Protection

The consequences of death or illness can have a catastrophic effect on families and businesses, although it as an area that most people don’t like to discuss. Comprehensive protection for your family or business can ease the financial burden following tragic events.

A large number of people have protection for their mortgage, although very few people go further and provide protection for other liabilities or other scenarios. The loss of the income of the breadwinner, the death of a stay at home spouse or the death of a Shareholder in a business can all have a big impact on households and businesses.

Most people don’t like to talk about the ‘what if’, although Inspire Financial Planning Ltd thinks these are discussions worth having to ensure your family or business is adequately protected should the worst happen.

Before making any recommendations Inspire Financial Planning Ltd will carry out a full assessment of any existing cover your may have, ascertain any shortfalls and recommend suitable solutions which could include advice in the following areas:

  • Life Assurance for your mortgage
  • Protection for your Family
  • Protection for your business (Shareholder Protection, Keyperson cover or Group protection)

Trusts

Inspire Financial Planning Ltd can help ensure your protection policies are written under Trust to your loved ones.

This ensures that the proceeds are paid to the right people at the right time without the need for probate. If your estate is subject to Inheritance Tax, writing the proceeds under Trust can help avoid 40% Inheritance Tax on the proceeds of your policy.

A large number of Life Assurance policies are not written under Trust. Aside from a potential delay in the payment to your loved ones, there could be an Inheritance Tax charge of 40% of the proceeds from your plan as the sum is added to your estate when calculating inheritance tax.

Pricing Information

Our charges will, of course, vary depending on the complexity of your individual requirements. However, we’ll always be clear with you about the amount and method of payment. You can ask for an estimate or set a ceiling on our fees in advance. Not all advice results in buying a financial product, and in this instance we will charge you a fee for our time. If, however, a suitable financial product is purchased, we may receive a commission paid from the provider’s charges. This reduces the amount available for investment, but we will always advise you of this before you make the purchase. Our business model is not dependent on commission and as such we can offer clients unbiased advice on products.