Protection

It’s a fiercely competitive marketplace today and it’s essential that you seek professional, independent advice before taking out a protection policy – regardless of whether you’re buying life cover or an income protection policy.

Discussing your personal situation with an adviser will help clarify your financial position, enable you to understand the costs, limitations and exclusions concerned and allow you to decide which will be the best option for you and your family.

In addition, many advisers and brokers have special arrangements with lenders which may open the door to exclusive deals and offers, as well as knowing ways that cover can be bought in the most tax-efficient way.

For example, it’s generally worth getting policies “written in trust”, which means that the money goes directly to the person designated without the delays that can often occur with estates, and it avoids the need for your estate to pay inheritance tax on the payment.