Protecting your lifestyle and your wealth

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1 Protecting your lifestyle and your wealth Life assurance Critical illness cover Income protection Key person and partnership protection Over 30 years experience providing independent pension advice to expatriates and people working abroad

2 Be prepared for what could be around the corner Contents Overview page 2 Most of us understand the importance of insuring our home, our car, and our valuable possessions, however we often neglect to protect the things we value most; namely, our loved ones and our quality of life. Life Assurance page 3 Critical Illness Cover page 5 Income Protection Insurance page 6 Whole of Life Assurance page 7 Key Person Insurance page 8 Wealth Protection Advice page 9 A sudden illness, injury or fatality can affect any one of us at any time. If it affects the main income earner in the home, the consequences can be wide-ranging. Without adequate financial protection, the standard of life you are accustomed to can be jeopardised, and so too the stability of your children s education. Similarly, if you own a business, the long-term illness or death of a key associate can threaten the stability and income you derive from the venture. While it is impossible to know whether any of these things will happen to us, we can prepare ourselves for unwelcome events by ensuring we protect our loved ones and our wealth sufficiently. This can be achieved through careful financial planning. This guide looks at the various types of protection available to you. The small print This guide is for general information purposes and does not constitute comprehensive advice on wealth planning. Before making any wealth protection decision or purchasing a related product you should seek professional advice. 1 The information in this guide was published in August

3 Life Assurance: Protecting your family s lifestyle We work hard to achieve a standard of living we can enjoy. However, one of the Whole of life assurance provides a lump sum no matter when death occurs. There things we tend not to think about is how an unexpected death will affect our loved is no fixed period, or term, for the policy. This type of life assurance is designed to ones lifestyle. Overnight, the loss of the main salary earner can raise questions provide funds to pay for liabilities on your passing away, such as inheritance tax, or about remaining in the family home or the continuity of your children s education. to form part of the legacy you leave. You can reduce your inheritance tax liabilities, Even the loss of a second income can disturb day-to-day life. and avoid probate delays, by setting up your life policy within an appropriate trust. For peace of mind, you can protect your partner and any dependants against such How much cover do I need? an eventuality with a life assurance plan. It is important to get the right type, and level, of life assurance for your personal We readily insure our possessions, but not the source of income that pays for them Types of life assurance Life assurance policies provide a lump sum to your dependants on your death. There are two basic types of life assurance: term assurance and whole of life assurance. Term assurance is taken out for a fixed period of time and is suitable for covering financial commitments which have an end date, such as a mortgage or private school fees. If you die within the period of the policy ( the term ) a lump sum will be paid to your beneficiaries. and financial circumstances. Ideally, you should have sufficient cover to pay off your mortgage and any other financial liabilities, as well as being able to leave enough funds for your dependents to maintain their standard of living. You can set the size of the lump sum you would like your policy to pay out in the event of your death. This, along with other factors, will determine your premiums. An experienced financial adviser can help you to determine the appropriate level of cover. Even if you have life assurance, it is a good idea to review your cover regularly to ensure your loved ones stay adequately protected. Life events and life assurance reviews Property purchase Marriage or civil partnership Taking on new debt Children Second home purchase Job change Retirement Being supported by someone else Talk to us Click here to arrange an informal chat about protecting your family 3 4

4 Critical Illness Cover: Ease your financial worries if you become seriously ill Income Protection Insurance: Paying the bills if you can t work Being diagnosed with a serious illness such as cancer, or suffering a heart attack or stroke, can leave you and your family significantly worse off financially. Not only may your income fall, because of reduced salary, you may also have additional expenses, such as special care. This unfortunate change in circumstances can soon start to affect your standard of living, particularly if illness is long term. Not only that, if your children attend You are more likely to suffer serious illness than you are to die prior to retirement Protecting yourself and your loved ones from the financial effects of being unable to work for a prolonged period, because of illness or injury, is important for your financial security. If you are self-employed, not working means not earning, and you may quickly have to resort to your savings to pay for bills. Even if you are employed, your statutory sick pay is likely to be much less than you earn. Income protection insurance allows you to maintain your lifestyle if you cannot Check policy details It is important to check references to occupation in income protection policies. This is because it may affect whether you receive benefits or not. Own occupation means that you can receive income if private school or university, their education may be disrupted because of difficulty with fee payments. To protect yourself against the effects of unexpected illness, you can arrange critical illness cover. This type of insurance provides a vital source of funds while you or your partner recover, and gives your family peace of mind. Critical illness plans Critical illness plans are designed to pay you a lump sum on being diagnosed with certain life threatening or debilitating conditions. The illnesses covered may not necessarily be fatal. There is a wide variety of plans available and the more comprehensive policies include a longer list of conditions. For example, they may cover loss of sight, loss of hearing, and permanent disabilities. Check policy details It is advisable to check the illnesses covered in a critical illness plan to ensure it covers you for what you expect. Any exclusions and limitations will be listed in the policy document. If you are still unsure about what is covered, consider getting professional advice before you commit. The same applies if you are thinking of replacing your current policy or switching to a new one. work for a protracted period, because of illness, injury, or disability. Income protection plans An income protection plan provides you with a monthly income if you are temporarily unable to work for an extended period. Schemes vary but they typically offer a monthly income for a specified period of time, for example, up to 2 years. If you are later diagnosed with permanent disability you can receive a tax-free lump sum to help you until retirement age or for a set number of years, depending on your policy. The idea behind income protection plans is to replace any income you lose, so cover typically gives you per cent of your pre-tax earnings. This is to take account of tax you would have had to pay and any state benefits you can claim you cannot perform your own job. Any occupation on the other hand means that you must be unable to carry out any job before you receive any monthly or lump sum benefits. If you are unsure about what is covered, consider getting independent professional advice before you commit. Permanent health insurance This name was used previously The premiums for critical illness cover depend on a number of factors including the type of policy, the size of lump sum, and your age. You can take out critical illness cover on a term or whole of life basis. Pre-existing conditions may not be covered by your new policy. while not working. For self-employed people, some plans provide you with a monthly income based on an average of your previous three years earnings, while others base payments on to describe income protection insurance schemes. your pre-tax share of gross profit,; after deduction of expenses. Premiums for income protection plans vary according to the cover you have and personal factors such as gender, age, health, occupation, and whether you smoke or not. 5 6

5 Whole of Life Assurance: Ensure your legacy goes to your loved ones Key Person Insurance: Safeguard your business s future Talk to us Inheritance tax has become a problem for many more people, either because You invest a lot of time, effort, and capital in building your business. However, if you Key person Click here to arrange an informal chat about protecting your legacy of substantial accumulated wealth or because of the value of their property; or properties. One of the things you can do to prevent your hard earned legacy going to the government instead of your loved ones is to open a whole of life assurance policy. A whole of life assurance plan, written in trust, can be an effective way to transfer assets liable to inheritance tax into a tax-free income in future. Whole of life assurance policies, unlike term assurance, accumulate a cash value or another key member of staff were unable to work for a prolonged period, your business s profitability, even future, could be at risk. A sudden illness, disability, or death can result in lost sales, extra recruitment costs, and even loss of control of your business. The death of a partner or shareholding director may mean that shares pass to someone with no knowledge or interest in the business. This raises the prospect of your business being sold against your wishes. Overnight, you could lose your livelihood. insurance is particularly important if your business relies on a small number of and guarantee to pay a lump sum to your estate when you die. This money can be used by your dependants however they wish; for example, to purchase their first To protect your business, you can arrange key person insurance, and shareholder and partnership protection. people home, to fund their education, or to pay for funeral expenses. Financial help at a difficult time Most whole of life assurance schemes include an investment element, the aim of which is to generate greater wealth than the sum you contribute through premiums. To reduce inheritance tax, and probate delays, you can put your whole of life assurance policy in a suitable trust. Key person insurance often called key man insurance provides a lump sum if a key member of your business falls seriously ill, suffers a debilitating disability, or worse. This vital source of funds, at a difficult time, can be used however you choose. For example, to replace lost income, recruit and train a successor, or supplement salary payments. Regardless of inheritance tax issues, you can use a whole of life assurance policy to create a legacy for your family - and protect them against the financial effects of your premature death. Key people include those who make a major contribution to sales or profitability; people with experience, expertise, or skills that would be difficult to replace; and individuals who hold important customer relationships. Stay in control of your business Shareholder and partnership protection ensures the control of your business remains with surviving partners or directors, if there is an unexpected death. This type of protection is essentially an agreement between partners or shareholding directors coupled with a life assurance policy. The life assurance plan makes sure that the survivor, or survivors, has sufficient funds to purchase the deceased s shares. To avoid probate delays affecting the smooth running of your business, a 7 simple, yet effective, trust can be set up for shareholder and partnership protection. 8

6 Why we are qualified to advise you on protecting your wealth Independent financial planning advice, wealth protection and wealth management for expatriates and people working abroad We have specialised in providing independent financial planning and wealth management advice to expatriates and people working abroad for over 30 years. A significant part of our work has involved helping people to protect what they have already, so that their families can continue to enjoy their present lifestyle. As a result we have acquired extensive knowledge of the type of cover offered by leading international and national providers of insurance solutions. So we are well placed to help you choose suitable protection for your family or business. Recognising that everyone s situation is unique, our consultants can also help you to determine the level of cover you need. Being impartial, and focused on the longterm loyalty of our clients, we will give you our unbiased opinion of the cover we think is right for you; explaining why, and pointing out your options. We will also review your cover regularly, as your needs change. If you do not already have plans in place to protect your loved ones against unwelcome events, we recommend you take action soon. As well as protecting your family it could also save you money. Life cover, for example, usually costs more as we get older. Make an appointment to discuss protecting your wealth without obligation Click here to send us an enquiry Call: +32 (0) With offices throughout Europe we can meet you face to face. Conversations will be in complete confidentiality. Investments and investment management Regular savings Retirement planning Pension transfers Tax and trusts advice Insurance including life, health, and disability Education fees planning Property financing, mortgages Corporate services for international companies and organisations Head quartered in Luxembourg, we are authorised and regulated by the Commissariat Aux Assurance (CAA). Our CAA Luxembourg registration number is 1999CM009. We are fully regulated to offer our services in all EU member states under the Freedom of Services Act and have established branches under the Freedom of Establishment Act in: Belgium (Financial Services & Markets Authority; FSMA registration number 1999CM009) Portugal (Instituto de Seguros de Portugal; ISP registration number 1999CP012) United Kingdom (Financial Conduct Authority; FCA registration number ) None of the information, whether in part or full, should be copied, reproduced or redistributed in any form nor should it be regarded as an offer or a solicitation of an offer for investment. You should satisfy yourself, with your financial advisor, that the products and services offered are suitable for you and that you are not prevented from accessing such services or products by restrictions placed on you by the relevant fiscal authorities in your normal place of residence nor that it is unlawful for you to participate in such products or services as may be stipulated within the laws of the country, state or jurisdiction where you may either be a citizen or normally reside. 9 You should bear in mind that the value & prices of investments can go down as well as up, and you may not get back the full amount invested. Past performance is no guarantee of future performance. Currency fluctuations will affect the value of overseas investments. Emerging Markets can be more risky than developed markets. Current tax levels and reliefs may vary and will depend on your personal circumstances. 10

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