Here at Fiduciary we mostly focus on planning ahead and investing money for the future. But it’s also our job to explore what would happen if you became sick or passed away – particularly if you have loved ones who rely on you.
There’s an old saying that insurance is not bought but sold. Who likes to think about dying prematurely, or becoming seriously unwell and unable to work, after all? But who’s out there to encourage, cajole and convince these days? Unlike car insurance, it’s not mandatory and easy to put off for later.
Fiduciary Protect is a sister service that aims to help you, for example:
Understand what you may get from any work-related benefits.
See if you could survive financially if you weren’t able to work, and for how long.
Work out if loved ones would be financially secure if you died prematurely.
Evaluate your inheritance tax position, and whether they may be ways to reduce the tax bill on death.
Plan lifetime gifts to people other than your spouse or civil partner more tax-efficiently.
Soften the financial blow if you are diagnosed with a serious illness.
Ensure your mortgage and other debts are repaid if you die.
Avoid NHS waiting lists and get treated promptly.
Make sure your estate goes to the people you choose, on your death.
We can also help limited companies and partnerships protect against the loss of key people, and safeguard shareholders’ interests – something that’s often overlooked and which may prove disastrous if not insured against.
The pandemic has reminded us that we’re neither immortal nor immune to sickness. Each time we advise in this area we fervently hope the plan will never get used. Yet unfortunately, now and then, our clients have needed to call on their plan, and none seem to regret having taken it out.
The protection market is diverse, and direct-to-consumer sites generally offer restricted advice from a panel of providers, not the whole market. They tend also to be heavily premium driven, but there is more to recommending protection products than simply the price. For example, if you have pre-existing medical conditions it’s important to find the most accommodating provider, as if you are declined or offered special terms this may affect your chance of obtaining cover elsewhere. We are able to use any provider and have developed an in-depth knowledge of which to go to in specific circumstances, which is kept up-to-date by regular reading and training.
Please note: This guide is for information purposes and does not constitute financial advice, which should be based on your individual circumstances.
Cover will cease on insurance products if premium payments are not maintained.
Fiduciary Partners LLP is an Appointed Representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 197107. Our FCA no. is 497873. Partnership no OC341257. Members: A J Brixey-Williams, D M Hewett. Registered Address: 5 Technology Park, Colindeep Lane, Colindale, London NW9 6BX. Registered in England. Fiduciary Partners LLP adheres to and subscribes to the Financial Ombudsman service. For full details of their service click here or contact us for further information. Decisions should not be taken based solely on the content of the website, and individual advice should be sought first. The information contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.