We all know that the best laid plans can be turned upside down by some form of unexpected disaster. We consider the most appropriate protection products with a view to keeping your financial planning on track.
Equally as important is the need to ensure that if a claim needs to be made on a policy then the proceeds of such claim need to be in the right hands at the right time.
Take a very simple example. Mr Jones (a married man with newly born daughter) takes out a term assurance policy for £200,000 which is designed to pay out if he dies within a twenty year period. 4 years later he is killed in a car accident leaving a wife and his 4 year old daughter. If he has taken out this policy in his own name and on his own life then Mrs Jones will not have access to this money until probate has been granted, which could take several months. If, however, the policy had been taken out by Mrs Jones on Mr Jones' life or possibly even more appropriately written in trust then the proceeds can normally be paid out as soon as the insurance company has completed it's formalities. This means that Mrs Jones and her daughter can have access to the funds far earlier.
Protection policies often have no cash in value. If premiums are not maintained cover will lapse
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Financial Review Ltd is an appointed representative of Sanlam Partnerships Ltd (www.sanlam.co.uk) which is authorised & regulated by the Financial Conduct Authority (FCA).
Registered in England and Wales Company No. 7808351
The Hawthorns, Town Lane, Garvestone, Norwich NR9 4QR
FCA Firm Number: 575075
Telephone : 01362 858700
Email : email@example.com
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.
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