Insurance - Protecting the things that matter

You never know what’s going to happen, so it pays for you have a few tricks up your sleeve. Here at In Tune Financial, we passionately believe in protecting the things that matter. Below is our suite of products including a range of personal cover, home insurance and business prottection. Get in touch for your bespoke recommendation. 

Home Insurance

It doesn’t matter what type of property you live in; your home is no doubt your castle. Let us make sure your castle is secure.

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Home insurance comprises of two main parts, Buildings and Contents. It can either be taken as Building only, Contents only (normally for renters) or a combined Building & Contents Policy which often carries a discount.

What is Buildings Insurance?

Buildings Insurance covers the cost of repairing damage to the structure of your property. Garages, sheds and fences are also covered, as well as the cost of replacing items such as pipes, cables and drains. Most importantly, insurance should cover the full cost of rebuilding your house and is a basic requirement in taking out most mortgages.

What is Contents Insurance?

Contents Insurance covers you against loss, theft or damage to your personal and home possessions such as jewellery, TV’s, laptops, sofas. It can also cover you if you take items out of the home, for example, on holiday. The insurance covers your own possessions and those of close family members living with you.

Without a knowledge of the market, it is difficult to know you are getting a suitable product. Many comparison sites focus mainly on price and this could leave you exposed when you need it most. Making sure you have the right Home Insurance is something we are passionate about, here, at In Tune Financial. Get in touch to let us do your comparison for you!

Income Protection

Income Protection is a great way to provide extra financial security in case you can’t work due to an accident or sickness. 

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How far would it go if you had to survive on less than £100 per week Statutory Sick Pay that only lasts 28 weeks? What are your plans if you can’t return to work before your Occupational Sick Pay reduces/runs out? How long will it take you to run out of savings?

Whether you are employed or self-employed, Income Protection Insurance pays a regular income if you can’t work because of accident, illness or disability and continues until you return to paid work or you retire, whichever occurs first.

The amount of income you are allowed to claim will not replace the exact amount of money you were earning before you had to stop work. You can expect to receive up to 60/65% of your earnings before tax from your normal job. This cap is due to the benefit being paid tax-free and allows for State Benefits you may be entitled to claim.

You will have a waiting period before receiving your benefit payment which will normally be set between 1 week and 12 months. This is because you may not need the money straightaway if you receive sick pay from your employer.

The cost of the policy depends on a number of factors but at In Tune Financial one of our specialist advisers will be able to tailor a policy to suit all budgets.  

 

Life Insurance/Family Income Benefit

Life Insurance is a great way to protect your family in the event of your death.

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It provides peace of mind knowing that if you die, your family will be financially secure during the years that follow. It can be paid out as a lump sum or a regular monthly payment to provide your dependants an income. At In Tune Financial our team of specialist advisers will assist you in working out how much cover you might need and while this is not an exact science it is important to ensure you have enough to cover your mortgage, debts, and funeral costs. It is also important to consider the costs of things you would have contributed to such as your children’s future tuition costs, etc.

In the event of a terminal illness diagnosis, the benefit can be received at this point, often allowing the policy holder to make plans and take care of their dependants before their death. Some of our clients have planned and used this type of payment to make memories and do something they have dreamt about from their bucket list.

 

Critical Illness Cover

Critical illness cover is a great way to protect yourself from the financial worries that come with serious health conditions. 

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At In Tune Financial we continually speak to people who haven’t got round to it or worse still, wish they’d got round to it…..People often say they are confused or don’t know what they need. At In Tune Financial, we have a dedicated team of advisers who do this daily and will tailor a package to suit you and your family.

The NHS quote on their website that “1 in 2 people will develop some form of cancer in their lifetime”, so it should come as no surprise that it is the most claimed on illness on a critical illness insurance policy. It would probably feel like value for money if this was the only illness you were covered for, but your Critical Illness Plan is so much more than this. In addition to covering, you for other high profile serious illnesses such as Heart Attack, Stroke or Multiple Sclerosis, we have policies which help bring you financial support for up to 182 illnesses.

It’s not just for you though. Sadly, one of the most utilised benefits on a Critical Illness Policy is Children’s Cover. Nobody wants to think this will ever happen, but it is common and when it does, we want you to have the financial support to help deal with the financial impact on your family life. A Children’s Critical Illness claim will pay out a lump sum, that will not impact on the policy holders cover, allowing you to supplement things like reduced hours in work or adaptations to the house…You could even use it towards treatment you might otherwise have been unable to access.

In addition, some of our policies can include smaller payments for other conditions such as fractures or may offer physio sessions to help you in the event of injury. Furthermore, if you have ever had difficulty in contacting your GP, we also have policies that include remote GP services for you and your family where prescriptions can be issued remotely same day.

Business Protection

Protect your business with a range of options from, Relevant Life Cover, Ownership (Shareholder) Protection, Key Person Insurance, Business Loan Cover, Executive Income Protection & Group Private Medical Insurance.

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When you build a business to be proud of, it is vital that you protect its future ownership and sustainability.

 Shareholder Protection (Ownership Cover)

Would the death of a shareholder open the door to an outsider acquiring part of your business? Would their involvement be a help or a hindrance? Would you have the money to buy them out? How important is it for you to retain control?

 Shareholder Protection removes the uncertainty by allowing business owners to buy shares back from a co-shareholder who is diagnosed with a critical or terminal illness, or in the event of their death. This policy helps surviving owners stay in control and minimises disruption to the business. Written in Trust for the surviving business owners and coupled with a Cross Option Agreement, this pre-agreed plan makes a complex situation, much more straightforward and provides the deceased’s family with the funds to ensure they do not suffer financially at an already difficult time.

Key Person Insurance

How would your business be impacted if a key member of the workforce died or suffered from a critical illness? Imagine your business without them, whether that’s for a few months, years or if they can never return? What difficulties does that present? If they are vital to the turnover of the business, would you be able to pay staff and suppliers? Could your business reputation be damaged?

While the unforeseen circumstance may be outside of your control, what happens to the business in this circumstance is not. Key Person Insurance (often called Key Man Cover) protects the business against loss of profits should and employee become critically ill or die. Using the lump sum of money as the business see fit, it might go towards the finding a replacement or plugging the gap in profitability and protecting the business until your Key Person can return or need to be replaced.

Relevant Life Insurance

Relevant Life Insurance (RLP) is a tax-efficient Life Insurance policy for business owners, directors or single employees paid for by a limited company. In the event of the insured individual’s death, the cover pays out a lump sum tax-free benefit to financially support the loved ones of the deceased.

Some benefits of Relevant Life Insurance are:

  • Pays out on death or terminal illness of the insured
  • As much as 49% cheaper than the equivalent Life Insurance Policy
  • Available to age 75
  • Pay-outs are typically not included in the total maximum pension lifetime benefit calculations
  • Help attract and retain staff by offering to employees as part of their benefits package

 

Get in touch with our specialist advisers at In Tune Financial for more information.

 

Business Loan Protection

If your business operates with any form of debt, it is important to consider Business Loan Protection. Business Loan Protection provides funds to repay debt such as a business loan, commercial mortgage, or a director’s loan if one of the business owners dies or suffers a critical illness.

It is important to consider everyone’s liability for the loan so the policy can be set up suitably for anyone responsible for its repayment. It will be set up as either decreasing or fixed sum assured but the term of the cover needs to match the term of the loan.

  • Commercial Loans & Mortgages
  • Directors Loans
  • Personal Guarantees
  • Venture Capital Loans

 

An executive income protection policy is designed to cover the sick pay of an individual who is unable to work due to illness or injury. The benefit is paid to the company, not the employee, while tax is paid on the benefit when it is passed on to the employee.

 

Executive Income Protection has many other benefits over personal income protection, and the cover can include:

  • Salary
  • Dividends
  • Dividends paid to a spouse or partner
  • Employer pension contributions
  • Employer national insurance contributions
  • Allowed up to 80% of gross annual income

 

 

Group Private Medical Insurance (PMI)

Ensuring your employees can be seen, assessed, and treated quickly could be an invaluable way to reduce absence and increase profitability within your company. At a time when NHS waiting lists are growing, it is important to not to allow your most important business asset to become affected by this.

Benefits to the company:

  • Offering PMI as part of the employee benefit pack will help to attract & retain employees.
  • Helps recue the cost of sickness to the company and increase profitability.
  • Allowable business expense for corporation tax purposes.
  • Caring employer.

Benefits to the Employee:

  • Diagnosis and treatment quickly with no NHS waiting list to contend with.
  • Choose where and when to have treatment.
  • Extend cover to family members.
  • Remote GP services (often 24/7)
  • Less time spent on reduced sick pay

Private Medical Insurance

Diagnostics and treatment for you and the family when and how you want it….The wait isn’t worth the worry.

 

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A concern over a loved one’s health is a terrible situation but adding the stress of waiting weeks, months, or even years to find out what is wrong is not something you should have to do. At In Tune Financial, we can guide you through a tailored quote to suit your budget. 

Some benefits available with Private Medical Insurance Include:

  • Acute Conditions (where symptoms develop quickly, and treatment is short term)
  • Specialist Consultations
  • Private Hospital Stays
  • Diagnostics Tests
  • Cancer Treatment
  • Oral Surgery
  • Mental Health Support
  • Remote GP Access (Get your referral without having to wait for your own GP appointment)
  • Many more benefits

Get in touch for a quote today.

 

Talk To Our Expert Team

We know how important it is to get your questions answered and we’d like nothing more than providing you with the right answers. If there’s anything in particular on mind, just ask away!