financial protection

Change is the only constant in life’ so it makes sense to protect yourself, your family or your business against the unexpected. 

Personal protection

The business offered me complete peace of mind.

Our aim is to ensure you and your family are fully protected against unexpected events. We combine renowned customer service with detailed expertise in income protection, critical illness cover, whole-of-life insurance and term assurance for mortgages or family protection.

Personal protection insurance is essential if you or your family rely on your income. If you have suffered a serious or critical illness or injury – or you have lost someone close to you who you were financially dependent on – you can understand the heartache, aguish and stress this financial loss can cause. It can lead to losing your income, your home and your lifestyle, and it can contribute towards climbing financial debt.  However, with the right level of life and protection insurance, you may be able to:

  • Pay off your mortgage
  • Maintain yours or your family’s lifestyle
  • Pay for replacement childcare
  • Cover school or university fees
  • Pay for specialist nursing support.

You may already have life and protection insurance in place, but it’s still worthwhile reviewing your current cover levels. Personal circumstances can change and so do the conditions covered within your protection plan.  It is important to ensure your level of cover is appropriate and your protection reflects your needs. If your life insurance cover is not in trust, please contact us right away to discuss the different options available. These include:

  • Life insurance (or life assurance) – helps provide financial security for people who depend on you, should you die. If your life insurance cover is not in trust, please contact us right away to discuss the different options available.
  • Payment protection insurance and short term income protection insurance – provides a monthly income to help cover your regular outgoings if you can’t work due to an accident, illness/injury or – often as an optional extra – unemployment.

    This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against the loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk
     
  • Critical/serious illness cover – pays out a (tax-free) lump sum on the diagnosis of certain life-threatening, debilitating or serious illnesses.  It also covers certain types of surgery and treatments.
  • Income protection insurance – designed to pay you a regular tax-free monthly income if you become unable to work due to illness or injury.

    There are other providers of Payment Protection Insurance (Short-Term Income Protection) and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk
     
  • Private medical insurance or health insurance – ensures that if you need medical treatment in future, you won’t need to worry about NHS waiting lists or paying for the cost of the treatment. It’s designed to get you diagnosed and treated quickly, and offers you a prompt referral to a consultant and admission to a private hospital at a time and place that is convenient for you.
  • Whole of life protection – designed to help families pay the cost of a funeral or for simple inheritance tax planning.
  • Accident protection – guards you and your family from the financial burden caused by an accident.  Unlike other insurances there is no medical underwriting.

business protection

With so many options available we found it reassuring that the PPW team was there to identify the best options for our business.

As a business owner, you will have other considerations than just your personal financial planning. 

Your business may be your main asset or part of your retirement planning.  It is also likely to be providing you, your family and your employees with a source of income. As a business owner you will need to consider the structure of your company and whether your business turnover is sufficiently protected and tax efficient.

It can be challenging to set aside the time to understand the complexities of the market for key person insurance, shareholder protection and relevant life assurance.  However, the cost of not taking the time is staggering. Choosing the right business assurance cover is vital to the ongoing health of your business and its future. We offer a whole suite of business assurance products and will advise you which products are best suited to your business requirements, even helping you identify possible tax savings.

It is important you consider:

  • What happens if one of the key people within the business dies or becomes seriously ill?
  • How will it affect the business, key accounts, turnover, yours and your employees’ income and the families of the deceased?
  • Are your directors/partners loans covered with life assurance?
  • Where do the shares go on the death of a shareholder or a partner?
  • Have you looked at relevant life plans for your directors and staff?
  • Have you maximized your tax reliefs through the business with pension planning?
  • Do you have a workplace pensions?
  • Do you have a Director/Senior management pension scheme?

At PPW we know owning your own business is both a challenging and rewarding, but if you haven’t got the adequate safeguards in place, you could be putting your own, your employees’ and your business' futures in jeopardy. 

Business protection products include:

Key Person Protection Plan – this is life assurance, critical illness,  income protection or a combination of all three, which can provide a cash injection (either as a lump sum or as a flow of income) to the business if a key person dies or suffers a serious illness. This allows the business to continue trading during times of considerable uncertainty and financial pressure.

Relevant Life Cover – high earners and small businesses in particular can benefit from relevant life cover. This ensures a tax efficient way to provide a single employee with death-in-service benefits.  It can be established for employees or directors. Relevant life plans are set up under group scheme rules but, unlike most large employer-sponsored schemes, they are 'non-registered' and consequently the benefits do not form part of an employee's lifetime pension allowance.

Shareholder/Partnership Protection – this provides the funds to execute a legal agreement giving partners or shareholders the right to purchase shares when a partner or shareholder dies. This protection will be arranged differently depending upon whether the business is a limited company with shareholders or a partnership.


Tel: 0151 7271257

Prosperity Private Wealth Limited is registered in England & Wales no 9247359.

Registered Office: 109 Knowles Hill Rolleston On Dove, Burton On Trent, Staffordshire, DE13 9DZ.
The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.


©Prosperity Private Wealth 2016