- Term Assurance
- Critical Illness Cover
- Income Protection
- Private Medical Insurance
- Business Protection
Independent pensions advice, tailored to suit your needs.
What is a pension?
A Pension is a tax efficient savings plan designed to provide you with an income in retirement to reduce your reliance on the State Pension. As we are generally living longer, retirement planning has become even more important and there are real benefits to starting your retirement planning early in life.
How can we assist with your retirement planning?
Smith, Law & Shepherds IFA Ltd provide pension advice to our clients in the following areas:
- A comprehensive review of all your existing arrangements, including any historic pensions you may have.
- An overview of the benefits you have built up to date and what this is likely to provide in retirement, using our sophisticated forecasting tools.
- Providing a plan to maximise your available tax allowances and exemptions.
- For those simply starting out, arrange an appropriate solution for your needs.
- Assistance for the Self Employed seeking advice to maximise their retirement from their business.
- Offering our clients a "Whole of Market" approach allowing Smith, Law & Shepherds IFA Ltd to find the best solution for you.
- Any Lifetime Allowance implications.
Smith, Law & Shepherds IFA Ltd are authorised and have the necessary permissions to deal with all types of pensions. We are able to provide a Pension Transfer Specialist service to review your Final Salary (Defined Benefit) company pension schemes.
The importance of regular reviews
Once we have tailored a solution to ensure you have the retirement you deserve, it is important that these plans are reviewed on a regular basis and you consider the following:
- Your retirement plans and goals
- Your existing arrangements
- Identify any shortfalls you may have in achieving your goals
The assistance of a professional adviser can be invaluable in this area of financial planning. Please get in touch to arrange a meeting to review your existing provisions. Any initial meeting is no obligation and at our expense.
Independent investment advice, tailored to suit your needs.
We aim to provde advice and recommendation in these areas of Investment and Savings:
- Individual Savings Accounts (ISAs) (Adults and Children)
- Unit trusts & Open Ended Investment Companies (OEICs)
- Discretionary Managed Portfolios (DFM)
- Investment bonds
- Investment trusts
- Venture Capital Trusts
- Enterprise Investment Schemes
- Inheritance Tax Solutions
- Structured Products
Contact us today for a free initial consultation.
Independent mortgage advice, tailored to suit your needs.
Smith, Law & Shepherds IFA Ltd provide whole of market advice for your mortgage needs, whether it is a mortgage for a main residence, a second home or a buy to let property. If you do not have the cash available to purchase a property outright, you will need to consider a mortgage and with it mortgage advice from one of our professionals.
We offer mortgage advice in the following areas:
- First time Buyers
- Home Movers
- Help to Buy
- New Purchases
- Commercial Mortgages
- Buy to Let
- Let to Buy
- Equity Release
- Bridging Finance
- Second Charge Loans
The benefit to you of working with us is that you will be guided through the options and risks of the different types of mortgages available. We will provide a personal service taking you from mortgage application right the way through to completion alleviating you of the stress of the transaction.
Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it. All enquiries will be passed to our qualified and regulated Mortgage Advisers within Smith, Law & Shepherds IFA Ltd. We typically charge a fee of £250 for providing advice and submitting your mortgage application. This fee becomes payable either on Application, receipt of a Mortgage Offer from the lender or on Completion and you will receive an invoice for this from Smith, Law & Shepherds IFA Ltd. We also reserve the right to charge up to £500 for more complicated mortgages due to the complexity and work involved over and above a normal mortgage application for example: Adverse Credit Mortgages.
Term Assurance is essentially a cost effective way of protecting your family.
Smith, Law & Sheherds IFA Ltd can provide you with whole of market advice to find the right product to protect you and / or your family.
Level Term Assurance: a policy that pays out a lump sum if you die within the specified term. The amount you're covered for remains level throughout the term – hence the name. The monthly or annual premiums you pay usually stay the same, too. You may wish to provide a lump sum to protect your family until they become financially independent.
Family Income Benefit: is a type of life insurance. Policies run for a set period of time known as the term. If you die within this period, the policy pays out a regular tax-free income until the end of the term.
Decreasing Term Assurance: covers you for a set term and pays out a lump sum if you die during the policy term. This type of cover is specifically designed to cover the reducing amount you owe on a capital and repayment mortgage, where the amount you owe decreases year on year.
Critical Illness Cover
Critical illness plans are designed to pay you out a lump sum of money if you are diagnosed with a critical illness.
Critical illness cover is a form of insurance which is designed to pay out a tax-free lump sum in the event that you are diagnosed with a specified illness or medical condition during the term of the policy, therefore providing you with peace of mind that you don't have to worry financially if, for example, you are diagnosed with an illness that meets the requirements of the provider from a pre-defined list e.g. Cancer, HIV, Stoke, Heart Attack etc.
The lump sum paid out by the critical illness insurance is to help with the extra costs incurred as a result of contracting a particular condition but it’s important to note that it only pays out if you contract one of a defined list of illnesses specified in your policy. It is important to remember that if you contract an illness which is not covered on your policy you will not be entitled to receive a payment of your lump sum benefit. As many of these policies differ in what they cover, you should always check your policy and consult with your adviser.
Unless you have substantial savings, Critical Illness insurance may well make sense for you, particularly if you need help with specialist equipment during your recovery or for paying everyday household bills such as a mortgage, gas electricity etc. How much you should have depends on your circumstances. If you have savings that you could rely upon then Critical Illness insurance may well be unnecessary and it may be more appropriate to look at covering your monthly income instead.
Critical illness policies are forever changing, and it is also important to make sure the cover you have is reviewed regularly, as you may be paying too much, or not have the appropriate level of cover.
Mortgage Life Assurance / Critical Illness
Combining both Decreasing Term Assurance and Critical Illness cover may help towards paying the outstanding debt on your mortgage. The level of cover is designed to decrease in line with your mortgage debt. This means that if you were to die or become critically ill, you may be able to pay off your outstanding mortgage loan dependent upon the cover selected to help safeguard your family’s financial future.
Income Protection / Permanent Health Insurance
Income Protection or PHI is designed to pay you a tax free monthly sum of money.
What is income protection insurance?
Formerly known as Permanent Health Insurance (PHI), long-term Income Protection (IP) is an insurance policy that pays out if you're unable to work due to injury or illness.
Income Protection usually pays out until retirement, death or your return to work, although short-term Income Protection policies are now available at a lower cost. Income Protection doesn’t usually pay out if you're made redundant, but will often provide 'back to work' help if you're off sick.
A staggering amount of people, both employed and self employed, would receive little or no sick pay if they were unable to work due to ill health and an even higher number of people would probably struggle to afford all of their outgoings for little more than a month.
How much does income protection pay out?
Income protection payouts are usually based on a percentage of your earnings: 50% to 70% is the norm. Payments are tax-free.
Income Protection policies only pay out once a pre-agreed period has passed, generally ranging from 1 to 12 months after you put in a claim. The longer the 'deferral' period you choose, the lower your premiums. The default deferral period tends to be 13 or 26 weeks.
Most IP providers report paying high proportions of claims made to them. For 2012, insurance giant Aviva published that it had paid 93.5% of IP claims whilst LV= paid 88.4%. British Friendly and Friends Mutual paid out 97% and 98% respectively.
Private Medical Insurance (PMI)
PMI is designed to ensure that if you need medical treatment in future.
What is Private Medical Insurance?
Private Medical Insurance is designed to ensure that if you need medical treatment in future, you won’t need to worry about NHS waiting lists or paying for the cost of the treatment. It’s designed to get you diagnosed and treated quickly, and will offer you a prompt referral to a consultant and admission to a private hospital at a time and place that is convenient for you.
Once you are covered you typically have a choice of private hospital from an agreed list provided by your insurer, most hospitals offer a private en-suite room, TV and a choice of food – Some even have menus that have been put together by Michelin star chefs.
SLS IFA Ltd. provides independent mortgage advice, tailored to suit your needs.
Key person insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business and whose absence would sink the Company.
When a business loses a key employee, a shareholder or a partner, the consequences can be dramatic. Profits can fall, loans might have to be repaid at short notice and at worst, the future of the business can come under threat. Businesses need to know that, even if the worst should happen to someone vital, they’ll have the means to stay on track.
At Smith, Law & Shepherds IFA Ltd, we can help you find a protection solution that is right for your business.
- Key Person Cover – Helps to protect your profits by paying your company a lump sum of money if a key member of staff were to die. There is also an option to add Critical Illness Cover to this form of protection to protect the Company in the event of the key member of staff being diagnosed with a serious illness.
- Shareholder & Business Partner Protection – Pays the Company a lump sum of money, in order to maintain control by purchasing shares from the deceased estate if a shareholder or partner were to die, or suffer a serious illness.
- Loan Protection – Pays a lump sum to the company to allow the repayment of any loans if a shareholder or partner were to die or become seriously ill.