By: ASC Financial Solutions Ltd  16/03/2011
Keywords: financial, solutions, financial advice


Anyone with dependants, such as a family, or that have liabilities such as a mortgage, should consider financial protection. We realise the importance of protection and can help you find the right protection for you and your family.

Dependants' don't have to be financial, for instance a parent who is primarily responsible for childcare, may not contribute a great deal to the family income but they would be expensive to replace.

As Independent Financial Advisers we can research the market for the most suitable products to match your needs. We also look at whether you wish to place the funds in trust and whether you require indexation to prevent the real value of the protection decreasing over time. Basically it's a way to protect against the financial consequences of death, serious illness, or loss of income by producing either a lump sum or regular income benefit.

There are many different insurance products to cover different eventualities and timescales.

Term Assurance
Term assurance is set-up to run for a specific period of time (e.g. 25 years). In the absence of a claim, the policy expires without value. The cover can be 'level' (the premium and life cover remain constant throughout the term), 'increasing' (both payments and sum assured are added to, usually annually), or 'decreasing' (the level of cover falls over the term, usually to reflect the falling value of a repayment mortgage or other loan). Benefits can be paid out as regular income as opposed to lump sums. Options that can be added to a basic policy include the option of renewing the cover or converting the cover to another life or savings policy, depending on circumstances.

Whole Life Assurance
Whole of Life Assurance offers lifetime cover provided premiums are maintained.

Critical Illness
Critical Illness Cover can be either added to the above policies, or bought as a standalone policy, whereby the benefits would pay out on diagnosis of a critical illness. Policy conditions vary enormously - it pays to make sure you know exactly on what events the policy would pay out.

Income Replacement
Benefits that pay out a regular income in the event of inability to work through illness or injury range from income protection, which pays out the covered benefit, usually after a "deferred period" until a given age, and premiums are based on age, occupation and current state of health. Mortgage payment protection or accident, sickness and redundancy insurance, however, usually pays out for a certain length of time, say 12 months, but can be substantially cheaper than income protection because of less rigorous underwriting. Beware of any exclusions that may apply to the cover, either generally or related to your own health or occupation.

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