BJB Life & Pensions Ltd.

We are here to protect you throughout you and your families’ life and careers.

Areas to consider • Your Family • Yourself • Your mortgage which is effectively your home • Long Term Care • Inheritance Tax • Your Business

None of us need protection until we need it! A truism if ever there was one but here at BJB we take our customers needs very seriously and we are keen to help people avoiding all the traps and pitfalls that life may present. There are many financial products in the market place that are designed to protect members of the family throughout their lives. It is our role to ensure that you are given the proper facts and benefits of this range of products. Outlined below are just some of the contracts available to make the tough times of your life just a little easier.

LIFE PROTECTION PLANS Mortgage Protection or Term assurance will pay out a specific sum of money during a given time period usually to pay off a mortgage. There is no maturity value to the plan and the benefit is paid out Tax free. Premiums are set out the outset and with Life Cover premium rates falling as we live longer this is often a very cost effective way to insure a debt. The sum assured can be level or decreasing in line with the falling balance of a loan. The latter contract often having cheaper premiums. We are all used to products increasing in price these days but for most of us the cost of life cover has fallen dramatically over the last few years. Few people can afford to be without some form of cover

CRITICAL ILLNESS COVER This plan pays a lump sum to your estate should you die but importantly many of us actually survive a serious illness and it is then we need financial help. The most up to date policies will pay a lump sum of between 10% and 100% if a plan holder is diagnosed with a serious illness such as a cancer or suffers a heart attack or a cancer. The amount paid depends how severe your illness is. Traditionally approximately 35 illnesses were covered but now we can be covered for up to 154. Premiums can be set on a guaranteed or reviewable basis.

FAMILY INCOME BENEFIT Similar to term assurance but this plan will pay a monthly tax free income in the event of death to the dependants up until the end of the term of the policy.

PROTECTING YOUR INCOME We are all unable to see around life’s corner and with a regular income going in we know most of it goes out to pay those bills. It therefore makes huge financial sense to put a little aside to invest in a plan to protect that income if we cannot work through illness, injury, or unemployment. Permanent Health Insurance is designed to provide you with an income if you are unable to work because of illness or injury. Policies are usually written to age 65. Accident Sickness and Unemployment polices (ASU) are written to accompany mortgages and last for 12 months. The plans are variable in that often Unemployment can be removed and the plans could be written to work alongside a PHI plan making a very cost efficient option.

LONG TERM CARE Protection may be needed to provide a planned way to pay for some , or all, of the cost of long term care required because of long term illness or age. Long term care costs include domestic help, physical aids, medical services and nursing home care. There are state benefits but these rarely cover all the non nursing costs of long term care and some benefits are means tested. Therefore there is a need to provide cover to prevent undue reliance on State benefits which may not be available.

PROTECTING AGAINST INHERITANCE TAX Inheritance Tax (IHT) is a tax payable on death and certain lifetime gifts. Thus, an individual’s death may result in an IHT bill for their beneficiaries and there may be a need to protect against this. This would be in the following cases Death Estate, Potentially Exempt Transfers and Chargeable Lifetime Transfers. It could be said that protection in this matters is not as important as in other places but many people begrudge making tax payments and there are legitimate methods to soften the blow.

PROTECTING YOUR BUSINESS Whether you are a Sole Trader, in a Partnership, or a Director you have many and differing financial protection needs. This particularly applies to small businesses where the owner’s wealth is tied up in their business. This applies even more so to young businesses which have few resources and reserves. Sole Traders for example are responsible for all the business debts, so protection may be needed may be needed to avoid the family becoming responsible for those debts. Many businesses employ Key members of staff because of their skill, commitment or input into the business. If a Key member dies the whole business could be seriously damaged. At least with Key Person cover the business can take stock and take time to recover. When a company Director dies someone else will inherit their shares and issues arise such as: Will the surviving directors be able to work with the heir? Will there be a takeover bid? Will the heir be willing or able to contribute to the business? Should there be a plan in place to enable the surviving Directors to buy the deceased Directors shares from their estate? Many small businesses are partnerships and if one partner dies or cannot work prematurely the whole business can be derailed or it may be a case of the surviving partners dependents wishing to buy the deceased stake in the business from the Estate. That is why it is important all these issues and more are explored and acted upon before they are needed.

BUILDINGS AND CONTENTS INSURANCE. At BJB we have a panel of General Insurers who we can approach to give you value for money Buildings and Contents cover to ensure your most important asset and all your contents and belongings are protected if an eventuality occurs.

In conclusion our objective is to provide all customers with value for money and appropriate cover that is within their affordable monthly budgets. No one should buy or be sold products that are unsuitable. We enter into proper discussion and fact finding with every customer we see. This enables us to produces reports and quotes that mirror exactly our customers’ needs. Our aim is always to treat our customers fairly and ensure that wherever possible all your needs are covered.