Personal Protection
Protect yourself, to safeguard you and your family, because rainy days do happen
Please note, for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.
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Plan today, to protect your financial future and what you are building
What kind of financial future do you picture for you and your family? Now imagine that picture without you in it, should the unexpected happen. How would your family cope?
Simply imagine what impact your death would have on your family’s financial future. If you have children, other dependants or a partner who relies on your financial support, Life Cover is a must.
It can also be vital upon your death if your home has a mortgage, enabling your surviving family to pay off the debt and continue to live in the family home – invaluable in such stressful circumstances.
Life Cover can also take care of funeral expenses or debts that may otherwise pass to family members.
A whole of life insurance policy pays your family a lump sum of money whenever you die, to help ease their financial worries. Unlike a term life insurance policy that covers you for a fixed period, a Whole of Life insurance policy covers you until you die, i.e. for your whole life.
A Whole of Life Insurance policy can provide that financial security for your family when you pass away. As death is inevitable, a whole of life insurance policy is guaranteed to pay out, as long as you continue to pay your monthly premiums.
A Whole of Life Insurance policy is the most comprehensive life cover policy available and can be bought for many reasons, including:
- To provide financial security should you pass away unexpectedly
- Provide a lump sum to pay for an inheritance tax liability
- Help pay any debts you might have that need repaying on your death
- Assist with the cost of raising your children and pay school and university fees
- Pay funeral costs, relieving your family of worry
If you are currently paying for life insurance or Whole of Life Insurance that is not written into a Trust or Trusts, then it’s likely not be the most efficient structure for you or your loved ones.
If your current policies are not written in Trust, when you die your life insurance will pay into your estate. For simplicity, we have illustrated this as a bucket.
Inheritance tax is currently set at 40% of the value of your estate, with the first £325,000 incurring no inheritance tax. It could prove more profitable for your family to have a life insurance policy that can be used to pay any inheritance tax especially if your policy is written in trust.
Traditional Life Insurance Policies
If your life insurance pays into your estate, then it may:
- Be subject to Inheritance Tax (IHT) at 40% – 40% of the value of your estate over £325,000 (2020/21) will be payable to IHT.
- Be subject to probate delay – Once you die, your estate will be frozen until probate is granted. This can easily take anything from three to 18 months, or even longer. During this period, no matter how serious their financial hardship, your loved ones will generally not be able to access the funds.
- Be dispersed in line with Government guidelines and not directly to your loved ones – If you die Intestate (without a valid Will), the government determine how your estate, including your life insurance, is divided up. In some instances, it will even go to the Exchequer.
We believe that you and your loved ones deserve more than any of the situations outlined above.
We believe that every penny of the insurance policies that you pay for, should go directly to your loved ones quickly and efficiently, in their time of greatest need.
Through our complimentary review of your current circumstances, we can quickly determine if you are in the situation outlined above. If you feel this is unacceptable and that you and your loved ones deserve more, we can help you to address your needs, as follows:
The Benefits of Trusts
We are extremely proud to be able to offer to protect you and your loved ones with appropriate life insurance policies and ensure that, where appropriate, these are written into Trust.
Once we have helped you to implement this solution, when you die, your life insurance policies will pay into a discretionary Trust and not into your estate.
This has the following potential benefits:
- With the correct planning, the proceeds would usually not be subject to IHT at 40%; the funds do not enter your estate and therefore are not subject to this tax in the same way as the first example.
- The proceeds would not be subject to probate delay; as the funds are held outside of your estate (in the Trust), your loved ones will be able to get access to the cash as soon as practically possible. This ensures that your loved ones have the funds in a timely manner when they need them the most.
- The funds would be guaranteed to go directly to your loved ones – you can determine who can and cannot benefit from the funds in the Trust. This can be stipulated during your lifetime and you can appoint people to ensure these stipulations are carried out.
Trusts are not regulated by the Financial Conduct Authority. Source: Frog Wealth Management – Utilising Trusts
Personal and Family health insurance is the ideal way to safeguard the health of you, your partner or spouse and your children, should you become ill and need treatment. Family health insurance provides protection for the whole family allowing you to bypass lengthy NHS waiting times and receive appointments and treatments quickly.
Health insurance can give you access to private diagnosis and treatment should you fall ill or be injured. Protecting your family is a priority for all parents, and private medical insurance can provide peace of mind that you and your children won’t have to wait for any treatment they might need if they become ill.
Policies for families needn’t be expensive, and you can choose the level of cover you require. Some plans only cover treatment while you are in hospital, while others will also provide outpatient help. With most private medical insurance policies, families pay a monthly premium and the policy will then pay out, up to specified cover limits, for any treatment that might be needed.
Premiums on medical insurance policies tend to get higher the older you are. Many policies charge an excess – the portion of any claim you must pay yourself. For those looking for more comprehensive cover, but who still want to keep costs down, one option is to choose a medical insurance policy which offers a wider range of benefits but which enables you to select a higher excess.
Private Medical Insurance give you:
- Access to treatment quickly; the cover gives you the flexibility to make the right choices for you. The insurer can help you find the date, hospital and consultant that best suits your needs.
- Keep things affordable; our panel of providers offer no-claim discounts to our clients.
- Expert care from leading health professionals; rest assured, you’ll always get a high level of care with access to treatment from private specialists and hospitals, and in some cases treatments and drugs not available on the NHS.
- Get dedicated cancer support; if you’re diagnosed with a cancer, insurers give you a dedicated highly experienced support professional, who’ll support you throughout your treatment and help you understand every step of the process.
This service is offered by a third party and Frog Financial Management and The Right Mortgage Ltd are not responsible for the advice provided. However, through experience, we are confident that the firm we recommend is competent, pro-active and focused on making your purchase as stress-free as possible.
Accident, Sickness and Unemployment Cover (ASU), or Mortgage Payment Protection Insurance (MPPI), covers your monthly mortgage payments and certain related costs for a specified period of time (usually up to two years) if you are suddenly unable to work due to an accident, sickness or involuntary unemployment.
You should think carefully about how you would cover your monthly mortgage payments and other outgoings if you couldn’t work.
At Frog, we believe in looking after you and your family as well as your mortgage. We can help you decide if ASU or MPPI cover is right for you and, if it is, we can help find the right policy to protect you.
For instance:
To be protected against an accident, sickness or unemployment, for a 35 year old with a 30 day waiting period, provides you with £100 per month cover for £7.30 for a 12 month period.
This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at: moneyadviceservice.org.uk
