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Personal Insurance
Personal Insurance is a much neglected part of most client’s financial plan. All too often we see that little or no insurance exists and where it does exist it is either linked to employment or covering a financial obligation such as a loan or a mortgage. Illness, long term disability and ultimately death of a bread winner or partner can have a devastating effect on a family’s financial well being and as such it is an area that needs careful consideration.
Life Assurance

The cornerstone to building an effective personal protection portfolio is to protect your family and loved ones in the event of your death. Death is not a subject we choose to talk about but it is something that must be considered as premiums increase with age and so the sooner it is addressed the better.

There are a range of Life Assurance options available and ICHOR can advise you on the type of cover most suited to your needs. The the two most popular forms of Life Assurance are:

Term Assurance

• Provides a lump sum payment in the event of death for a fixed number of years for example until retirement age.

Whole of Life Assurance

• No fixed term and will pay out on death regardless of when that maybe.

• Premiums can be structured to cease at age 65 with benefits paid on death or at age 100.

• Can be written on a joint life second death basis and written in trust for example to cover inheritance tax

Critical Illness

One in three people will suffer a critical illness before age 65. Critical illness cover is a long-term insurance policy that will pay out a lump sum if you suffer one of the specific medical conditions or injuries listed in the policy. Careful consideration needs to be given when selecting a policy as not all conditions are covered and policy the may state how serious the condition must be before payment is made.

Income Protection

The question of whether or not this is something that you need is fairly simple, all that needs to be considered is would your current employer continue to pay you a full salary if you were unable to work for an extended period? If the answer is no then you should consider adding Income protection to your insurance portfolio.

• Pays a percentage of your income on a monthly basis in the event that you are unable to work through injury or illness.

Long Term Care

Unlike traditional Medical Insurance. Long Term Care Insurance is designed to reimburse policyholders a daily amount up to a pre-determined limit, for services to assist them with the activities of daily living such as bathing, dressing or eating. You are able to select from a range of benefits and the cost of the policy is based on:

• Age at policy commencement
• Amount payable daily in the event of a claim
• The total maximum amount payable
• Any optional benefits that maybe included
• State of health at inception and family history may also influence premiums.

Private Medical Insurance

Although countries like the UK offer free comprehensive medical care, many countries do not. This is of particular concern to expatriates who may not only live in a country that does not offer free medical cover but may travel to countries where public health services are poor and private clinics expensive.

If your company doesn’t provide Medical Insurance or you are self employed, then you should consider establishing your own Private Medical Insurance.

There are a number of companies specialising in this field offering various levels of benefits and cover and ICHOR Partners is able to review these on your behalf so that you can select the right policy to meet your specific requirements.