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Protection Planning

Why is protection important?

Quite often we hear “it could never happen to me” or “I’ll sort it out later”. The old maxim of ‘failing to plan is planning to fail’ is no better suited than to ignoring crucial decisions on protection. 

Life is full of unexpected turns and for many people, ensuring that loved ones are taken care of at difficult times can offer crucial lifelines when the worst happens. The last thing anyone wants to worry about during life-changing times are paying the mortgage or covering the cost of living. 

Similar issues should be considered for those who run their own business. The death or critical illness of key persons or partners can have a severe impact on the financial stability of companies. Protection can offer vital financial support in times of uncertainty. 

How can we help you?

There are many types of protection policies to choose from and finding the one that provides adequate cover and the right protection is not as easy as many people may think. As the quality of both life and critical illness cover can vary significantly between different providers, we can help you find the plan that best meets your requirements.

At Acornmain, we review the whole of the market to find the best plan to meet your circumstances. We consider all your personal and financial requirements to make sure the cover provided is suitable to protect those dearest to you should you die or become critically injured.

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Different types of protection

Please note most types of protection can be on an individual or group basis if the scheme is employer sponsored.  

Critical Illness Cover
A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan.

This type of plan is designed for those individuals or families whom want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
Whole of Life
As the name implies, this type of life assurance pays out when you die, whenever that may be. It is usually, but not always, a more expensive option than term assurance simply because the life assurance company knows that it will definitely pay out at some point. 

Many of these plans offer some form of investment content and so can be more flexible than term assurance and can acquire cash in values.

This type of plan is designed for those who want to leave a lump sum in the event of their death, whenever it may occur. It can be used to pay off debts that will not be repaid during your lifetime.
Private Medical Insurance

This type of insurance gives you the reassurance of knowing that, should the need arise, you and your family will get prompt access to private medical treatment. With NHS hospital waiting lists get longer, most people would prefer to be able to jump to the front of the queue, not join the back of it. 

Most Private Medical Insurance policies will give you access to: 

  • Dedicated Nurse Service that provides one-to-one telephone-based clinical support and advice for cancer patients and their families.
  • Telephone based health information lines, usually available 24 hours a day.
  • A range of covers allowing you to choose what is best for you and your family.
  • Private medical treatment at a time that suits you and your family.
  • Hospitals of your choice.
Key Person Protection
Your employees are one of the most important resources for the future success of your business. Have you given thought to how your company would cope if a key member of staff were to die, be diagnosed with or suffer a critical illness? 

The death or critical illness of a key person is likely to have a significant impact on your business. You could suffer a loss of profits, be unable to quickly recruit a suitable replacement and face significant disruption to your own business activities. However, you can help protect the future survival of your business with Key Person Protection, which can help you financially cope with the loss of a key person.
Partnership Protection
It is likely that the death of a partner or shareholding director would have a huge impact on the future of your business. The surviving partners or directors may struggle to continue the business or even to retain control of it. In the worst-case scenario, the financial strain may force the business to cease trading. 

Similar problems could occur if a partner or shareholding director were to suffer from or be diagnosed with a critical illness. Your share in the business is likely to be one of your most valuable assets and you will no doubt wish to protect it for the benefit of your family. 

Business protection can provide funds on the death of a partner or shareholding director. A legal agreement ensures that these funds are used to purchase the deceased’s share of the business from their estate. It is also possible for a similar payment to be made if one of the partners or shareholding directors suffers from or is diagnosed with a critical illness. 

Please note most life assurance plans never have a cash-in value. You should regularly review your cover to make sure it still meets your needs.
Permanent Health Insurance
This is designed to provide a level of income if you are incapacitated and unable to work either due to an accident or illness. 

This type of cover is extremely valuable if you are requirement is to maintain a regular level of income until retirement age.
Group Protection

We offer all types of protection products for sponsoring employers including Group Life, Critical Illness, Income Protection and Private Medical Insurance. 

Group Life 

These products can cover any number of employees from 1 to over 1,000 and are provided at competitive rates. This provides you, as the employer, with peace of mind that should an employee die, their beneficiaries would receive a multiple of their salary as a lump sum. 

Additional considerations:

  • Plans containing a minimum of five employees can benefit from a unit rate and medical free cover.
  • Single plans called ‘Relevant Life contracts’ provide an employee/director with a cost-effective plan that may mean premiums paid are not classed as benefits in kind for tax purposes.

Group Critical Illness 

This provides cover to employees with a lump sum should their diagnosis be critical/terminal. This allows the employee to have the time and funds to settle their financial affairs.

Group Income Protection

Employees covered by Group Income Protection are provided with a level of regular income should they be incapacitated and unable to work, either by illness or accident for a period of time to meet their regular outgoings. The income provided can be sufficient to meet those needs but in all cases is set at a lower level than the individual’s annual income, thus providing an incentive to return to work.

Group Private Medical Insurance 

Should employees require medical help either by attending a consultation with a medical professional or indeed attending hospital for an operation, Group Private Medical Insurance would cover this allowing an employee to undergo the medical procedure and return to work at the earliest opportunity.

All of the aforementioned group plans help with the retention of staff and can improve employer/employee relations.

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We're here to help

For all your protection planning needs, speak to one of the Acornmain team today.
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