life cover / critical illness protection
D & P asset management can provide life insurance for you and your
dependents, and for your business, along with critical illness and income
protection, and private medical insurance.
Life insurance for you and your dependants
Life insurance for business
Critical illness
Private medical insurance
Offering you peace of mind and protection for
your loved ones.
The basic cost of living is high. Maintaining the standards your family
and loved ones have come to expect is crucial if anything happened to
you. Even if you were covered with mortgage insurance, it would be unlikely
that you could achieve this. Choosing the right life insurance could
be one of the most important decisions you take.
A lump sum if you die
If you die or become terminally ill during the period you are covered
by the policy, life insurance will provide you with a lump sum for those
you care about – money to help them maintain the standard of living
they’re used to. The cost of your life cover will depend on you
– how much you want to leave for you loved ones and the period
of cover you chose.
You have two options - Term Assurance Plan and Whole
of Life Insurance Plan.
Term Assurance Plan – if you want to
protect your family up to a specific point in your life such as, the
time you would retire.
There are six choices.
- Level Term Assurance provides you with a lump sum on death or
death and critical illness and remains unchanged through the term
of the policy.
- Decreasing Term Assurance provides cover for a decreasing debt
such as a repayment mortgage and offers generally the cheapest form
of life cover, with the initial sum assured decreasing on a fixed
scale until the end of the term it is zero.
- Convertible Term Assurance allows you to covert the plan to a
permanent insurance in the future.
- Family Income Benefit offering an income that is paid monthly,
quarterly or annually from the death of the person whose life is
assured.
- Renewable Term Assurance providing you with the option of renewing
the term assurance for another when the first ends.
- Increasing Term Assurance where the sum assured increases during
the life of the policy with the premiums likely to increase in line
with the sum assured.
Whole of Life Insurance Plan – if you
want protection for all your life.
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Key-person insurancee
Directors and employees with specialist skills or knowledge are key
employees of the companies they work for. To lose one through death
or incapacity can be damaging to the business. That is why taking out
a key-person insurance to protect the company is a wise move.
Key-person insurances can provide several benefits.
These can include:
- Paying the costs of a temporary replacement
- Meeting the costs of recruiting a permanent replacement
- Covering the cost of death or incapacity of a key member of staff.
The full scope of cover will depend on the type of policy purchased,
but companies ignore the risks of losing key staff at their peril. Shareholders,
bank managers, suppliers and customers may not be so laid back...
Share protection through life assurance
Directors' or Partners' share agreements may provide for the remaining
directors to purchase the shares of other shareholding directors when
they die. However, there is a risk that the remaining directors may
not have sufficient funds to hand when a fellow director passes away
unexpectedly.
One way round this is to take out life cover
as a source of funding.
To arrange such cover requires the understanding and agreement of all
concerned. It will also require some careful figure work to determine
how much cover is required. But it will be a comfort to all directors
or partners of a business to know that their own or a colleague's death
will leave the other directors with sufficient support to carry out
the terms of their shareholders' agreement.
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A lump sum if you survive specified illnesses
Critical illness cover will provide you with a lump sum payment if
you survive one of the specified illnesses. It is designed to allow
you to pay off your mortgage and or other loans as well as providing
you with money for convalescence and special health care needs.
Specified illnesses include – Some forms of Heart
Attack, Cancer, Major Organ Transplant, Alzheimer’s Disease, Stroke,
Benign Brain Tumour, Blindness, Coma, deafness, Kidney Failure, Loss
of Limbs, Loss of Speech, Motor Neurone Disease, Multiple Sclerosis,
Paralysis, Parkinson’s Disease, Third Degree Burns, Total and
Permanent Disability, HIV Infection for emergency and health care personnel.
Critical illness cover can be provided either
on its own or by adding it to your life insurance plan.
You should read the key features document from the
insurance company and their guide to critical illness to find out exactly
which diseases are covered. Illnesses covered under each policy will differ as will the types of thoses illnesses; for example, only certain forms of heart attack and cancer will be covered.
How Critical Illness Cover works.
- The plan will normally run for a set number of years, however it
can be set up to cover the whole of your life.
- There will be a maximum age that the plan can be taken out.
- Premiums are normally paid monthly.
- They are available on a joint life or single life basis.
- If the cover is set on a joint basis, the plan will come to an
end when the benefit is paid out on the first life.
- The cover can be level or decreasing.
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Peace of Mind and Personal Care
Should you require medical treatment and don’t wish to sit on
a waiting list, private medical insurance could be the answer. It provides
cover for eligible treatment either as a day-patient or in-patient once
your condition has been diagnosed.
Private medical insurance offers
- peace of mind
- quality advice and quality care
- your choice of hospital maybe also the specialist who will look
after you
- speed of admission
- excellent facilities
- private rooms with private facilities
- no restrictions for visitors.
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