Life & Health Cover
If you have a mortgage or any other large debt, have you ever considered how it would be repaid in the event of death? What if you were to become ill and were forced to stop work? What if you became redundant? How would you support yourself and your family?
Clearly, insurance is a vital element of any sound financial plan. If you do not plan for these eventualities, you are not planning properly for your future.
There are many different types of insurance and each has a specific purpose. The main considerations are life insurance, critical illness insurance, income protection and accident, sickness and unemployment insurance. Whilst it is not necessarily essential to include each of these in your planning, you should nonetheless eliminate the need first. For example, your employer might provide a benefits package that includes life insurance and income protection; however, it could be the case that the levels of benefits are inadequate for your needs.
Perhaps you are an employer yourself and you are considering implementing a benefits package for your staff. What combination of benefits is appropriate? Are there any laws constraining membership? What about the company directors? How much will it cost? Who provides the most cost-effective cover for the features you need?
At Smith & Pinching, we have a number of experienced consultants who can guide you through this essential area of financial planning. We also have a department that deals with the set up and administration of group insurance schemes for companies, of which we currently run dozens across the county and beyond.
