Protecting your future

at Boden Samuel, told us why WORDS BY TOM YOUNG

If you’ve just bought your first house, your first thought might not turn to: ‘How I am going to keep it?’ After all, you’ve already been approved for the mortgage – surely you must be set? But what happens if you suddenly lose vital income in the future?

“Our work is about helping people protect their families,” says Aaron Sanderson, performance director at Boden Samuel. “We offer both mortgages and insurance and protection products – it’s not only about getting your home, but keeping it.”

Protection products generally fall into four categories: life insurance, critical illness insurance, buildings and content insurance, and income protection.

“There’s no catch-all – they all complement each other. If you were off work sick for six months, you might be covered by critical illness (employer sick pay), but if you were still unable to work beyond that, income protection covers your family and lifestyle. It’s about 60% of your gross income, so there’s still an incentive to get back to work!”

Aaron observes that income protection is often only sold after a conversation with an adviser – it’s not usually something people seek out on a price comparison website – but it’s statistically the most valuable.

“Life insurance is the ‘nuclear option’, but there are many more common ways to lose income than death, so it’s wise to be prepared for anything.”

Boden Samuel also specialises in mortgages for clients with complex incomes (such as directors of limited companies) and business protection services – a collection of products aimed at business owners. These include... ◆ Shareholder Protection If two partners (shareholders) own a business and one dies, leaving their shares to their spouse who knows nothing about the company, this would provide the surviving shareholder with the funds to buy them out. ◆ Key Man Insurance This protects the business against losing an employee who is vital to its operation – funds can be used to cover the costs of recruiting their replacement and cover continuity in the meantime. ◆ Death in Service Benefit Many large employers offer this as part of their employee package; effectively life insurance but paid for by the employer. Not only can this help SMEs offer more value to their employees, it can also help reduce your corporation tax liability. ◆ Private Medical Insurance This can be provided as an employee benefit to grant your staff access to private medical help when needed, removing the reliance on the NHS and its current waiting times.

Boden Samuel is keen to work with SMEs to talk them through the protection products that are available to them (as well as support any financial wellbeing initiatives you want to run for your employees) and is willing to visit the offices of those businesses, or have them visit their own.

“For all our products, we get access to more features and benefits than you’d find online, and ensure you get the best coverage – tailored to your circumstances, not just the best price.”

To speak to an expert advisor for either mortgages or protection products, visit bodensamuel.co.uk.