It's when you need to make a claim that you realise just how wise investing in health and medical insurance can be.
If you're unable to work because of illness or injury, under an employers group sickness scheme (Group IPI) salary is continued but is subject to tax and NI in the usual way.
The maximum amount of income you can replace through insurance is broadly the after-tax earnings you have lost, less an adjustment for state benefits you can claim. As with all insurance, it is important that you have the right type of policy which provides all that you need it to do for you.
Long-term income repayment policies usually come into play between the time when your employer stops paying sick pay, and when you collect your pension.
Shorter-term policies tend to be used to protect a mortgage, bank loan or other payment. These usually commence within a few weeks but stop entirely after 12 months or 24 months. Short-term policies often include unemployment and redundancy, unlike longer-term income protection cover which does not .
To clarify, Income Protection Insurance only applies to products which pay you an income if you become unable to work due to sickness or injury. Policies to protect mortgages, loans or credit card debts are often called Accident Sickness Unemployment (ASU) policies.
We will happily explain this in more detail to you.
INCOME PROTECTION (WITH NO INVESTMENT LINK) HAS NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF YOU STOP PAYING PREMIUMS YOUR COVER MAY END.
IFA Financial Services have provided me with mortgage and pension advice over a number of years. They have consistently provided a highly professional and efficient service in an extremely friendly and approachable manner. Advice, whenever needed, is readily given and clearly explained. I feel that my financial affairs are in very safe hands and on this basis I would recommend then to anyone.
The staff were very friendly and helpful to ease us through this process. Thank you all very much for sorting out this for me and if I need any help in the future I know where to come.
Allowing IFA to guide my husband and I with our finances is one of the best decisions I have made. I feel secure with arrangements for my pension and savings. You know they are genuinely interested in helping when they advise you to leaving certain savings where they are rather than them taking control.
I had paid little attention to my pension arrangements during a working life where I ran several of my own companies and was both was self-employed and an employee for periods. Frankly I was suspicious of “financial advisers” during the bad old days of the 70s, 80s and 90s when they were nothing more than insurance salesman more motivated by commission payments than their clients’ well-being.
We were recommended to IFA by a friend as I was in need of advice about my pension arrangements. I am happy to say that the advice we received has proved very beneficial and although our circumstances have changed quite a few times since our first meeting in 2016 we have found IFA to be helpful in discussing our new needs and prompt in meeting our requirements.
CONTACT US
IFA Financial Services
Insight House
7a Alkmaar Way
Norwich International Business Park
Norwich
NR6 6BF
T: 01279 655200
Email Us
IFA Financial Services (UK) Ltd is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 447432 http://www.fca.org.uk/register.
IFA Financial Services (UK) Ltd Registered Address: Insight House, 7a Alkmaar Way, Norwich International Business Park, Norwich, NR6 6BF. Registered in England & Wales, No. 5667453.
Neither IFA Financial Services (UK) Ltd nor its representatives can be held responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning.
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The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK.
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