Life Insurance

As you move through life, planning for the future and caring about your family, your work and your business, it is all too easy to forget about how your family or your business would survive if the worst were to happen to you.

Do you know what protection you have in place? - Taking out a life insurance policy to protect against death is typically a one-moment-in-time event and is often forgotten about thereafter.

Life changes – your life will change over time, and your need for protection will change too, but do you regularly review and adjust your policies to meet what you need to fill any gaps?

What are your liabilities? Do you have any gaps?

Here are some things to think about.

Protecting your family

• Will any mortgages be paid off by your existing policies, including your main residence or investment properties?
• How much would you leave your family to survive on if you were to die?
• If you have any existing policies are they set up in trust, are the sums assured too much or too little and are they set up for a sufficient period of time?
• Tax efficiency – if you have a limited company did you know that, subject to meeting certain requirements, a qualifying policy known as Relevant Life can provide the life insurance you need for your family tax efficiently? The limited company owns the policy and pays the premiums which can be offset against profit as a business expense potentially making savings of up to 50% for high-rate taxpayers versus you paying for premiums personally after tax.  

Protecting your business

• Key people – would your business suffer if a key person dies, including you? Consider who are the key people in your business?
• Shareholder agreements – do you own your business with a partner? What happens to their share of the business if they die?
• Business loans – does your lender require you to have protection in place in case you die during the term of the loan? What would happen with the business loan if you were to die?

Determining if your cover is sufficient

The amount of life insurance coverage you need depends on a variety of factors, including your age, income, debts, and the number of dependents you have. It is essential to work with a financial expert to determine how much coverage is appropriate for your specific situation.

It's also important to review your coverage regularly to ensure that it is still sufficient. Life changes such as a new job, a marriage, or the birth of a child can all affect your insurance needs. By working with a financial expert, you can ensure that your coverage is always up-to-date and meets your changing needs.

How a financial expert can help

Every individual’s situation is unique, and an expert will take the time to get to know you and your family and your business to create a tailored insurance plan that meets your specific needs. They can help you determine the right amount of life insurance coverage for your situation, and work with you to ensure that your coverage is always up to date.

Quality Care Group clients work very closely with Andy Cooper, an Independent Financial Adviser (IFA) at Kingswood Law IFA Ltd, to cover their protection needs. They also offer a range of financial planning services, including retirement planning, investment advice, and estate planning. Their goal is to help clients to achieve financial security and peace of mind, both now and in the future.

Work out your budget

How much can you or your business afford to cover any protection gaps? Would you or your business be able to reduce outgoings to afford a policy or policies to fill any gaps in protection?

Conclusion

Life insurance is an essential component of any sound financial plan. It provides financial security and peace of mind by ensuring that your loved ones are protected in the event of your untimely death. By working with a financial expert, you can determine the appropriate amount of coverage for your situation and ensure that your coverage is always up to date.

Don't wait until it's too late – contact Andy through this form, to learn more about how he can help you with your protection provisions. If you're ready to take the next step in securing your financial future, don't hesitate to reach out to Andy and set up a consultation.

^Disclaimer

^{The advice and services mentioned in this article are offered exclusively by Kingswood Law IFA Limited, an independent financial advisor regulated by the Financial Conduct Authority (FCA). While Quality Care Group collaborates with Kingswood Law IFA Limited to provide comprehensive financial protection services, all specific financial advice, including life assurance, wealth protection, trusts, tax-efficient strategies, and pensions, is delivered by Kingswood Law IFA Limited.}

^{Kingswood Law IFA Limited is authorised and regulated by the Financial Conduct Authority (FCA), ensuring adherence to the highest standards of financial advice and customer care. For your security and compliance, please note the following:}

^{• The information provided in this article is for general informational purposes only and does not constitute financial advice.}

^{• Individuals should seek independent financial advice from a qualified advisor before making any financial decisions.}

^{• The value of investments can go down as well as up, and you may not get back the amount you invested.}

^{• Tax treatment depends on individual circumstances and may be subject to change in the future.}

^{For detailed and personalised financial advice, please contact Kingswood Law IFA Limited directly. By using the services of Kingswood Law IFA Limited, you acknowledge that you have read and understood this disclaimer and agree to its terms.}