My Nest Egg

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Life Insurance options for you and/or your Business.

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As an Adviser for Freelance Financial we are able to offer advice and arrange policies for a wide range of insurance policies. We offer both Personal and Business protection. 

Personal Protection

Insurance products provided include the following. Please get in touch to discuss your insurance needs as we have a wealth of experience of providing insurance solutions for our clients and in some cases a mix of products may be the best solution. 


  • Life Cover:- Life insurance is a must if you have people who depend on the income you bring home. The amount that is paid to the family in case you die will tide them over for a while so they can then plan on how to cope financially. Even if your partner were to think of going to work, it helps to have some time to organise things, to find a job, to look for ways to take care of the children and their needs and to think rationally and come to terms with the tragedy. Sudden death, especially of the breadwinner in the family, can be a terrible shock emotionally to the family. They do not need to be stressed at this time with financial problems too. Therefore, life insurance is a good thing to have when the family is dependent on you.


  • Critical Illness Cover :- Anybody can be affected by illness. Nobody knows what is down the line but a critical illness policy can provide a financial cushion. If you were unlucky to be diagnosed with an illness covered by your policy you will receive a tax free, lump sum payment. This lump sum will go somewhere in helping you through a difficult time. There are no restrictions on how you choose to spend your lump sum. You could, for example, use it to help pay your mortgage or rental payments, reduce your working hours, pay for living expenses or debts or perhaps adapt your home. 


  • Family Income Benefit:- Family Income Benefit Cover is an insurance policy that provides cover on death if you were to die during the term of the policy. It gives you great protection financially because in the case of death, your family would not get a lump sum but would get fixed monthly payments which are free of tax. This is especially good for young couples and families who might not be able to pay out huge premiums but where the earning member still wants to feel secure that if they were to die, the family would get some money every month to get by. It also ensures that a family does not have to worry its head around how to invest a lump sum payment so they get a fixed amount to spend every month. The pay-out will be for the term of the cover so if you were to take one for 15 years and death occurs after 5 years, your family will get a fixed amount every month for 10 years. You need to work out the amount you think your family could manage on and then pay the premiums for that accordingly. 


  • Income Protection :- Income protection insurance is a policy that protects you against loss of income due to unemployment, illness or accident. It could provide you with a tax-free income and could continue to pay out until you are able to return to work or retire. 


  • Whole of Life Insurance :- When you buy life insurance, you secure peace of mind. You know your family would be financially protected if you were to die unexpectedly and prematurely or, indeed, whenever your death occurred. The right one for you will depend on your individual circumstances, such as how long you’d like the protection to last for, how much money you want the policy to pay out in the event of claim, and how much you can afford to pay in premiums.


  • Accident, Sickness and Unemployment Protection :- Enjoy peace of mind and continue to pay your essential outgoings each month irrespective of accident, sickness, unemployment or redundancy. ASU or Accident Sickness Unemployment insurance is basically an income protection cover that is designed to protect your monthly income if you were to fall sick, have an accident that forces you out of work or are made redundant. 

Business Protection

Relevant Life Insurance

Company directors paying 40% personal income tax could save up to 52% on their life insurance premiums (up to a 36% saving for those on a 20% tax rate) when compared to having personal life insurance cover in place. This means that someone with a £50 a month personal life policy could save £7,800 over a 25 year term, by taking out relevant life cover instead. 


Key Man Cover

Life insurance and/or disability insurance on one (or more) key persons whose loss or unavailability may cause loss of profit, goodwill, or increase in expenses. These insurance policies help finance the search and training of a successor, or compensate for fall in profits. Also called key employee insurance. 


Partnership Insurance

Most often, this insurance is purchased to aid the business in continuing to operate in case of the death or dismemberment of one partner. There are two plans most often used in partnership insurance. Under a cross purchase plan, each of the partners purchases life insurance on the other, with themselves listed as the beneficiary. If one partner dies, the surviving partner uses the payout of the life insurance to purchase the deceased partner’s interest in the company. This type of plan works best for a company with only two partners, while an entity plan works better for a team with multiple partners. 


 

Freelance Financial is authorised by the Financial Conduct Authority

FCA Number: 762154