By Stuart d’Ivry, Managing Director of Pure Wealth Management 

 

As the Six Nations fires up this month, I thought we could explore several options in relation to protection.

This is typically a heavy discussion point with professional sports players but should also be important to every one of us.

No one expects the worse but peace of mind that there is protection in place to support your family or indeed yourself if a life changing event occurs.

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.

Critical Illness

Critical illness is one of the largest causes of financial burden. Insurance on critical illness offers policyholders a lump sum cash payment should you be diagnosed with a critical illness as defined by their policy.

Health is never guaranteed, and 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.

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.

So, who are Pure Wealth Management?

Pure Wealth are an independent financial advice practice offering holistic whole of market advice to individuals and businesses across South Wales.  We are not tied to any company or provider and will work in partnership with our clients to offer bespoke financial planning typically on an ongoing basis.

Pure Wealth is part of the wider Pure Group which consists of specialists in other areas such as residential property, property investing, commercial property and development.  This ensures that clients of the Pure Group have the peace of mind that they are receiving independent advice across all areas of their finances.

Should any of the readers require any advice or have any question in relation to mortgages or any other areas of their financial planning please get in touch mention Sportin Wales magazine and we will ensure the first consultation is free of charge.

Contact: 02922 671957 

Email: info@purewealthmanagement.co.uk 

---

Sportin Wales’s coverage of the men’s and U20’s Six Nations is proudly sponsored by S4C. You can watch all of Wales’s matches this spring for free on S4C and S4C Clic.

If you want to read more pieces from Sportin Wales, why not read to our monthly magazine here or subscribe to the magazine and newsletter at https://sportin.wales/subscribe/.

Our podcast is back for the new season and our co-founder Alex Cuthbert is in charge! You can find all the episodes here or the video versions on our YouTube channel.

You can also keep track of our pieces and videos on our socials at @Sportin_Wales on X or Sportin Wales on Instagram and Facebook.