Trinity's protection specialist busy arranging new policies and updating Wills

by Aaron Strutt

Apr 04 2020

Trinity Financial’s Danny Davis has been busy helping our clients to set up protection policies during these troubling times. He has also created or updated a lot of Wills. 

Danny is available to provide expert advice to help secure the most suitable protection policies for you and your family. 

The popular policies he arranges include:

Life insurance 

Life insurance policies are used to repay mortgages and debts when policyholders die. They are also regularly set up to provide lump-sum payments to family members and nominated carers.

As a general rule the younger and healthier you are the cheaper the policy, but we consistently help clients with asthma, diabetes or mental health issues to secure competitively priced insurance. We also have access to over specialist over 50's providers issuing cover.

Many borrowers have life insurance policies through their work that would not be sufficient to repay mortgages in full and they do not have the level of cover they expect, for example, many people think they have critical illness cover when they don't. Others do not realise their death in service policies are subject to change and they can stop when employees leave a company.

Danny always safeguards life insurance policies by making sure they are placed into a trust. This means the pay-out will not contribute towards your estate for inheritance tax purposes. 

Critical illness cover

Critical illness cover will provide a lump sum to the life insured if they get cancer or another serious illness.

With nearly half of people being diagnosed with cancer in our lifetime, families like the reassurance they can clear their mortgage debt or afford money for life changes or treatment. 

Sick pay cover or income protection

Sick pay cover, otherwise known as income protection, will provide you with a monthly, tax-free income when you are sick or injured and unable to work. 

Our clients like the reassurance that if they are permanently unable to work, they can receive this money until retirement.  

Protecting the self-employed with business protection policies

Relevant life cover

This is a tax-efficient way of providing much-needed insurance to directors and employees of a business. 

We always safeguard relevant life insurance policies by making sure they are placed into a trust. This means the pay-out will not contribute towards your estate for inheritance tax purposes. 

Key person cover 

Key person cover provides a business with a lump sum of money when a key member employee or director is diagnosed with a critical illness or dies. 

Our clients commonly use key person plans to make up for lost profits and help with the costs of recruitment. 

Loan protection

Much like a key person plan, loan protection will clear a business’s debt on the death of a key employee or director. 

Shareholder protection

Shareholder protection allows a business to keep control of its shares as well as finances on the death or a partner/owner. 

This will provide the business with the required funds to buy out the share which has been inherited by a family member. 

This policy should always be set up with a ‘cross-option agreement’, which is a legally binding contract between business owners which outlines what happens with their shares. 

Call Danny Davis 020 7016 0799 or email danny@trinityfinancial.co.uk to arrange a policy or update your will. You can also email him any existing policy documents if you would them to be assessed.