Orange Genie Accountancy asks "are your protection plans suitable?"

Most people are aware of the need to consider insurance for life’s unexpected and unwanted eventualities. As an employee, many will have been used to benefiting from protection provided by their employers : life cover and sickness pay, whilst others will have taken the personal step to arrange their own policies. Not all policies are equal and it is important to regularly review the protection in place to ensure it continues to offer you and your family the best chance of not experiencing financial difficulty should the worst ever happen.

Changes in lifestyle = change level of Protection

There are a number of lifestyle factors that can impact on the level of protection you require. Starting contracting, having children, buying a home or milestone birthdays should all act as prompts for you to review your cover so that you can rest assured your finances won’t suffer if the worst should happen.
When it comes to reviewing your existing policies, the experienced advisers at Contractor Financials are on hand to help you decide on the level of cover you require and can advise you on the different types of protection that you could benefit from. The award winning Advisers aim to future proof your policies and making sure you get it right first time could save you time and hassle in the future. For example, inflation proofing can protect a lump sum pay-out and ensure that you have the same amount of spending power in twenty years’ time or whenever you come to claim as without this, inflation can erode the value of your policy over time. 

Specialist Contractor Protection solutions

Income Protection acts as a sick pay arrangement and can be specially tailored to your Contractor status. It will pay out a monthly income if you are unable to work due to illness or injury to help cover your household expenses until you are able to return to work. If that day never comes then the policy will continue to pay until retirement age. ContractorFinancials have negotiated a new type of policy especially for Contractors that allows you to protect up to 50% of your gross contract income so you will benefit from a far higher income from the policy if you need to claim.

Life Insurance is essential to protect your loved ones if the worst were to happen to you. It would pay out a lump sum to your dependants, which could be used to pay off any debts such as a mortgage, or to cover rental payments or household expenses to take the pressure off your loved ones.
You can now fund your life insurance through your limited company as a legitimate business expense without benefit in kind considerations. This allows you to have the benefit of death in service, as well as tax efficient premiums which will not affect your pension allowances.

Critical Illness cover can protect against the financial risk of critical illnesses such as stroke and cancer. It will pay out a tax free lump sum on diagnosis of a covered illness and even if you fully recover, you never have to pay it back. You can choose the amount of benefit you wish to receive, along with the length of the term you are covered for, this will be helpful if you wish to cover your mortgage or to clear any other financial burdens.

To speak to a specialist advisor in this field, get in touch with Orange Genie Accountancy on 01296 468 483 or email accountancy@orangegenie.com

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