Financial protection for yourself, your family and your business can make a tangible, positive difference to your life and those you care about, today and in the future.  

Through tailored services that could include Critical Illness Cover, Income Protection and Whole of Life Protection Plans, your Bower Wealth experts will help to ensure your wealth – and what matters most to you – are meticulously safeguarded. 

Although you’d probably list your most important assets as being your business, your home or your investments, we believe your most important asset is you. So it makes sound financial sense to ensure you are properly looked after and your world is protected. 

For example, let us look at the financial impact you would experience if you were unable to work: 

As a simplified example: 

If you earned £100,000 per annum and had the usual tax allowances, you would take home approximately £67,049 (Tax year rules applied for 2023/24). If you were unable to work for 10 years due to incapacity, you would lose £670,490. You could also be missing out on pension contributions and your ability to invest, therefore, losing out on 10 years’ worth of compounded growth. Simply put, unless you have enough liquid assets to cover this loss and, more importantly, not miss it, you need to have a robust insurance policy in place. 

Talk to your experts at Bower Wealth today. We will get to understand your position in life, and what’s important to you. We can begin suggesting the most tailored, cost-efficient protection plans. 

These are the four main personal protection products available: 

Life Insurance 

Did you know that every 90 seconds, someone in the UK gets diagnosed with cancer (Cancer Research? And every five minutes, someone is admitted to hospital with a heart attack (British Heart Foundation)? If the worst happens, the right level of Critical Illness cover will pay out a lump sum (and help you focus on getting better, knowing you do not have to worry about money). 

To find out more, read our things to consider section below.

Critical Illness 

Whilst not the most cheerful subject, Critical Illness cover can be crucial. Every 90 seconds, someone in the UK gets diagnosed with cancer (Cancer Research 2022). And every five minutes, someone is admitted to hospital with a heart attack (British Heart Foundation 2022). 

Getting the right level of cover will pay out a lump sum and will help you focus on getting better knowing you do not have to worry about money.  Please refer to the things to consider section below.

Income Protection 

If you become too ill to work, statutory sick pay is unlikely to meet your needs. That’s why income protection is so important. With our Income Protection plan in place, you will receive a proportion of your usual pre-tax earnings while you are out of work. (The payments you receive will be tax-free if the premiums are paid from your own personal account).  

Whole of Life 

This type of policy is designed to give you cover for the rest of your life. It also helps you protect your wealth – and provide for your family – when you die.  

A Whole of Life Protection Plan ensures your family will receive a lump sum after your death. It can also be used to protect their lifestyle, living expenses, or to fund inheritance tax liabilities.  

For business insurance policies, please refer to the corporate planning page. 

Things to consider 

Life Insurance

  • This is not a savings or investment product and has no cash value unless a valid claim is made  
  • If you stop paying premiums when due, your plan will be cancelled, and you won’t get anything back  
  • You won’t be covered if your terminal illness does not meet the insurer’s definition. Please check the policy information before taking out a plan 
  • If your life insurance is to cover your mortgage, your policy may not completely pay off your outstanding mortgage, unless you make sure your amount of cover is adjusted to match any new mortgage arrangements. If you take out Decreasing Life Insurance, you should also check that the interest rate on your mortgage does not become higher than the rate applied to the policy 

Critical Illness 

  • If you die, then the cover will end for a single life policy. If you have a joint policy, when the first person dies and makes a valid claim, your Critical Illness Cover policy can continue.  
  • Plans may not cover all the definitions of a Critical Illness. The definitions vary between product providers and will be described in the key features and policy document if you go ahead with a plan. 
  • If the policy has no investment element, then it will have no cash-in value at any time and will cease at the end of the term. This means that should you not be diagnosed with a severe illness before the policy ends, you won’t receive anything back once it stops. 
  • If you stop paying premiums when due, your plan will be cancelled, and you won’t get anything back.