Health Related Insurances:
Advice in all of the areas of assurance, such as life, critical illness, private medical insurance, long term care and permanent health insurance are a further area of Fraser Spy's expertise.

All clients and companies alike have vastly differing needs and it is important that all are aware of the potential benefits and changes that such assurances can provide.

Business assurance, director share protection, partnership cover, key person assurance and inheritance tax mitigation are also essential areas advised upon.

Private medical insurance (PMI):
With NHS hospital queues still burgeoning, private medical insurance is appealing though often expensive.
What you pay for is what you get. Premiums are worked out on the basis of age and the type of cover required. There is such a wide range of different insurances to choose from.

At the basic level PMI clicks in when you need specialist treatment or if a medical emergency arises. Some policies cover you if the NHS cannot provide treatment within a certain period of time. At the luxury end of the market there are policies that cover a wide range of medical services such as dentistry, eye care and even spectacles although the more a policy covers the higher the premium will be.

PMI is complicated for those approaching it for the first time. In order to make sure the policy you choose is the right one to meet your needs it is worth speaking to an adviser who has specialist knowledge in medical policies and can guide you through the maze of different offerings on the market.

Critical illness:
Considering just how many lives are wrecked by critical illnesses such as Heart Disease, Cancer and Aids it is surprising that more people do not take out critical illness insurance.

The principle is straightforward; in the event of an illness being diagnosed the insurance company will pay out a lump sum. Often critical illness cover is combined with other types of insurance and may even provide an investment element such that a given sum will be paid out for example on the death of the insured.

Permanent health insurance (PHI):
PHI provides cover in the event that the insured is unable to work, and therefore unable to earn, due to illness or injury.

The premium cost will depend on the extent of the illnesses covered, the age of the policyholder and period of time that elapses between when the insured becomes ill and when a claim is made.

There is considerable choice between different covers offered by different insurers. The key is to choose a balance between the cover you need against the cost of premium. A financial adviser with knowledge of the permanent health market can help you select the appropriate policy for you. If you are fortunate enough never to have to make a claim on your policy, you may feel you shouldn't't have bothered wasting your time & money, But many people have been so relieved that they did. This meant in the case of an injury or illness and not being able to work they did not have the worry of having to pay a mortgage or household bills.

Long-term care:
We tend not to think about how to pay for long term care until one of our relatives has to go into a residential or nursing home. Weekly costs can start at £250, £13000 per year, and reach as much as £750, £39000 per year, if 24 hour nursing support needs to be on hand. By paying either a monthly or single premium the insured can add to the amount currently available through state benefits to fund the cost of such care and this means having to deplete less of your assets to meet the cost.

This is why long-term care can form part of your discussion with your financial adviser. Especially so as there is a chance that long term care premium costs may become tax deductible in the future. There is no doubt however that the need for care is likely to increase as life expectancy continues to rise and with only limited care facilities available the costs are bound to rise.

Business assurance, director share protection, partnership cover, keyman assurance and inheritance tax mitigation are also financial areas that Fraser Spy Financial Services Ltd. are only to happy to advise upon.