• Keyperson protection Businesses may want to protect the key employees within their firm – perhaps the key salesperson, or the IT manager - without whom the business will not function properly. Keyperson protection can provide a fixed sum should the individual be unable to work, or even die. The benefit will be designed to cover the firm’s expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business. • Shareholder protection A business comprised of major shareholders will be aware that the long- term success of the business will depend on their contribution. The loss of a shareholding director due to death, serious illness or permanent disablement can have a serious impact, both on the future of a business itself and on their family. Shareholder Protection allows a business to help protect itself against the financial loss it may suffer from losing a major shareholder due to these events. • Partnership protection is similar to Shareholder protection & can once again provide the vital funds in the event of the death, serious illness or permanent disablement of a partner.

• Critical illness generally allows for a lump sum benefit to be paid in the event of diagnosis of certain critical illnesses, such as Heart Attack, Cancer, Stroke, Transplant, Blindness, Total & Permanent Disability and so on. • Most providers conform to the Association of British Insurers standards for qualifying illnesses and it is important that you fully understand the terms of each illness.

• Permanent Health Insurance (PHI) is designed to provide a tax free income in the event you or the insured individual is unable to work due to ill health. The level of premium will depend upon benefit and term selected and most policies cease to pay the benefit once the insured is able to return to work. Income Protection policies are usually written to age 65. • Accident, Sickness & Unemployment (ASU) policies were traditionally sold to accompany mortgages, allowing for a regular income to be paid to the insured should they be unable to work (or lose their job). The product can be split down, and unemployment cover is usually the optional extra available for an additional premium. It is important to compare ASU and Income Protection closely as one may be more suitable than another.

• Level Term Assurance pays a lump sum in the event of death during the term of the policy. There is no investment element within a term assurance contract so at the end of the term there is no maturity value and life cover lapses. The benefit is paid tax free and premiums are usually monthly, and fixed throughout the term. Because the term & benefit are known from the outset, and there is no investment content, term assurance is a very cost-effective method of protection. • Decreasing Term Assurance works similar to level term assurance, but the benefit is set at outset and gradually decreases over the term of the policy. These policies can be used as cover for a repayment mortgage or other loan where the amount of capital outstanding also decreases over time. Because the benefit reduces over time, the premiums are kept very low. • Family Income Benefit works the same as term assurance but instead of paying a lump sum upon death it will pay a regular monthly tax free income in the event of death to your dependants up until the end of the term of the policy.