The following guide aims to provide information to those who are either interested having just taken out life insurance or those who are about to make a claim on an existing policy. The Life Insurance Payout Explained A life insurance payout is a lump sum of money paid out by an insurance company to the trustees / beneficiaries of a life insurance policy. Who is Eligible to Receive a Life Insurance Payout? In order to receive a life insurance payout, the insured must have died while the policy was in force. If the policy was terminated before the death of the insured, then no death benefit wil ..read more

Buying life insurance is not at the top of everyone’s shopping list, however, there are some commonly held perceptions and myths associated with this important product that need to be addressed. Life insurance is not needed if you are young The chances of mortality when you are younger is certainly less, however, that does not mean there is no chance of dying. Therefore, should the worst happen, life insurance coverage would provide financial assistance to loved ones plus it may also cover outstanding debt such as mortgage or personal loans or credit cards. What is not necessarily widely known ..read more

Most companies wish to offer their staff employees benefits, including private health, life and critical illness insurance. These benefits are designed to help employees on getting well and worrying less about medical expenses when an accidental injury or illness occurs. In the event of death, family members are provided for with a financial tax-free lump sum payment. For employers, these types of insurance products help attract and retain employees which is vital given the high costs of recruitment. In addition, the employee can access speedy referrals and treatment should the need arise. Gro ..read more

Have you ever wondered how insurance companies can confuse you regarding the coverage of your pre-existing medical conditions? Pre-existing medical conditions can affect your private medical, critical illness, and life insurance policies. If you have a pre-existing medical condition, you may still be able to obtain a policy, or you may be denied coverage or have your premiums increased. This article will give you a comprehensive overview of pre-existing medical conditions and what you need to know regarding private medical insurance (PMI), group critical illness insurance, and group life insur ..read more

The Importance of Life Insurance for High Earning Professionals For high earning professionals with families or dependants, having Life Insurance Cover is important as it enables you to secure the future for your family by providing the financial means to ensure your family’s lifestyle can continue even if you are not there, by providing a lump sum payment in the event of your passing. Why is Life Insurance Important? Life Insurance is a policy taken out by an individual, which will pay out in the event of their death. Life Insurance policies often include terminal illness cover and other ben ..read more

Spectrum Financial Advice Guide to Group Income Protection Insurance What is group income protection? Learn everything you should know about group income protection schemes in our comprehensive guide to group income protection insurance. Contents Spectrum FA Guide to Group Income Protection Insurance What are Group Protection Schemes? What is Group Income Protection, Who Should Have it and Why? How Does Group Income Insurance Work? Types of Policy What are “Index-Linked” Policies? When Do Policies Pay Out? How Much Will the Premiums for a Policy Cost? How Can Spectrum FA Help with Your Grou ..read more

Tax Benefits Of Relevant Life Plans For Directors And Their Business A relevant life plan can help both employers and employees reduce their tax liability. As a company director, a relevant life plan is an effective way of taking out protection (life insurance and significant illness cover) with your company (not you) paying the premiums. Immediately, you can see a benefit on a personal level – the premiums do not come out of your own post-tax income. There is a greater benefit though, the premiums are tax deductible, resulting in less corporation tax. A win-win? Yes, definitely. The combined ..read more

How to Protect Your Family’s Financial Future Economic difficulties around the world are increasingly making people painfully aware of the need to effectively protect their families’ financial future. One of the most pressing concerns for many families is the question what would happen if the household’s main earner was to sustain a debilitating injury, become unable to work due to critical illness or die. Here are four ways to protect your family’s financial future. The four most effective ways of protecting your family in the event of injury, illness or death are: Life Insurance Critical I ..read more

Can Key Man Insurance Protect My Business Profits? When considering different types of business protection insurance, many company owners ask: “Can key man insurance protect my business profits?” The answer to this question is yes, it can – and here is how. Key Personnel and the Effects of Losing a Key Man To answer the question if and how key man insurance can protect your business profits, it is best to first look at what a key man is and how losing such a person could potentially affect your business, its smooth running, profitability and potential for growth… So, what is a key man? Basica ..read more

Spectrum Financial Advice Guide to Personal Life Insurance UK Who should have life insurance, why is having it important and how does it work? Learn all this and more in our comprehensive guide to personal life insurance UK. Contents Spectrum FA Guide to Personal Life Insurance UK Life Insurance UK What is Critical Illness Insurance? What Conditions Does Critical Illness Insurance Cover? What is Terminal Illness Cover? Personal Life Insurance UK Who Should Have a Life Insurance Policy and Why? How Much Does Life Insurance Cost? How Can Spectrum FA Help You with Life Insurance? Spectrum FA ..read more