Income Protection
Do you ever think what would happen if you are unable to carry out your occupation due to an accident or an illness? The long term financial consequences of such an event could be catastrophic for you and your family.
Nearly all of us will have some form of life protection in place to cover our family and dependents but independent market research shows that many employees and the self employed do not cover their income in the event of incapacity.
We all insure material assets like our home, cars, contents and even our lives but we tend to think that long term incapacity is unlikely, even though a recent Department of Work and Pensions (DWP) survey shows that "people are 26 times more likely to be incapacitated and off work for more than 6 months, than to die before the age of 65".
What are the solutions?
- The State provides some basic benefit through the State Incapacity Benefit arrangements. It is well documented that these arrangements are to be cut back in the future and the benefit is not guaranteed
- Your employer may have a scheme in place which provides you with protection
- Short term protection can be gained through an Accident and Sickness Policy which is renewable each year
- For long term protection, perhaps until retirement age, the industry offers what is called Permanent Health insurance
We all have different needs and requirements in the event of incapacity, but with the use of one, or a combination of the above products a cost effective plan that is appropriate for your circumstances can be put into place.
Due to the complexities of these products it is always recommended that Independent advice is taken, so as to ensure that the correct benefit and policy is in place. As an example, the maximum insurable benefit varies between different insurers, and so there is no point in paying premiums for a benefit that would not be paid out in the event of a claim.
If you are looking for advice in this area then help is at hand through S-Tech. In the first instance, to arrange an initial appointment, please contact:-
Kevin Brown
kevinb@s-tech.co.uk
01223 445436
Or
Graham Sibley
grahams@s-tech.co.uk
01223 445468