Case Study 2 Protection Planner

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Case Study 2 Protection Planner"

Transcription

1 Case Study 2 Protection Planner Objectives Anthony and Alan are keen to implement some form of succession planning for their business because neither of them have children nor any obvious management successors. They would like continuity to ensure a long- term future for their business in the event of illness or death. They would also like to ensure that their wives are adequately covered with a minimum of 2m being paid to each of them. Assumptions Antony and Alan wish to retire at age 65 Assumed dates of birth for Antony: 10/02/1966 Alan: 27/05/1966 It is normal practice that lenders insist on a decreasing term assurance policy at the point a mortgage is set up. I ve assumed cover relating to their substantial mortgages is in place because the outstanding mortgage is unknown and they do not want personal advice at this stage. 1) Options available to insure their lives in the event of illness or death There are numerous types of insurance policies available in the UK market and it is important to assess your circumstances, requirements and needs to identify the type (or in many cases types) of polices suitable for your circumstances. I ve set out below the types of polices, I recommend you both consider: i) Shareholder Protection allows the remaining shareholding director to remain in control of the business following the death of a fellow business owner. In the event of a business owner dying or being diagnosed with a terminal illness within the term of the policy shareholder protection can provide a lump sum to the remaining business owner which could be used to help purchase the deceased shareholding director s interest in the business. If a business owner dies with no share protection in place their share in the business may be passed to their family. This means that the surviving business owners could lose control of a proportion. The family may choose to become involved in the ongoing running of the business or could even sell their share to a competitor. A share protection policy if correctly implemented can help avoid these issues. ii) Keyperson Cover (key man or key person insurance) is a business insuring itself against the financial loss it would suffer if a key person in their business died or were diagnosed with a specified critical illness, throughout the duration of the policy. The loss of a key person in your business could have a severe impact. The business could suffer badly, with sales and profits falling and increased workloads for the remaining staff. Key Person Protection is designed to

2 pay out a lump sum on the death of the insured key person, during the length of the policy. The proceeds can be used to help find, hire and train a senior executive and cover a potential loss of profit in the short term. iii) Relevant Life policy is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is designed to pay a lump sum if the employee dies whilst employed during the policy term. A Relevant Life Plan is paid for by the employer and can be claimed as a business expense but the benefit would pass to the employee s beneficiaries. This cover could be used over and above the shareholder protection policy to ensure both directors have sufficient cover in place to achieve their target minimum payout to their wives of 2m. iv) Income Protection (IP) will pay out a regular income in the event of you being unable to work due to injury or illness. IP usually pays out until retirement, death or your return to work, although short- term IP policies are now available at a lower cost. IP doesn t usually pay out if you're made redundant, but will often provide 'back to work' help if you're off sick. Income protection payouts are usually based on a percentage of your earnings: 50% to 70% is the norm. Payments are tax- free. IP policies only pay out once a pre- agreed period has elapsed, generally ranging from one to 12 months after you submit a claim. The longer the 'deferral' period you choose, the lower your premiums. Given the low level of state benefits available, everyone of working age should consider IP. This type of cover is more personal protection and protects your monthly income, although this is personal cover (and I appreciate Antony and Alan do not require personal advice) it is worth considering as this would take the financial pressure off the company and the remaining director

3 2) Suitability of existing arrangements and how they meet business objectives An extremely important point to clarify for Antony and Alan is that shares will not automatically be transferred to the remaining director to keep or distribute to suitable employees as seen fit. They mentioned they would like to ensure their wives are adequately compensated for selling on the company shares following the director s death. Antony and Alan should ensure they have a shareholders agreement in place. The purpose of a shareholders agreement is to make sure that shareholders are treated fairly and that their rights are protected. It should describe how the company should be operated and the shareholders' rights and obligations. It also includes information on the regulation of the shareholders' relationship, the management of the company, ownership of shares and privileges, protection of shareholders and what action is required on the death of a shareholder. It would be advisable to seek legal advice to ensure all the appropriate permutations are covered and mutually agreeable. The only existing life cover the directors have mentioned is the company s death in service scheme. Each director should therefore have life cover of 3 x (salary 100,000) = 300,000 payable on death. It may be worthwhile contacting the provider of the death in service scheme as sometimes it s possible for directors to have a higher level of cover i.e. 5 x salary. Group death in service schemes are a very cost effective way of providing life cover therefore it could be beneficial for the directors to investigate this course of action. (For the purposes of the report I am assuming it s not possible to alter the scheme). However even at 5 x salary it still falls short of their 2m target. Both directors have SIPPs - Antony (current value 880,000) and Alan (current value 600,000). In the event of their early demise prior to age 75 the full fund value would pass to their wife free of tax. It s essential to ensure however that they have completed an up to date nomination of beneficiary form for their SIPPs. From the details provided there is currently no cover in place for Antony or Alan in the event of a short term or long term illness.

4 3) Meet Objectives We use an online research tool system which covers the whole of the protection market, the providers I ve selected below, offer the most competitive premiums for the type of cover you require. Please note the costs outlined are based on acceptance at standard/normal rates. However, due to Alan s recent illness this many result in his monthly premium being rated or the insurance company specifying certain exclusions. We will only know details of any ratings/exclusions once the application has been submitted to the provider and underwriting is complete. Please see my recommendations below: i) Shareholder Protection (Business) The business was recently valued at 3m split 65:35. I recommend Antony and Alan set up a shareholder protection policy with a sum assured corresponding to their shareholding split. For this level term assurance policy, the monthly premiums are guaranteed and would be paid by the company Owner Life Assured Type of Plan Sum Assured Term Alan Antony Shareholder protection (Term assurance) Antony Alan 1,950,000 (Antony s 65% shareholding) 1,050,000 (Alan s 35% shareholding) To age 65 Monthly Premium & Provider (Aviva) (Aviva) It should be written into their shareholding agreement that the sum assured is paid to the surviving director who in turn will pay the deceased s widow in exchange for his shareholding. A cross option agreement should also be completed by each director. This type of agreement normally creates a 'call' option for the surviving owners to buy a deceased owner's shareholding, in the event of death. It also creates a 'put' option for the personal representatives of each owner to sell their share to the surviving owner/s. It is possible to add indexation to the sums assured outlined above however a discussion with Antony and Alan is required to gauge their thoughts on the valuation of the business over the next years. For the purposes of my recommendation I will assume they do not want to include indexation to this policy. ii) Keyman Cover (Business) Anthony and Alan mentioned that there are a couple of potential employees who could be trained to take over some of the management functions. The directors should consider implementing a training program to free- up some of the key tasks carried out by them so that in the event of something happening to one of the directors, the other director is not picking up all the strain. Alongside this training program I recommend the business sets up Keyman cover for each director. Owner Type of Plan Sum Assured Term Monthly Premium & Provider DG Ltd Keyman cover (Term Assurance Life & Critical Illness first event) 300,000 To age (Bright Grey) The rationale behind the sum assured is that it would allow the business to cover a replacement executive for three years which should be long enough to train a replacement.

5 iii) Relevant Life policy (Business) The directors have targeted a minimum amount of 2 million to be payable to each of their wives in the event of their death. Given the uneven split of shareholding and thus the sum assured for the shareholder protection, I am recommending a relevant life policy for Alan as there is a shortfall on the targeted amount. I therefore recommend he considers a relevant life policy term assurance policy with a sum assured of 650,000 written to age 65. The monthly premium paid by the business would be via Scottish Provident. This can be claimed as a business expense. Although the monthly premium is paid by the business, the sum assured would be payable to Alan s nominated beneficiary i.e. his wife. iv) Income Protection (Personal) In order to take some pressure off the company for continuing to pay a salary to Antony and Alan, in the event of them being unable to work, they may wish to consider insuring themselves personally for income protection. I recommend the policy is written to age 65, with a 3 month deferred period, the maximum benefit payable to Anthony and Alan personally, based on their salary of 100,000, would be 54,996 pa tax free. The monthly premiums is 180 offered by LV. Summary of Recommended Cover A summary of the sums assured payable in the event of each scenarios: Scenario 1) Diagnosis of a Critical Illness Anthony Alan Business Personal Type of Cover Business Personal Shareholder Protection 300,000 Keyman Cover (1st event) 300,000 Relevant Life Policy Death in Service Income Protection 300,000 54,996 pa TOTALS 300,000 54,996 pa Scenario 2) Death Anthony Business Personal Type of Cover Business Personal Paid to 1,950,000 Anthony s wife Shareholder Protection 1,050,000 Paid to Alan s wife 300,000 Keyman Cover (1st event) 500,000 Relevant Life Policy Alan 650, ,000 Death in Service 300,000 Income Protection 300,000 2,250,000 TOTALS 300,000 2,000,000

6 The types of policies and sums assured are recommendations to be discussed further, we can adjust the level of cover to suit and we can discuss this further at our next meeting. With these recommendations I ve managed to achieve the following objectives: Company shares could pass to a surviving director with a corresponding payment passing to the deceased s wife/beneficiary A minimum of 2m will be inherited by the survivor s wife in the event of death A lump sum will be paid to the company from the key man policy, in the event of long- term illness. At the same time, a regular income will be paid to the individual director from the income protection plan. It is essential to assess the affordability of any new proposed protection plans. I ve therefore looked at affordability at business and personal level. Type of Plan Antony: Monthly Cost Alan: Monthly Cost i) Shareholder Protection ii) Keyman Cover iii)relevant Life policy iv) Income Protection (LV) Business Cost (pa) 5, , Personal Cost (pa) 2,160 2,160 Business affordability The additional cost for DG Ltd would be 10, (for both Antony and Alan s policies). There is likely to be a one- off solicitor s fee for the Shareholders Agreement. The company s turnover has been between 2.5m- 2.3m over the last three years with stable costs of 2.1m. There is therefore scope for the business absorbing the extra ongoing costs of 10,951.92pa for the different types of cover recommended. As well as earning reasonable profits on an annual basis the Company has significant cash reserves of 1m. Personal Affordability Although both directors each draw a salary of 100,000 pa from the company, each director has a different level of personal expenditure so I have looked at each director individually. 100,000 gross equates to 65,326 in net take home pay ( 29,403 paid in tax and 5,271 in national insurance) Antony confirmed his annual expenditure is modest at 45,000 including mortgage repayments. Therefore his disposable income is 65,326-45,000 = 20,326 The proposed additional annual expenditure for Antony is 2,160 for the income protection policy, therefore I believe this will be affordable for Anthony. Alan confirmed his annual expenditure is 65,000 therefore he only has disposable income of 65,326-65,000 = 326. The additional annual expenditure for Alan is also 2,160. It would appear that this is not currently affordable by Alan. I require a further discussion regarding Alan s thoughts on this type of cover, his current level of expenditure and perhaps discuss areas where he could make some savings eg:

7 There is a budget income protection plan which would pay out the same level of benefit 54,996 but only for a 2 year period rather that until age 65. The monthly cost is (or pa) Scope for reducing personal pension contributions ( 20,000 pa gross) I appreciate Alan has substantial mortgage repayments, however are there other areas where Alan can cut back on his expenditure due to the importance of the proposed plan? The Next Step Should Antony and Alan wish to proceed we can complete the relevant paperwork at our next meeting. Should you have any questions please do not hesitate to contact me. Topics for next review meeting: Discuss Antony & Alan s thoughts on retirement and the ultimate disposal of the business at retirement. Will they train successors or sell the business as a going concern? Although Antony and Alan do not require personal financial advice at this point, their mortgage repayment strategy should be discussed WORDS: 2,498

COCKBURN LUCAS INDEPENDENT FINANCIAL CONSULTING. A Guide to. Business Protection. Protecting the key people who are driving your business forward

COCKBURN LUCAS INDEPENDENT FINANCIAL CONSULTING. A Guide to. Business Protection. Protecting the key people who are driving your business forward COCKBURN LUCAS INDEPENDENT FINANCIAL CONSULTING A Guide to Business Protection Protecting the key people who are driving your business forward A Guide to Business Protection Protecting the key people who

More information

KEY GUIDE. Financial protection for you and your family

KEY GUIDE. Financial protection for you and your family KEY GUIDE Financial protection for you and your family Protecting what matters most Life and health insurance protection underpins most good financial planning. These types of insurance can ensure that

More information

Protecting Business People & Their Families. Presented By: Marie Murphy BBS, AITI, QFA FLIA

Protecting Business People & Their Families. Presented By: Marie Murphy BBS, AITI, QFA FLIA Protecting Business People & Their Families Presented By: Marie Murphy BBS, AITI, QFA FLIA Protection is a simple concept where significant money can be made available in the event of death or critical

More information

A Guide to Business Protection

A Guide to Business Protection A Guide to Business Protection Business protection is simply life assurance - and in some cases critical illness cover - written on the life of key people, partners or shareholders. This protects the business

More information

Business insurance and succession planning

Business insurance and succession planning Business insurance and succession planning BUSINESS INSURANCE AND SUCCESSION PLANNING Owning a business can be a very rewarding experience. But what happens if a business owner dies or falls seriously

More information

Life and protection insurance explained

Life and protection insurance explained protection? Life and protection explained A guide to personal and family protection This guide explains the types of life and protection available and how they can offer you valuable peace of mind. If

More information

Understanding Business Insurance

Understanding Business Insurance Level 7,34 Charles St Parramatta Parramatt NSW 2150 PO Box 103 Parramatta NSW 2124 Phone: 02 9687 1966 Fax: 02 9635 3564 Web: www.carnegie.com.au Guide Build Protect Manage Wealth Understanding Business

More information

Financials. Articles and agreements. Professional advisers

Financials. Articles and agreements. Professional advisers Financials Financials for the last 3 years Year Year Year Turnover Gross profit Net profit before tax Profit after tax Dividend No. of employees Value of the business Who calculated value? Year end date

More information

The business case for business protection

The business case for business protection For adviser use only. Not approved for use with customers. Business Life Insurance Options The business case for business protection Retirement Investments Insurance Health Retirement Investments Insurance

More information

KEY FEATURES OF THE MORTGAGE REVIEW PLAN. Important information you need to read

KEY FEATURES OF THE MORTGAGE REVIEW PLAN. Important information you need to read KEY FEATURES OF THE MORTGAGE REVIEW PLAN Important information you need to read THE FINANCIAL CONDUCT AUTHORITY IS A FINANCIAL SERVICES REGULATOR. IT REQUIRES US, SCOTTISH WIDOWS, TO GIVE YOU THIS IMPORTANT

More information

Corporate Financial Planning Review

Corporate Financial Planning Review Corporate Financial Planning Review General Business Information Business name Address Contact name Contact position Telephone Facsimile E-mail Web-site Business structure Public ltd co / private ltd co

More information

Understanding business insurance

Understanding business insurance Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

SHARE PROTECTION TECHNICAL GUIDE YOUR GUIDE TO SHARE PROTECTION.

SHARE PROTECTION TECHNICAL GUIDE YOUR GUIDE TO SHARE PROTECTION. SHARE PROTECTION TECHNICAL GUIDE YOUR GUIDE TO SHARE PROTECTION. CONTENTS INTRODUCTION YOUR GUIDE TO SHARE PROTECTION HOW THE AGREEMENT OPERATES WHAT ARE THE main TAXATION EFFECTS ON THE ARRANGEMENT? OTHER

More information

Business succession planning

Business succession planning KEY GUIDE Business succession planning When disaster strikes What happens to a business if its owner or co-owner dies or falls seriously ill? Much will depend on the type of business sole trader, partnership

More information

Understanding Business Insurance

Understanding Business Insurance Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to business insurance.

More information

Shareholder Protection An Advisor Guide

Shareholder Protection An Advisor Guide For Financial Advisors use only Shareholder Protection An Advisor Guide Life Advisory Services This document provides an outline of the taxation issues to be considered when you are putting together a

More information

Mortgage Life Insurance

Mortgage Life Insurance Mortgage Life Insurance Moving with your mortgage In association with Welcome to Norwich Union YOUR MOVE s relationship with Norwich Union means we re able to offer you all the protection you need when

More information

For expert advice call 01494 451441

For expert advice call 01494 451441 Protection Planning Life and Protection Insurance The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased. With this in

More information

AIG Life. Business Protection Customer guide

AIG Life. Business Protection Customer guide AIG Life Business Protection Customer guide Introduction You may have already taken steps to protect your business against major catastrophes and put together a business continuity plan to ensure its future

More information

Your options at retirement

Your options at retirement UPDATED: 6 April 2015 NEW pension freedoms Your options at retirement How to take tax-free lump sums and income, under new pension freedoms One College Square South, Anchor Road, Bristol, BS1 5HL www.hl.co.uk

More information

Relevant Life Insurance

Relevant Life Insurance For adviser use only. Not approved for use with customers. Relevant Life Insurance Introducing Relevant Life Insurance Retirement Investments Insurance Health Introducing Relevant Life Insurance We ve

More information

LIFE AND PROTECTION INSURANCE EXPLAINED

LIFE AND PROTECTION INSURANCE EXPLAINED LIFE AND PROTECTION INSURANCE EXPLAINED INTRODUCTION Most of us would like to think that when our lives come to an end, we ll be old, our loved ones will be financially secure and our financial responsibilities

More information

A brief guide to Trusts and our Trustbuilder tool

A brief guide to Trusts and our Trustbuilder tool guide to guide to trusts trusts A brief guide to Trusts and our Trustbuilder tool A Brief guide to Trusts and our Trustbuilder tool Introduction This brief guide explains some of the main features and

More information

A PLAN FOR EVERY BUSINESS.

A PLAN FOR EVERY BUSINESS. BUSINESS PROTECTION GUIDE TO THE RIGHT SOLUTION A PLAN FOR EVERY BUSINESS. With 99.9% of the UK s businesses being SMEs and more than half of these having no protection in place, there s an opportunity

More information

Life and Protection Insurance explained

Life and Protection Insurance explained OPW 01 (03/11) Demographik Life and Protection Insurance explained Openwork Limited is authorised and regulated by the Financial Services Authority. Registered in England 4399725. Registered office: Tri

More information

Your guide to protecting yourself and your loved ones with Aviva

Your guide to protecting yourself and your loved ones with Aviva Your guide to protecting yourself and your loved ones with Aviva Protect what matters most What s the most precious thing in the world to you? There s really only one answer to that the people who are

More information

Reverse Mortgage. That s what we re here for. Financial freedom to do the things you ve always wanted. Here for good.

Reverse Mortgage. That s what we re here for. Financial freedom to do the things you ve always wanted. Here for good. Reverse Mortgage Financial freedom to do the things you ve always wanted That s what we re here for. Here for good. Contents 2 The freedom of a Reverse Mortgage 3 Product overview 4 About Reverse Mortgages

More information

KEY GUIDE Financial protection for you and your family

KEY GUIDE Financial protection for you and your family Kelvin Financial Planning Ltd KEY GUIDE Financial protection for you and your family Introduction Most of us believe that taking out life and other forms of protection insurance is a good thing to do.

More information

Business Protection from Friends Life

Business Protection from Friends Life For customer use Friends Life Individual Protection Business Protection from Friends Life Who cares about protecting the value of your business? We care. Value your business You are likely to have taken

More information

Intermediary guide to trusts

Intermediary guide to trusts Intermediary guide to trusts Important: The information in this guide is based on our understanding of current United Kingdom law and HM Revenue & Customs practice, which is subject to change. We cannot

More information

A Guide to Releasing Capital from your Home

A Guide to Releasing Capital from your Home Advice for older people A Guide to Releasing Capital from your Home Advice provided by Advice for older people FirstStop Advice brings together the expertise of some of the most trusted and respected organisations

More information

Guide to trusts and being a trustee

Guide to trusts and being a trustee Contents P3 P4 P5 Fast facts Could you use a trust? What are the benefits? P10 What trusts do we offer? P10 The split trust P10 The gift trust P10 The probate trust P10 Trusts for joint life policies P11

More information

BUSINESS CASE STUDIES

BUSINESS CASE STUDIES BUSINESS CASE STUDIES Below you will find 2 Case Studies of 2 very different organisations. An small Advertising Firm; & a well established Construction Equipment Hire Business. Most business owners have

More information

RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE.

RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN RELEVANT LIFE PLAN TECHNICAL GUIDE. RELEVANT TECHNICAL LIFE GUIDE PLAN TO THE RELEVANT LIFE PLAN 1 RELEVANT LIFE PLAN TECHNICAL GUIDE. 2 TECHNICAL GUIDE TO THE RELEVANT LIFE PLAN ABOUT THIS GUIDE This guide has been designed for financial

More information

Contents 1 The purpose of a trust 2 The key people involved in a trust 3 Choosing which trust form to use 5 Deciding how to set up the trust 8 Your

Contents 1 The purpose of a trust 2 The key people involved in a trust 3 Choosing which trust form to use 5 Deciding how to set up the trust 8 Your Our guide to trusts Contents 1 The purpose of a trust 2 The key people involved in a trust 3 Choosing which trust form to use 5 Deciding how to set up the trust 8 Your questions answered 13 Appendix 1

More information

A Guide to Life Insurance Cover Creating your success through Financial Planning

A Guide to Life Insurance Cover Creating your success through Financial Planning & Guidance A Guide to Life Insurance Cover A Guide to Life Insurance Cover Financial Broker Contents How can I protect my family financially if I die? 02 What is life insurance? 03 What is a Financial

More information

A Guide to Life Insurance Cover Creating your success through Financial Planning

A Guide to Life Insurance Cover Creating your success through Financial Planning & Guidance A Guide to Life Insurance Cover Contents How can I protect my family financially if I die? 02 What is life insurance? 03 What is a Financial Broker? 06 Why would I need to use a Financial Broker?

More information

Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid.

Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid. Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid. WHAT IS INSURANCE? It s simply the transference of a risk from yourself to the Insurer. By paying the

More information

BUSINESS PROTECTION FROM VITALITYLIFE VITALITY.CO.UK/LIFE

BUSINESS PROTECTION FROM VITALITYLIFE VITALITY.CO.UK/LIFE BUSINESS PROTECTION FROM VITALITYLIFE VITALITY.CO.UK/LIFE SAFEGUARD THE FUTURE OF YOUR BUSINESS OUR BUSINESS PROTECTION PLAN CAN PROTECT YOUR BUSINESS IN THREE WAYS At VitalityLife we believe that business

More information

Types of life insurance Buying life insurance How cancer can affect buying life insurance Getting money early from life insurance

Types of life insurance Buying life insurance How cancer can affect buying life insurance Getting money early from life insurance This information is an extract from the booklet Insurance, which is part of the financial guidance series. You may find the full booklet helpful. We can send you a free copy see page 6. Contents Types

More information

KEEPING YOU ON COURSE. Business Protection. corporate co-director insurance

KEEPING YOU ON COURSE. Business Protection. corporate co-director insurance KEEPING YOU ON COURSE Business Protection corporate co-director insurance You can remain in control even when the unexpected strikes. Introduction On death the shares of a deceased director form part of

More information

A Financial Planning Technical Guide

A Financial Planning Technical Guide Insurance and Estate Planning A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents Introduction 1 General insurance 1 Private health insurance

More information

Low-cost Initiative for First-Time Buyers. New Supply Shared Equity. Helping you to become a home owner

Low-cost Initiative for First-Time Buyers. New Supply Shared Equity. Helping you to become a home owner Low-cost Initiative for First-Time Buyers New Supply Shared Equity Helping you to become a home owner Low-cost Initiative for First-Time Buyers New Supply Shared Equity New Supply Shared Equity The Scottish

More information

RELEVANT LIFE PLAN PUT LIFE COVER ON EXPENSES.

RELEVANT LIFE PLAN PUT LIFE COVER ON EXPENSES. PUT LIFE COVER ON EXPENSES. Our Relevant Life Plan is a cost efficient way of offering life cover to you or your employees. It s tax efficient and, in most cases, premiums can be treated as an allowable

More information

MORTGAGE FACTSHEET -1-

MORTGAGE FACTSHEET -1- MORTGAGE FACTSHEET Choosing and obtaining a mortgage is not a simple task these days - whether you are a first time buyer, moving home, or remortgaging as you reach the end of your current incentive. This

More information

Financial protection for you and your family

Financial protection for you and your family Financial protection for you and your family Introduction Most of us believe life and other forms of protection insurance is a good thing. Protecting your family should underpin financial planning and

More information

Selling business protection

Selling business protection Selling business protection A guide for advisers Running your own business can be all-consuming, leaving little time for anything else. So it s no surprise that many business owners haven t found the time

More information

your share incentive plan

your share incentive plan your share incentive plan 1 Contents What is Match?... 4 Match... 4 How do I get shares under Match?... 5 Shares you buy: Partnership Shares... 5 Shares given to you by Matchtech Group: Match Shares...

More information

Your Mortgage Guide. The Exchange. Property Services Mortgage Services Letting & Management Services Conveyancing Services

Your Mortgage Guide. The Exchange. Property Services Mortgage Services Letting & Management Services Conveyancing Services The Exchange Property Services Mortgage Services Letting & Management Services Conveyancing Services Your Mortgage Guide Contents: Introduction... 3 The Financial Services Authority (FCA)... 3 What is

More information

WHAT IS EQUITY RELEASE? WHY CONSIDER EQUITY RELEASE?

WHAT IS EQUITY RELEASE? WHY CONSIDER EQUITY RELEASE? WHAT IS EQUITY RELEASE? Equity Release can free some of the capital tied up in your home, while you continue to live there. This money can be in the form of a tax-free lump sum, a regular income or a combination

More information

Have you protected the most valuable things in your home? Protecting yourself as well as your home

Have you protected the most valuable things in your home? Protecting yourself as well as your home Have you protected the most valuable things in your home? Protecting yourself as well as your home What s inside 2 A product to suit your life today, and in the future 4 Income Cover for Sickness 6 Critical

More information

New Supply Shared Equity Scheme Information Brochure

New Supply Shared Equity Scheme Information Brochure New Supply Shared Equity Scheme Information Brochure New Supply Shared Equity The Scottish Government is committed to helping people on low to moderate incomes to become home owners where ownership is

More information

For financial adviser use only. Relevant Life Cover. Adviser guide

For financial adviser use only. Relevant Life Cover. Adviser guide For financial adviser use only Relevant Life Cover Adviser guide What is Relevant Life Cover? This is a tax-efficient life insurance policy allowing businesses to offer death-in-service benefits for their

More information

Your Policy Conditions

Your Policy Conditions Provided by Friends Life Life Insurance Your Policy Conditions Key features of Tesco Bank Life Insurance Inside you ll find full details about Tesco Life Insurance. Key features of Tesco Bank Life Insurance

More information

Your mortgage with us. Helping you feel at home

Your mortgage with us. Helping you feel at home Your mortgage with us Helping you feel at home Your mortgage now and in the future Your mortgage shouldn t be complicated you apply for a loan and we lend what we think you can afford. Simple. It s a valuable

More information

Your Policy Conditions

Your Policy Conditions Provided by Friends Life Life Insurance Your Policy Conditions Key features of Tesco Bank Life Insurance Inside you ll find full details about Tesco Life Insurance. Key features of Tesco Bank Life Insurance

More information

WARWICK BUTCHART ASSOCIATES Independent Financial Advisers FINANCIAL PLANNING QUESTIONNAIRE

WARWICK BUTCHART ASSOCIATES Independent Financial Advisers FINANCIAL PLANNING QUESTIONNAIRE WARWICK BUTCHART ASSOCIATES Independent Financial Advisers FINANCIAL PLANNING QUESTIONNAIRE Our role as Independent Financial Advisers can best be described as: To establish To explore To agree To report

More information

Financial planning guide For teachers who are approaching retirement

Financial planning guide For teachers who are approaching retirement Financial planning guide For teachers who are approaching retirement Financial planning guide 1 2 Contents Think ahead 4 When did you join? 5 Different rules, at different times 6 What kind of member are

More information

Fill this white space with an image.

Fill this white space with an image. Business Protection Safeguarding your clients futures Mark Reilly Aviva Life & Pensions Fill this white space with an image. Introduction Presenting the case for Keyperson, Co-Director s and Partnership

More information

Recommended for review. Understanding Business Insurance. Understanding Investment Concepts

Recommended for review. Understanding Business Insurance. Understanding Investment Concepts Recommended for review o Understanding Business Insurance Understanding Investment Concepts Page 1 Understanding Business Insurance Version 1.0 Preparation Date: 1 st July 2009 This document has been published

More information

Welcome to. OneFamily

Welcome to. OneFamily OneFamily Lifetime Mortgages 1 Welcome to OneFamily Welcome to our OneFamily Lifetime Mortgages. This brochure acts as an easyto-digest introduction to lifetime mortgages and provides you with a summary

More information

PLANNING THE RETIREMENT YOU WANT

PLANNING THE RETIREMENT YOU WANT PLANNING THE RETIREMENT YOU WANT Charlotte Supply Chain Graduate HEINEKEN UK Flexible Retirement Plan Contents A reminder of... How the Flexible Retirement Plan works 4 The benefits 6 Consider what you

More information

Life and protection insurance explained!

Life and protection insurance explained! Life and protection insurance explained! Introduction Some things are certain in life, like the fact that one day, we ll die. Most of us would like to think that when that day comes we ll be old, our loved

More information

What is Life Cover? Ensure the financial survival of your business, in the event of the death of a key employee or director.

What is Life Cover? Ensure the financial survival of your business, in the event of the death of a key employee or director. What is Life Cover? Life cover pays out a lump sum of money if the individual insured dies within a certain time period i.e. during the term of the policy. It is a lump sum and it can be used for a number

More information

Insurance Solutions for life

Insurance Solutions for life For Financial Brokers use only. This is not a client document. Insurance Solutions for life 1. Our life insurance products at a glance 1 Page 2. Life insurance product details Term Life Insurance 2 Mortgage

More information

Understanding trusts. Your easy to follow guide

Understanding trusts. Your easy to follow guide Understanding trusts Your easy to follow guide Understanding trusts: Your easy to follow guide Important note The information in this guide is based on our understanding of current legislation and HM Revenue

More information

A Guide to Income Protection (Permanent Health Insurance)

A Guide to Income Protection (Permanent Health Insurance) A Guide to Income Protection (Permanent Health Insurance) This guide about Income Protection (Permanent Health Insurance) Insurance is designed to help you decide if this is a suitable product for you.

More information

HOME BUYING PLANNER MOVING MADE SIMPLE.

HOME BUYING PLANNER MOVING MADE SIMPLE. HOME BUYING PLANNER MOVING MADE SIMPLE. Since the 1980s, we ve been helping people to move home so we understand that the process can be expensive and stressful. With sensible expert financial advice and

More information

BUSINESS PROTECTION ASSURANCE KEY FEATURES

BUSINESS PROTECTION ASSURANCE KEY FEATURES seeing retirement differently seeing retirement differently BUSINESS PROTECTION ASSURANCE CELEBRATING CELEBRATING YEARS sin ce 1 9 9 5 YEARS sin ce 1 9 9 5 The Financial Conduct Authority is a financial

More information

Equity Release Guide. www.seniorissues.co.uk

Equity Release Guide. www.seniorissues.co.uk Equity Release Guide www.seniorissues.co.uk For more information or to speak to one of our trained advisers please telephone our Senior Issues Team on 0845 855 4411 The Caesar & Howie Group 7/3/2008 EQUITY

More information

Side-by-Side Business Insurance Plan Comparisons

Side-by-Side Business Insurance Plan Comparisons Side-by-Side Insurance Plan Comparisons Small Strategies & Solutions Protect and grow your business with proper planning The success of your business is based on your hard work and the efforts of key employees.

More information

Your retirement could have even more going for it

Your retirement could have even more going for it Your retirement could have even more going for it A straightforward guide to equity release For no obligation advice: call 0800 015 0993 www.justretirementsolutions.com Contents Imagine what you could

More information

Insurance and estate planning. A Financial Planning Technical Guide

Insurance and estate planning. A Financial Planning Technical Guide Insurance and estate planning A Financial Planning Technical Guide 2 Insurance and estate planning Introduction 4 General insurance 4 Private health insurance 4 Personal insurance 5 Business insurance

More information

Are you in danger of losing your home?

Are you in danger of losing your home? Are you in danger of losing your home? Help is at hand. Mortgage to Rent scheme Mortgage to Shared Equity scheme The Scottish Government Home Owners Support Fund What are the Mortgage to Rent and Mortgage

More information

KEY GUIDE. Financial protection for you and your family

KEY GUIDE. Financial protection for you and your family KEY GUIDE Financial protection for you and your family Introduction Most of us believe that taking out life and other forms of protection insurance is a good thing to do. Protecting your family should

More information

Equity Release. A guide to our Lifetime Mortgage products

Equity Release. A guide to our Lifetime Mortgage products Equity Release A guide to our Lifetime Mortgage products Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a well-established company that can trace its roots back

More information

Business Assurance. Business Assurance. Protecting your business and lifestyle

Business Assurance. Business Assurance. Protecting your business and lifestyle Business Assurance Business Assurance Protecting your business and lifestyle Our business covers at a glance Cover What is it? Why do you need it? Life Cover Trauma Cover (accelerated) Complete Disablement

More information

Business succession planning

Business succession planning PEMBROKE FINANCIAL SERVICES KEY GUIDE Business succession planning When disaster strikes What happens to a business if its owner or co-owner dies or falls seriously ill? Much will depend on the type of

More information

COMPANY SHARE BUY BACK GUIDE COMPANY SHARE BUY BACK GUIDE.

COMPANY SHARE BUY BACK GUIDE COMPANY SHARE BUY BACK GUIDE. COMPANY SHARE BUY BACK GUIDE COMPANY SHARE BUY BACK GUIDE. CONTENTS INTRODUCTION WHAT IS THE AIM OF THE AGREEMENT? HOW DOES THE ARRANGEMENT WORK? WHY IS AN AGREEMENT NEEDED? HOW DOES THE AGREEMENT OPERATE?

More information

Income Replacement in Sickness and

Income Replacement in Sickness and Income Replacement in Sickness and Death Brian Allen ACII. DMU,AMS, Head of Underwriting Zurich life 1 Agenda How do you replace income in Death individual and companies How do you replace income in Sickness

More information

A Guide to Pensions and Divorce

A Guide to Pensions and Divorce A Guide to Pensions and Divorce 77-79 Stoneleigh Broadway, Epsom, Surrey, KT17 2HP t: 020 8394 0954 www.mantlefp.com Authorised & Regulated by the Financial Services Authority Registered Office: Mantle

More information

Key person insurance

Key person insurance Key person insurance KEY PERSON INSURANCE Most businesses and other organisations have people whose departure could have a serious financial impact on the business. Naturally, this includes the business

More information

For financial advisers only Relevant life technical guide

For financial advisers only Relevant life technical guide For financial advisers only Relevant life technical guide Please note this communication is for financial advisers only. It mustn t be distributed to, or relied on by, customers. About this guide We ve

More information

Key features of the Whole Life Protection Plan

Key features of the Whole Life Protection Plan IMPORTANT INFORMATION This information may be downloaded to your PC in whole or in part provided that any reproduction or copy, or any derivative, is true to the original, and it is EITHER used for personal

More information

life insurance KEY FEATURES of your Plan

life insurance KEY FEATURES of your Plan mortgage life insurance KEY FEATURES of your Plan Please read this information carefully ASDA Life Insurance plans are provided by Scottish Widows plc. These Key Features give you the main points about

More information

Please read this document carefully as it contains important information about this plan. Your VitalityLife plan summary VITALITYLIFE PLAN SUMMARY

Please read this document carefully as it contains important information about this plan. Your VitalityLife plan summary VITALITYLIFE PLAN SUMMARY Please read this document carefully as it contains important information about this plan Your VitalityLife plan summary VITALITYLIFE PLAN SUMMARY Your VitalityLife plan summary About this booklet This

More information

A Guide to Critical Illness Insurance

A Guide to Critical Illness Insurance A Guide to Critical Illness Insurance This guide about Critical Illness cover is designed to help you decide if this is a suitable product for you. It aims to help by answering the following questions:

More information

Reasons why AIG YourLife Plan / Low Start (all options)

Reasons why AIG YourLife Plan / Low Start (all options) AIG Life Reasons why AIG YourLife Plan / Low Start (all options) There are many different reasons why AIG s YourLife Plan / Low Start may or may not be suitable in particular circumstances. The following

More information

CCL Simplicity. Financial Report prepared for. David & Ruth East. 19 July 2007. This report is a summary of discussions held with.

CCL Simplicity. Financial Report prepared for. David & Ruth East. 19 July 2007. This report is a summary of discussions held with. Financial Report prepared for David & Ruth East on 19 July 2007 This report is a summary of discussions held with Nick Bewley on 11 May 2007 The following recommendations are based upon the information

More information

What is insurance?... 3. What types of insurance are there?... 4. Life insurance... 5. Total and Permanent Disability insurance...

What is insurance?... 3. What types of insurance are there?... 4. Life insurance... 5. Total and Permanent Disability insurance... Contents What is insurance?... 3 What types of insurance are there?... 4 Life insurance... 5 Total and Permanent Disability insurance... 6 Trauma insurance... 7 Income Protection insurance... 8 Insurance

More information

Key Features of the Whole of Life Protection Plan.

Key Features of the Whole of Life Protection Plan. WHOLE WHOLE OF OF LIFE LIFE PROTECTION PLAN KEY FEATURES Key Features of the Whole of Life Protection Plan. LIFE ASSURANCE This is an important document which you should keep safely in case you need it

More information

your Making the choice clearer SOLD TO LET

your Making the choice clearer SOLD TO LET your SOLD mortgagefor SALE movesold TO LET Making the choice clearer mortgage At Connells, we ll make it easy for you with our comprehensive mortgage service. Help and guidance from the experts Buying

More information

Basic Guide to Retirement Income Options

Basic Guide to Retirement Income Options Basic Guide to Retirement Income Options Can I afford to retire? Which retirement income solution is best for me? Should I take all my tax-free cash entitlement? Will my family benefit from my pension

More information

CHAPTER 9 BUSINESS INSURANCE

CHAPTER 9 BUSINESS INSURANCE CHAPTER 9 BUSINESS INSURANCE Just as individuals need insurance for protection so do businesses. Businesses need insurance to cover potential property losses and liability losses. Life insurance also is

More information

Get to know your options for protecting yourself and your family

Get to know your options for protecting yourself and your family Get to know your options for protecting yourself and your family LifeProtect Guide Allow us to introduce ourselves. We are Zurich. We are part of a global insurance group with Swiss roots. We are one of

More information

Insurance. Covered, just in case. - How much cover do we need? - Buying insurance - Types of insurance - Where to go for help

Insurance. Covered, just in case. - How much cover do we need? - Buying insurance - Types of insurance - Where to go for help Insurance Covered, just in case - How much cover do we need? - Buying insurance - Types of insurance - Where to go for help Sorted by the Commission for Financial Capability How much cover do we need?

More information

Your Income Assured Plus contract. A Quick Guide

Your Income Assured Plus contract. A Quick Guide Your Income Assured Plus contract A Quick Guide We aim to be there for you when you need us most and believe that by providing clear and helpful information we can be. This guide is to help you understand

More information

KEEPING YOUR BUSINESS ON COURSE. Helping you protect your business. Protection Business Menu

KEEPING YOUR BUSINESS ON COURSE. Helping you protect your business. Protection Business Menu KEEPING YOUR BUSINESS ON COURSE Helping you protect your business Protection Business Menu WHAT S INSIDE As a business owner you know what you need to make your business a success. Suitable premises, machinery

More information

RELEASING CASH FROM YOUR HOME

RELEASING CASH FROM YOUR HOME RELEASING CASH FROM YOUR HOME As a recommended adviser for the Society of Later Life Advisers (SOLLA) we are frequently asked to advise on home income/equity release plans. These notes are designed to

More information

D1.03: MORTGAGE REPAYMENT OVERVIEW

D1.03: MORTGAGE REPAYMENT OVERVIEW D1.03: MORTGAGE REPAYMENT OVERVIEW SYLLABUS Repayment mortgages Repayment profile Interest only mortgages Full and low cost endowment mortgages Unit-linked endowment mortgages ISA mortgages Pension mortgages

More information