Insurance & Protection
When it comes to insurance MWS can advise on the best avenue for your circumstances to ensure you are appropriately covered. We can offer insurance advice to help protect your; home, personal belongings, income, health, business and family.
Protecting yourself and your family:
Life is unpredictable and insurance is a proven way to protect against many unfortunate events. There are many different protection policies that can be taken out to help insure against these very events. Protection policies can be taken out to meet your specific needs and can be tailored to the pound of how much you want covered or to the pound of the monthly premium you can afford. See below to see which areas of protection we can help advise you on:
Life Insurance
This insurance is taken out to provide a specific sum in the event that the worse happens. Any specific sum can be insured and will be paid to your dependents in the event of your death. The money can be used to help pay off a mortgage, provide tuition money, income for a partner, pay for funeral costs and remove the financial stresses when going through an emotionally difficult time.
Critical Illness can be taken out to insure against serious illness. The illnesses are indicated by the insurer. If you have a claim, a tax-free sum will be paid to you if you suffer a defined illness during the term of your policy. You can insure as much as required and decide how long the policy will last for. It is usually taken out to provide encase of inability to work or for extra treatment.
Critical Illness
Not being able to pay their financial commitments, bills, rent, mortgage and the daily cost of living are peoples biggest worries. Income Protection is policy that pays out a tax-free monthly benefit if you cannot work due to illness or an accident. These policies start paying after a specific period of time and can pay out for the time you require them to.
Income Protection
ASU provides an income in the event that you lose the ability to work due to an accident, sickness or becoming unemployed. This is a short-term policy that usually pays for up to a maximum of two years. The income provided allows you to meet your financial commitments until you are able to work again or until the policy term ends.
Accident, Sickness & Unemployment (ASU)
The cost of all of the premiums for these insurance policies depends on your lifestyle, health, age and medical history.
Business Protection
Research from Legal & General shows that if a key person died or became critically ill, four out of ten businesses would cease trading within a year. If you are a small business, such a loss is likely to have a much greater impact than it would on a larger organisation.
There will be fewer people to pick up the pieces and ensure everything continues to run smoothly: most smaller operations don’t have specialist finance departments, HR teams or legal departments to help them through hard times.
Despite the risks, it is smaller companies that are least likely to have business protection insurance in place, yet these are the very businesses who may be in most need of this protection.
"50% of businesses have no specific arrangements if a shareholder dies"
"69% of businesses have never heard of a relevant life plan"
"Only 20% of businesses use an insurance policy as security to protect their business loans. 33% of businesses have a debt of between £50,000 and £250,000".
"Only 18% of businesses have any insurance to cover key people"
There are four types of business protection that can be offered to make sure that problems that can arise, are dealt with and more easily managed:
Key Persons
Insurance
Key Persons Protection is a type of life insurance bought by businesses that will pay out funds to provide help finding a replacement, cover for the role and account for a loss of profit in the event of a key persons death.
Share Protection is a type of life insurance bought by businesses which ensures there are funds to help purchase shares if an owner or shareholder dies.
Share Protection
Business Loan Protection is a type of life insurance bought by businesses that will help pay off business debts if the owner dies.
Business Loan
Protection
Relevant Life Plans are individual life insurance policy that company directors and owners can buy through there business, if they are classed as an employee. It is an effective means of reducing tax.