There are many reasons why someone may want to Release Equity from their property under a Lifetime Mortgage more commonly known as Equity Release.
Equity Release Mortgages work by lending you money that is based on your age at outset of the mortgage, charging interest only on the loan amount, without ever needing to make a repayment to the lender.
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When it comes to safeguarding your income, income protection (IP) insurance can be a valuable asset, especially for those dealing with stress and mental health challenges. Many IP policies do not impose standard exclusions for mental health, meaning that individuals who have not disclosed prior conditions may still be eligible for coverage.
While this broad eligibility is promising, it’s crucial to fully understand what claims can be made regarding mental health and stress.
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From birth through to mortality, the journey of life will throw you challenges to deal with – the majority being exciting challenges, but some sadly not so.
Here we detail some of the many life events and areas where you may benefit from having an independent financial adviser by your side.
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Being self-employed can be a rewarding and fulfilling career choice, allowing freedom to work to your terms and pursuing passions. However, it also comes with its challenges, one being financial insecurity.
Unlike those working within a company, if you’re self-employed you are responsible for your own financial stability. This means taking the necessary steps to protect yourselves from unexpected events.
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Income Protection Insurance, also known as IP insurance, supports you financially if you’re unable to work because of illness or injury.
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When reviewing your life cover options, Family Income Benefit could also be a part of the review.
Family Income Benefit (FIB) guarantees your loved ones a regular monthly income, should you die within the term of the policy.
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With ‘back to school’ time now upon us, we take a look at what the protection industry has to offer when it comes to child cover. No one ever wants to think about a child falling ill but preparing for the worst is always a good mindset when it comes to protection.
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As we begin to emerge from the pandemic, and the news is full of increased waiting lists for routine surgeries, many people are looking at private medical insurance to fill the gap. But how are insurance companies reacting to the challenges of access to your GP, the difficulty of getting a prompt consultant referral, or follow on therapy planning?
Read moreProtecting the most important part of your business
Running your own business is hard. Whatever it might be, you are constantly making sure that you are earning enough to not only pay for all your overheads but to also pay yourself a decent salary, otherwise what is the point?
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No-one could have predicted the first half of 2020 and what it would bring, so the notion that you could have been completely prepared for what was to come is difficult to comprehend. I’m guessing that if you could travel back in time and put more insurance policies in place you more than likely would have.
One of the most overlooked types of insurance has typically been income protection. Research conducted by the Financial Conduct Authority shows that only 35% of people have any form of protection insurance in place, and of that 35%, only 4% have any form of income protection.
Two of the most common reasons for this is the lack of understanding around what income protection is, and the belief that you’ll never need it! However, a good way to understand what income protection is, and what it does, is to look at the furlough scheme used by the government in recent months.
Since March, nearly ten million UK workers have been placed on furlough, so it’s likely that if not directly impacted yourself, you know someone who has been. The basic premise of furlough is to support workers financially while they’re unable to work due to COVID-19. Albeit that the mechanics, criteria and funding are different, this is basically what income protection does.
This is the question you need to ask if yourself and assess your own circumstances if don’t have any income protection in place.
A common response to income protection is ‘it’ll never happen to me!’, but what 2020 has shown us so far is that nothing can be predicted and it is better to be prepared and protected should the unexpected happen.
Income protection plans normally cover up to 60% of income and protect you if you are unable to work due to sickness, illness or an accident that keeps you off work for a period of time. You can, based on your savings, determine the amount of time before the income protection pays out with deferral periods being normally one, three, six or twelve months. During that period there would be no payments for the income protection.
If you’re self-employed you can still get income protection, and in fact it may be even more relevant for you. However, according to research from The Exeter, less than one in 10 self-employed workers protect their income, and nearly a fifth of self-employed workers have no personal savings to rely on in times of financial uncertainty.
According to the Office for National Statistics, the UK self-employed workforce grew to 5 million by the end of 2019, representing 15.3% of employment, up from 3.2 million in 2000.
With more UK workers embracing self-employment, options within the marketplace have adapted to better serve this growing sector of the workforce, with bespoke policies tailored for the differing requirements of the self-employed.
Contact one of our independent advisers to discuss your protection needs today on 01329 282882, or use contact our Facebook or Contact Us page.
Income Protection plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse.