We will also offer you advice on protection. We offer a holistic approach to financial planning and aim to develop life long relationships with our clients, not only reviewing their present needs but also considering future possibilities and ensuring that regular reviews are undertaken to continually check the protection is relevant to you.
Whilst most people are aware of the need to have life cover in place to repay their mortgage in the event of their death, many people do not consider other factors which need to be considered. In the event of a spouses death you may also wish to account for the loss of the person’s income, because as well as the mortgage being paid off it is most likely that in order to maintain the standard of living and cover things like the household bills, there needs to be money available to cover this. There may be children who were previously cared for by the other parent, who now need to be looked after. This is where family protection comes into place.
For a relatively low cost family protection can provide an income in the event of your death to the family on a monthly or annual basis to help with whatever is necessary, for example school fees, nursery and childcare costs and other general expenditure. This can be for a pre-determined term, for example many people like to set this at a 21 year term when covering a child as it is expected at this time the child will be financially independant.
Critical illness cover is designed to pay you either a lump sum or an income, in the event you are diagnosed with a critical illness. The type of illness and it’s severity will depend on the plan and this is something which will be determined by discussing your budget and your personal preference. There are plans which can be considered standard and cover the main illnesses through to more comprehensive plans which cover newer and less severe illnesses. There are various options to the cover, which can be arranged as stand alone cover or combined with a life cover plan.
It is important to consider your sick pay/ income provision if you are unable to continue your normal duties at work. Income protection can extend the benefits you receive from your employer or supplement your savings if you are self-employed. There is income protection (also known as permanent health insurance) which is a longer term cover, typically covering around half of your salary. It is possible to set the cover to pay from day 1 of an illness and will provide an income until you return to work, retire or until death, whichever is sooner. This gives peace of mind that should the unfortunate happen, you are able to keep your home and maintain your standard of living.
Private medical cover is often seen as an expensive luxury however can be very reasonably priced and can mean that at a time of worry due to ill health you are seen by recommended medical consultants without having to wait excessive time on the NHS. We are able to offer this cover and would be happy to provide a quotation for this as part of our protection review.
AMG Financial Solutions
17 Park Lane
Tel: 01625 878242
Fax: 01625 878278
AMG Financial Solutions Limited is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
AMG Financial Solutions Limited is a company registered in England and Wales with company number 05194334. The registered office address is 17 Park Lane, Poynton, Stockport, Cheshire, SK12 1RD.
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.