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Protection

Protection

Let’s face it, nobody likes to part with money to pay for protection against events that they hope will never happen. However, most of us have cover for our houses and vehicles, so it’s only logical to consider cover for something at least as important – You!

We’ve covered the more common questions that we are often asked, in each case showing the types of protection that are generally appropriate. To find out more, simply click on a protection type.

How can I make sure my family has enough money if I die?

 

Can I pay my mortgage and bills if I’m too ill to work?

 

Is it possible to plan for the cost of care in case I need it?

  • Long Term Care

 

How do I pay for private healthcare?

Term Assurance
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Term Assurance is the simplest, and usually cheapest, form of life cover. It pays a tax-free lump sum should you die during a specified period of time, for example £100,000 over 20 years. Should you decide that at some stage you no longer require cover, you simply stop the policy, although it won’t have any value. It’s also possible to buy this through a Personal Pension Plan, which attracts tax relief on the premiums. 

We take the time to shop around and find you the most competitive deals, based on your needs.

Especially relevant for:

  • Those with dependent families
  • Linking to a mortgage

Permanent Health Insurance
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Income Protection, or Permanent Health Insurance (PHI) policies, provide a replacement income should you be unable to work through sickness, accident or injury for a prolonged period of time. The level of cover is usually limited to around 60% of current income, but claims paid out are tax-free. 

You need to decide how long you want to wait before receiving any benefit, this can range from 4 to 52 weeks, the longer the period the cheaper the cost.

Especially relevant for:

  • Self employed people
  • Employees without long term cover

Critical Illness
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Critical Illness cover is designed to pay a lump sum to you should you suffer a “critical” illness, such as cancer, heart attack, stroke etc. The lump sum is tax free, and can be used to replace lost income and pay for any special needs that might become necessary. 

Especially relevant for:

  • Single people
  • Those with dependent families
  • Linking to a mortgage

Private Medical Insurance
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Private Medical Insurance (PMI) aims to pay your private medical bills should you be admitted to hospital or require specialist treatment. There are various levels of cover available, and as ever, generally the more you pay the more comprehensive the cover. 

It is increasingly common for employers to provide this cover for their employees, if you have this cover do check the scope of cover provided and that it meets your needs.

Especially relevant for:

  • Everybody who does not wish to rely on the NHS
  • Self employed, where delays waiting for treatment could mean loss of earnings
For more information about insurance and assurance options please contact us by phone on 01475 638100, by e-mail or use our online enquiry form at the side.
MacDonald & Co. is a trading style of MacDonald & Co. (Wealth Management) Ltd. which is authorised and regulated by the Financial Services Authority.
© MacDonald & Co. 2012
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