Protecting yourself and your family
It’s important to take steps to ensure you and your loved ones can manage financially should the unexpected happen.
Through our partnership with Schroders Personal Wealth, you can access advice on:
- Life and term assurance.
- Critical illness cover.
- Income protection.
- Long-term care.
You could benefit from protection policy advice if you have:
- £100,000 of sole or joint savings, investments and/or personal pensions; and/or:
- You earn £100,000 or more a year of sole income.
Fees/Charges will apply if you take out a financial plan, product or service.
Protection products have no cash-in value at any time and cover will stop if you aren’t able to pay your premiums. If the policy amount has not been paid out by the end of the selected term, the policy will end and you’ll get nothing back.
Types of protection
Income protection insurance helps you maintain a standard of living if you lose your source of income or are unable to work due to ill health or injury.
This type of insurance provides regular payments for a set period, or until you are able to return to work, to ensure you can still pay for bills, rent or your mortgage. The amount paid out will depend on the level of cover.
Life assurance pays out a lump sum to your loved ones if the policyholder dies. This lump sum can help your family to cover funeral arrangements as well as living costs.
Critical illness cover
Critical illness cover can provide financial security if you are diagnosed or become critically ill with an illness specified within the policy during the policy term.
Should a sickness leave you unable to work for long period, or permanently, a critical illness policy will pay out an agreed amount.
A long-term care plan incorporates various insurance policies and strategies, meaning you’ll be well-placed to manage any major change in your circumstances.
This product can help cover the cost of care, which means you won’t need to use your savings or ask for help from your family.
Silvia Johnson, Schroders Personal Wealth Adviser
"When you’re facing up to a major life change – be it the loss of a job or a critical illness – you don’t want to worry about your finances too. By planning for these eventualities, you can protect the welfare of you and your family.”
Watch this short video to see how Schroders Personal Wealth can work with you towards your financial goals.
The lump sum paid from a life assurance policy could be liable for inheritance tax . Inheritance tax is a 40% levy applied to estates worth more than £325,000, which aren’t passed to a spouse, charity or amateur sports club.
Life insurance and life assurance are similar, with one key difference. Life insurance only pays out if the individual passes away during the term of the policy – life assurance lasts for the rest of a person’s life.
Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.
Schroders Personal Wealth is a trading name of Scottish Widows Schroder Personal Wealth Limited.