RETIREMENT PLANNING
Personal, Business & Mortgage Protection
Protection is not about expecting the worst. It is about making sure that the best plan you have does not fall apart if something changes. We research the whole market to find the right cover at the right price for you, your family, and your business.
Personal Protection
For individuals and families who want to protect their income, their mortgage, and the people who depend on them.
LIFE INSURANCE
Level term, decreasing term, and whole of life policies. We match the right type and level of cover to your specific commitments (mortgage, income replacement, family provision) across the whole market.
INCOME PROTECTION
Replaces a portion of your income if you are unable to work due to illness or injury. One of the most underused but essential forms of cover, particularly for the self-employed and higher earners whose employer sick pay is limited or non-existent.
CRITICAL ILLNESS COVER
Pays a lump sum on diagnosis of a specified serious illness (cancer, heart attack, stroke, and others depending on the policy). Can be used to fund adaptations to your home, replace lost income during treatment and recovery, or even clear a mortgage.
FAMILY INCOME BENEFIT
Pays a regular monthly income rather than a lump sum on death. This is often more practical for families who need to replace a salary rather than manage a large capital sum. Typically less expensive than equivalent lump-sum life cover.
Business Protection
For business owners and directors who need to protect the business itself, not just their personal position.
KEY PERSON INSURANCE
Taken out by the business on an employee or director whose absence would significantly impact revenue, operations, or the ability to service debt. The business pays the premiums and receives the payout. One of the most common protection gaps we identify in business owner reviews (and one of the most serious).
SHAREHOLDER PROTECTION
Funds the purchase of a deceased or critically ill shareholder's shares by the remaining owners, typically structured alongside a cross-option agreement. Without it, a deceased shareholder's estate may inherit shares and become an unwilling business partner (or force a sale at the wrong time and the wrong price.
RELEVANT LIFE POLICIES
A tax-efficient alternative to personal life insurance for directors and employees. Premiums are treated as a business expense, the benefit is not subject to income tax, and the policy sits outside the employee's estate for IHT purposes.
GROUP INCOME PROTECTION
Provides income replacement cover for employees as a group scheme. An increasingly valued employee benefit, particularly for businesses competing for senior talent. Premiums are usually a tax-deductible business expense. Also available as an 'executive' plan.
Benefits of insurance products will be put at risk or cease altogether if premium payments are not maintained.
Why Independent Advice Matters More Than You Think
Protection products can look similar on the surface but differ significantly in price, definition, and exclusions. The definition of "own occupation" income protection, for example, is far more generous than "any occupation" and the difference in how a claim is assessed is enormous. An insurer's underwriting approach can also vary dramatically based on your medical history, occupation, or lifestyle.
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As a whole-of-market independent firm, we research all available options without commercial obligation to any insurer. We also help you complete your application accurately. That matters because non-disclosure at application stage is the most common reason claims are rejected.
Protection - Your Questions Answered
What is income protection insurance and do I need it?
Income protection insurance pays a monthly benefit — typically 50–70% of your pre-illness earnings — if you are unable to work due to illness or injury. It continues paying until you return to work, or until the end of the policy term if you cannot return. The most important features to understand are the incapacity definition (own occupation is the most comprehensive), the deferred period before payments begin (4, 8, 13, or 26 weeks — aligning with your employer sick pay or savings), and whether the policy is short-term or long-term. It is particularly important for the self-employed, company directors, and higher earners whose employer sick pay runs out quickly. Most people significantly underestimate how long they would need to be covered if they could not work.
What is key person insurance and does my business need it?
Key person insurance is a life or critical illness policy taken out by a business on an individual whose absence — through death or serious illness — would have a material impact on the firm's revenue, operations, or ability to repay debts. The business pays the premiums and receives the proceeds. The money can be used to cover lost profits while a replacement is found, to fund recruitment, or to service business loans. Most SMEs are significantly exposed to key person risk without realising it. A business with two directors, for example, where one director drives the majority of client relationships or technical capability, is highly vulnerable if that person becomes unable to work. We assess key person exposure as a standard part of any business owner review.
What is shareholder protection and how does it work?
Shareholder protection is a life assurance arrangement that funds the purchase of a deceased or critically ill shareholder's interest in a business by the surviving shareholders. It is typically structured alongside a cross-option agreement — a legal document giving the surviving shareholders the option to buy and the deceased's estate the option to sell, at an agreed valuation. Without this arrangement, a deceased shareholder's shares pass to their estate, which may have no interest in the business, no expertise in it, and could force a sale or create management deadlock at exactly the wrong time. Shareholder protection ensures business continuity and gives the family a fair price. The cover is arranged on the lives of each shareholder, with the sums assured aligned to each person's shareholding value.
What is a relevant life policy and is it better than personal life insurance?
A relevant life policy is a life assurance policy taken out and paid for by an employer on the life of an employee or director. The premiums are treated as a business expense, so they are tax-deductible for the company. The employee does not pay income tax or National Insurance on the premiums — unlike a personal policy paid from salary. The benefit is paid into a trust and is not subject to income tax and falls outside the employee's estate for IHT purposes. For a higher-rate or additional-rate taxpaying director, a relevant life policy can be significantly cheaper on a net cost basis than a personal policy of equivalent value. It is one of the most tax-efficient protection solutions available for limited company owners.
Our Fee for Protection Advice
Protection advice is one of the only areas where commission can be paid to us from a product provider. Our service has a minimum fee of £500 which will generally be offset by any commission received if you proceed with a recommended product. This covers a full review of your existing cover, a needs analysis, and a written personal recommendation based on research across the market. We arrange the policy on your behalf and handle the application process. Download our Key Facts for full fee details.
Related Services
TAX & ESTATE PLANNING
Life insurance written in trust is a core estate planning tool. The two services work best when planned together.​
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BUSINESS OWNERS
Key person and shareholder protection are essential for any business owner review.​
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RETIREMENT PLANNING
Protection needs change as retirement approaches. Cover that made sense at 45 may need reviewing at 55.
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Not sure whether you have the right cover?
We will review your existing protection, identify any gaps, and give you an honest view of what, if anything, needs to change.
Email : email@blackmountwealth.co.uk | Phone : 0141 286 4342