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In our experience, many clients accumulate life assurance and income protection policies during their lifetime and as a result there is often little structure to them. This can result in over insurance or in a worst case scenario, under insurance.

Morley and Scott Financial Planning will undertake a review of your financial protection policies and discuss the review
with you with no commitment on your part. If it is agreed that work needs to be undertaken, the basis and level of remuneration will be discussed before the detailed work commences.

Our review will consider the following issues:

• Are the policies appropriate for your circumstances?

We will need to meet with you to establish how much financial protection you need and whether the plans you currently have in place are in excess or insufficient for your needs.

• Do your policies offer good value for money?

The cost of financial protection policies has fallen over the last ten years and we are often able to generate significant savings on like for like policies. We recently reduced a client’s monthly commitment by over 40%.

• Are your policies written in trust?

This can be achieved at minimal cost as most insurance companies provide the documents at no charge. The advantage of writing a life assurance policy in trust is two fold. First, in the event of a death claim the policy proceeds may be paid without waiting for probate to be granted which could otherwise result in a delay of a
year or longer.

The second relates to inheritance tax. If the proceeds of a death claim are not subject to a trust then they may form part of the deceased’s estate. This means that they may be subject to inheritance tax and taxed at 40% which can so easily be avoided with a little forward planning.

If you would like a review of your financial protection policies to be undertaken on your behalf then contact Andrew
Johnstone on 0207 387 5868 or andrew.johnstone@morleyandscott.co.uk