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Life & Income Protection
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Income Protection providing a monthly benefit
An Income Protection Policy is one of the most important insurances that you can consider. You need to think, without your income, your life style could change dramatically. What would you do if you could not work due to disability or ill health? If you had a reduced income, how would you pay your bills and your mortgage? Could you survive on State Benefit alone?
Income Protection Cover is designed to protect your income if you are unable to work as a result of disability or ill health. Unlike an ASU policy which typically has a maximum term of 1 or 2 years, an Income Protection policy can have a significantly longer term, and typically upon a successful claim would pay out a monthly tax-free income after your chosen deferred period until you either recover or reach your selected retirement age. Unlike an ASU policy, Income Protection policies typically do not protect you against redundancy.
The maximum income protection cover you can have is typically between 50-60% of your gross income, however, as the benefit is paid tax-free, you can replace a high percentage of your income in the event of long-term incapacity.
Unfortunately, the risk of long-term incapacity is much greater that you might think. Did you know that the number of working claimants of Employment & Support Allowance and Incapacity Benefits totals over 2.6 million in November 2008” (DWP Work & Pensions Longitudinal Study 2009)? Some of the most common conditions covered by income protection insurance are mental illnesses such as anxiety, stress or depression & back pain.
We strongly recommend you’ve thought about income protection cover and how it might help you and your family, should you be unable to work. It’s not nice to think about the worst happening, but it is possible to be in a strong financial position to protect against it.
Critical Illness Cover
Critical Illness typically pays out a lump sum if you survive a specified critical illness, such as some forms of Cancer, a Stroke, Multiple-Sclerosis, Heart Attack, Kidney Failure, Blindness, Deafness and many more. You can use the payout to pay off your mortgage, medical expenses or even go on holiday – it’s entirely up to you! In addition, your children are usually covered under the policy Free of Charge.
With critical illness and life insurance, you can choose as much or as little cover as you need, and a qualified adviser will help tailor a quote to fit within your budget. Cover can be relatively cheap, and this includes life insurance, so it can be great value for money.
To ensure you are offered the most competitive & comprehensive policy, your adviser will source quotes from a range of leading insurance companies. This means we’ll ensure you get the best possible solution for you, so you can get peace of mind against whatever the future may hold.
Insurance isn’t something that any of us necessarily like, but it’s really important that you’ve considered how you’d cope financially should the worst happen. We’ll always make sure that you’ve at least considered the options available to you, so we encourage all our customers to think about their critical illness and life insurance options.
Family Income Benefit protecting your family
Family Income Benefit Insurance is often known as FIB. It is a form of Term Insurance cover, in that it pays an amount on the death of the insured person. However, it is designed to pay an income, rather than a lump sum.
This helps your family financially and takes away one of the worries from a terrible situation.
We hope that family income benefit insurance is never needed, but it’s certainly better to be prepared than to leave your family struggling financially.
This type of policy never acquires a surrender or cash-in value, and is not a savings policy. It is there to protect the family from the financial effects of a tragic early death of a breadwinner.
We’ll assess your needs on a case-by-case basis, and we’ll never sell you something you don’t need or want, but it is our duty to make sure you’re in the best financial position, so we make no apologies for encouraging you to think about your situation.