Insurance and Protection Advice

Insurance and Protection Advice Before Purchasing Property

Whilst savings, investments and buying property are the more glamorous side of financial planning, any good financial plan should take account of the potential for the worst-case scenario.

What would happen in the event that you or your partner became seriously ill? Or worse, was to die prematurely?

We all understand that the one thing that we can depend on is that the unexpected will happen… sometimes. So it pays to be prepared.

With a variety of different products designed to cover different eventualities, from critical illness cover to life assurance, it is worth taking Financial Advice to ensure that you have suitable cover in place, and that you are making full use of trusts to ensure that money is paid out quickly and to the right people should the worst happen. For example, did you know that when you die, if you have not made specific provision for your children’s financial future, then the inheritance for any child under the age of 18 is held under a legal trust for their benefit?

You can set up a Child’s Trust in your will (or a Grandchild’s Trust) and appoint trustees to manage the Trust on behalf of your child if they are under 18.


James Irvine is not authorised to give financial planning advice but can rrefer any financial planning queries to a financial adviser within Quilter Financial Planning network.

We can help you create a plan that protects your long-term financial aspirations and goals.

Robust financial planning is not a one stop exercise: it will look at ways to avoid risks, reduce risks you take with your money, and transfer the risk through appropriate personal or professional insurance cover using income protection and/or life cover.

When assessing the risks that might impact your business there are

four factors to consider:

  • Risk avoidance: choosing to refrain from certain options
  • Risk reduction: building in safety measures, such as employing an additional appropriately qualified employee
  • Risk acceptance: choosing to proceed on the full understanding of the risks posed
  • Risk transfer: taking out relevant insurance

Income protection is a tailored insurance product with options around when it will start to pay out, how long it will last for and what constitutes an inability to work. This isn’t just something to think about once you start a family, although it is more important then. Starting income protection early in your career is cheaper and provides guaranteed insurability.

If you are self-employed or have a shareholding in your business then shareholder protection can provide for your partners and your family if the worst was to happen. Shareholder / Partnership Protection can provide a fixed sum should a key individual be unable to continue to work. The benefit can go to the business to cover expenses in meeting any short term emergency costs, or to fund the recruitment of a replacement partner or director.

Remember, if your circumstances change for any reason let us know immediately, as the extent and type of insurance that you might need could change.

In the first instance in the event of any complaints please contact James Irvine on the form above. For more information about our complaints policy please visit.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.



The information and content contained within this website is subject to the UK regulatory regime and is therefore targeted at
consumers based in the UK.

Financial Planning Union is a trading style of Quilter Financial Planning Solutions Limited which is authorised and regulated by the
Financial Conduct Authority.

James Irvine is not authorised to give financial planning advice but could refer any queries to a suitably qualified financial adviser
within the Quilter Financial Planning network.

Quilter Financial Planning Solutions Limited is registered as a Limited Company in England and Wales No. 3276760. Quilter Financial Planning, Riverside House, The Waterfront, Newcastle upon Tyne, NE15 8NY.

Tax Planning, Commercial & Agricultural Mortgages and Buy to let Mortgages are not regulated by the Financial Conduct Authority