. The business should have a plan in place that provides for the firm to buy up the shares of any partner or large shareholder who dies or becomes incapacitated. The insurance policy provides the firm with the funds to do this.
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Designs ]
Site by [ Attik Designs ]
