Insurance can be used to protect yourself and your family against the risk of financial loss as a result of sickness, death and tax.

The protection that most are familiar with is life assurance and this can be an important safeguard, but not everyone needs it: it pays out a lump sum or an income on death so if you are a single person with no dependents it might be a waste of time.

There are many different varieties of life cover you can choose and your own needs will determine how you should set up the benefits to be paid.

You may only need life cover within a specific term to cover a liability such as a mortgage or to ensure children can complete their education.

It might be that you need a policy that will pay out on your death regardless when that is rather than within a set term, perhaps you are trying to mitigate inheritance tax and need the policy to pay on the second death of you or your spouse.

You may have been a teacher for a while and have generous sickness benefits that pay for potentially up to a year (6 months full pay and then 6 months half pay) but what happens after that?

Permanent health policies can be used to protect your income – but the benefits they offer differ from provider to provider and many will specifically exclude teachers for some key benefits.

This could mean that an insurer will issue a policy but you may be paying for a policy that is not giving you as much protection as you think.

Critical illness cover can be very useful in the event of a life changing illness or disability but it is very hard to compare policies on price alone because the number of illnesses or the severity of illness required for a specific claim will be quite different from provider to provider.

It can often be a good idea to place some types protection policies into trust, but which policies and which type of trust is going to be the most appropriate for you?

Fortunately, we can guide you through the maze and highlight any potential financial vulnerabilities that could be insured and then break down the likely costs, identify the most suitable provider and if necessary complete the trust paperwork for you.