Financial advice on investing for children

Dealing with life’s challenges

Dealing with unexpected death, illness or injury has catastrophic effects on the family finances.

During these uncertain times, there are things you can do to help financially protect yours and your loved one’s future.

We are here to help you plan for the unexpected.

Plan to protect wealth now, reassured that your finances will be in the best possible shape for your loved ones. From Life assurance that pays out on death to insurance in the event of serious injury or a critical illness to income replacement in the event of long term incapacity. For the employed, self employed and business owners and those in receipt of personal injury award – you have unique challenges.

If your estate has a large Inheritance Tax (IHT) liability on the event of your death, it can be difficult to reduce the value of your taxable estate, by gifting the money to loved ones or a trust, knowing that you might need it to pay for unexpected bills or later life care costs. Insuring against the IHT liability may well be the solution. The lump sum pay-out can be used to pay the IHT bill when it becomes due.

We are here to help unravel the complexities of calculating the lump sum or income needs, how to ensure continuity of your business or insure against your estates IHT liability.

Steps you should take

Life assurance

Life assurance is designed to provide a lump sum amount if you die. It gives you peace of mind that your loved ones will be financially supported when you're no longer there. It can be used to pay off your mortgage, buy out a business partner or invested to provide income for a while or for life. It can taken out for a specified term or age or for life – ensuring that whenever you die you family will benefit.

Critical illness

If you find yourself being diagnosed with a critical illness, cover can help pay household bills or maintain your standard of living if you're forced to take time off work to recover. Critical illness cover pays a lump sum for specified illnesses such as cancer, heart attack or stroke. You can use the payout for healthcare, treatment and adaptations to the family home.

Income protection

Income protection protects against loss of earnings if you can't work due to sickness or injury. It provides regular payments to you and your family, helping cover living costs like mortgages, loans, and bills.

Whole of life assurance

Whole of life assurance provides life assurance cover for your lifetime. It is useful for estate planning if the sum assured is matched to the amount of IHT liability since the pay out on death can be used to cover the IHT bill. To be effective, the policy is written into a Trust so that the payout does not form part of the estate.

Whole of Life assurance policies can have reviewable premiums but a fixed premium - assessed based on your age, state of health and amount of cover required means you know exactly how much you will pay.

Gift inter vivos

If you make a large gift, it will be counted as part of your estate for seven years and IHT may be payable on it if you die during the seven year term albeit at a reducing rate. A gift inter vivos policy is a seven year life assurance policy with reducing life cover designed to match the reducing IHT. This policy ensures that if you die within seven years of making the gift, the pay-out will cover any IHT due on the gift's value.

Protecting your family & business