Protection Planning

Protecting the important
from the unexpected

Ensuring your
family aresavings areincome isfuture is

protected, no matter what
comes your way.

Giving you confidence in your future

Protecting what we love, what we hold most dear is the essence of protection planning. Making sure you have the finances in place to do so comfortably and effectively is where we can help.

Life doesn’t come with a guarantee. To give you confidence in the unknown, we provide advice and services covering all forms of life insurance, critical illness cover and disability insurance. This way we can ensure that the plans and products we advise on fit your needs and circumstances and give you the confidence to live your life the way you want to.

How we work

Protecting your income

Income protection should be seen as one of the foundations of financial planning. Having it in place gives people the reassurance that a replacement income would be paid during a time they might be off work due to an accident or serious illness.

Protection planning is more than simply buying a life insurance policy – it’s about optimising the effectiveness of your wealth for the next generation. Without proper protection in place, you may not be able to guarantee that your wealth is passed to those you intended, in the way you intended. But there are strategies you can employ to ensure your loved ones benefit from your wealth.

Paying for long term care

Find out how you can pay for your, or a loved ones care in later life

Meeting with you

Find a way to meet with us that suits you.

Protection and Mortgages

Using protection and mortgages to boost your future

Your home may be repossessed if you do not keep up repayments on your mortgage

How much will you need for long-term care?

There is still a significant percentage of people who believe, wrongly, that long-term care is covered by the NHS, and so the state will pay no matter what – despite the additional awareness created by the government’s recent health and social-care policy announcement.

The average cost of a residential care home is a staggering £34,944 per year in the UK, and in the South East of England it could be over £45,0001. Costs of nursing homes with extra support are even more costly, averaging around £48,7241 per year and around £63,1281 per year in the South East of England. 1

Even the cost of care in your own home could get expensive– for example, if you assumed 2 hours of care per day over 7 days, it could cost around £15,000 per year2.

From October 2023, the government will introduce a new £86,000 cap on the amount anyone in England will need to spend on their personal care over their lifetime3.

Of course, selling your home is one option – but not always necessary. Other courses of action you could take include:

Income: This could be from your pensions and existing savings and investments, or rental income, and might be enough to cover some or all of your care costs.

Savings: This could include money you hold in cash, ISAs or other savings accounts. Here, you’ll need to be careful your capital isn’t eroded too quickly as interest rates are currently so low.

Investments: Unit trusts, shares and investment bonds are the most common options here. However, caution is required as the investments that offer the greatest potential chance of growth are usually the highest risk, therefore striking a balance will usually be important.

Immediate needs annuities: These are also known as ‘care fee plans’. In return for a one-off lump sum, you receive a guaranteed tax-free income for life, as long as it’s paid directly to the care provider.

Equity release: If you are receiving care in your own home, various options are available here, which all involve borrowing against the value of your home, which will be paid back after you die and when the property is sold.

Renting: Letting out your property is a way of receiving an income while also not having to sell it, thus allowing you to pass it on to your loved ones as part of your estate. However, management costs can eat into a lot of your income and you also run the risk of the property being vacant.

Deferred payment agreement: If you qualify, this enables you to receive a loan from your local authority secured against your home. The debt must then be repaid, plus interest, within 90 days of your death, usually through the sale of the property.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

Equity release is a lifetime mortgage or home reversion plan. To understand the features and risks associated with such products, please ask for a personalised illustration.

1 Laing and Buisson Care Homes for Older People Report, 32nd edition, 2022

2 Moneyadviceservice.org, 2021

3 Gov.uk, Operational guidance to implement a lifetime cap on care costs, 2022

Keeping you safe during Covid

Discussing your finances is a deeply personal affair. We have taken precautions over the last 18 months to meet with clients safely and through a medium of their choice. We offer face to face, virtual or phone meetings to suit your preference.

Keeping you safe and informed

Caring for clients is our highest priority. This is why we do everything to suit your needs, meeting on your terms. During Covid we introduced a raft of changes to keep staff and clients safe. If you wish you can return to face to face meetings with one of our advisers, however if you would be more comfortable, we are happy to accommodate and continue meeting virtually or by phone.

 

If you would like a meeting, please fill in the form below and we will get in touch within 24 hours.

Our meetings are no obligation and are held at your discretion.

 

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    Lester Brunt Wealth Management together with St. James’s Place Wealth Management plc are the data controllers of any personal data you provide to us on this form and any further information which you subsequently provide to us. For further information on our uses of your personal data, please see the Partner Practice’s Privacy Policy which can be accessed on their website and St. James’s Place Wealth Management plc’s Privacy Policy which can be accessed at www.sjp.co.uk/site-services/privacy.

    Your home may be repossessed if you do not keep up repayments on your mortgage

    In an age where the online world is at our fingertips, why shouldn’t your wealth management be there as well? Our Online Services allow you to access all your wealth investments in one smart place. Whether you’re already registered, or just about to, here are some great features that can help you get the most from your online account.

    Online registration:

    Registering for Online Services with an activation code allows instant access. If you haven’t got a code, please contact your adviser. Registering online ensures all information is password protected.

    Set your preferences:

    Set your communication preferences to receive your digital reports and electronic correspondence.

    Self-service:

    Make online debit card payment for ISA and any JISA top ups with a debit card

    linked to your account, on demand and at a time that suits you. Make payments to Unit Trusts, Retirement Accounts and new ISAs. (Speak to your adviser in order to get this process started) View the value of your investments in a range of currencies and see a breakdown of

    this valuation. Instant notifications when a new document is available to view.

    For every client opting for paperless correspondence, St. James’s Place will donate £5,to the St. James’s Place Charitable Foundation.

    The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

    The favourable tax treatment of ISAs may not be maintained in the future and is subject to changes in legislation.

    Investing in their future:

    Less well-known is that children can also have a pension fund as soon as they are born – and setting one up can bring significant tax advantages. Even if your child is a non-taxpayer, they will still get basic-rate tax relief on contributions. That means a maximum of £2,880 a year is automatically grossed up to take account of tax at 25%, giving an annual investment of £3,600

    What we offer

    Income Protection

    Income protection should be seen as one of the foundations of comprehensive financial planning. Protection planning provides reassurance that a replacement income would be paid, in the event of time off work due to an accident or serious illness.

    Life Assurance

    The two basic forms of life assurance come as either term assurance, which covers a specific amount of time, or whole of life assurance, which will provide a lump sum whenever death occurs, provided contributions have been maintained for the duration of the plan.  

    Critical Illness (Life Cover)

    The future is undetermined, but critical illness cover can provide financial support if you’re in an accident or develop a major illness and suffer financial consequences as a result of taking time out of employment. Critical illness plans can provide a lump sum on a term or whole life basis. 

    Employee Benefits

    Whether you’re setting up employer benefits for your staff or require assistance understanding the employee benefits you’ve been given by an employer, an adviser will offer tailored advice. Before making a recommendation, we spend time fully understanding your circumstances to determine a cost-effective strategy that can fit with your plans. 

    For more details about services that we offer reach out to us on 01202 695801, or click the button below.

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