Types of Protection

There are several different types of protection. Here we break down the main types that may be of value to you.

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    Personal Protection

    When searching for insurance products it can be a very tedious and expansive exercise, dredging through the jargon packed T’s and C’s. Every Insurer targets a certain market and will charge different premiums based upon age, specific health issues and occupations. Making a clear comparison is not easy as any two policies are rarely exactly the same, in terms of what they protect you for. At Pure Wealth Management we work to make your life easier, removing the stress and research, to bring you quality cover, that best suits your protection needs.

    There are many different forms of insurance available, the main products we offer services for are:

    Life Cover

    Life cover is the base level of protection where conversations begin.  It offers a solution to ensure your loved ones are financially protected should you pass away during the period of your cover. Peace of mind is a vital step to reducing financial worries, should you pass away, your premium could be used to help with mortgage repayments, school fees and maintaining a quality of life for your family.

    Life insurance premiums vary enormously, at Pure Wealth Management we understand that every person’s circumstances vary. This can make choosing the right policy for you and your family a confusing and arduous task.  This is why we pride ourselves on getting to know our clients as people. This gives us confidence in finding the best cover to suit your current situation, as well as adapting to changes in your lives. All of our clients will receive regular reviews, to ensure that cover in place remains sufficient and relevant to you.

    You choose the amount of cover you need and how long you need it for and you can pay your premiums monthly or annually. In return, your family has the reassurance of knowing that if you died while covered by the policy, they could receive a predefined lump sum when they need it most.

    Critical Illness

    Critical illness is one of the largest causes of financial burden, we provide clear and concise, jargon-free solutions on how to cover yourself financially should you become critically ill.

    Critical Illness Insurance offers policyholders a lump sum cash payment should they be diagnosed with a critical illness as defined by their policy. Health is never guaranteed. At Pure Wealth Management we offer expert advice to ensure that wealth is. You never know what is around the corner, that is why critical illness cover is a crucial step to ensuring you would be financially stable should you become unable to work.

    As with all insurance products, sifting through the different policies to find the best one for you can be a minefield. In this instance selecting the wrong cover could be extremely costly and leave your family with nothing, despite good intentions. Our team of advisors understand the magnitude of having effective cover, we offer a compassionate and caring approach to all our clients, taking into consideration individual situations.

    Income Protection

    Income protection or permanent health insurance,  is a long-term policy designed to pay out, should you be unable to work if you’re ill or injured.

    This type of policy differs, as it pays out a regular income until you are able to return to work, or you retire. It can replace part of your income,  if you can’t work because you become ill or disabled.  It will pay out until you can start working again, or until you retire, die or the end of the policy term – whichever is sooner.  There’s often a waiting period before the payments start – you generally set payments to start after your sick pay ends, or after any other insurance stops covering you.  It will cover most illnesses that leave you unable to work – either in the short or long term. You can also claim as many times as you need to, whilst the policy lasts.

    Business Protection

    Business insurance is a crucial tool for protecting your business against various financial risks. All businesses are very different and because of this the insurance that each business requires differs also.

    There are quite a few variations of business insurance, the most common are:

    Relevant Life Insurance

    Relevant Life Insurance is a policy specifically aimed at Employers to provide a death in service benefit for their employees. Should an employee pass away or receive a terminal diagnosis, the premium will pay a lump sum to the affected family.

    Key Person Insurance

    Key Person Cover can be taken out by a business as a means of compensation should there be financial losses reported in result of a key employee’s extended illness or death. Essentially this is similar to Relevant Life Cover but in reverse; focusing on protecting the employer where directly financially impacted by an individual’s significant deterioration in health.

    Shareholder Protection

    When you set up a business with trusted partners, often the last thing you are thinking about is what would happen if one of the parties pass away. This area of protection should always be explored as often years of hard work can be placed at risk should one party pass away prematurely. Pure wealth will identify the cover required for your business and recommend the most competitive policy based on your personal and business circumstances.

    Our experienced team use a robust, state of the art research approach to deliver unbiased financial advice. Get in contact to find out how our expert advisors can help you achieve your financial goals with protection planning today.

    Business Loan Protection

    Business loan protection insurance provides funds to repay a commercial mortgage, loan, or a director’s loan if one of the business owners suffers a critical illness or were to die.

    It’s possible to protect the loan or mortgage amount in full for either life cover or for life cover plus critical illness cover.  If a claim is made then the sum assured can be paid to either the lender if the policy has been assigned, or directly to the business.

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