James and his wife Monica, both 30, work together as interior designers. Monica is pregnant and they want to revisit their insurance. They currently have only a £120,000 joint life policy on their mortgage and nothing on their business together. Where do they start?
Ian Smart, Bright Grey James and Monica are right to be concerned about the level of protection they have, especially as they have a child on the way. Assuming they have no health problems and Monica’s pregnancy is progressing normally cover should be easy to obtain. Running their own business they should both make sure they have adequate income protection to provide them with an income if they become ill. Assuming they operate as a partnership rather than a limited company, they can simply take out own life policies and will typically be able to get cover based on a percentage of th...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
