Independent Financial Life Planners Bishop's Stortford: Have you got income protection?

Thursday, 7 May 2015

Have you got income protection?

At a moments of uncertainty like the week before a general election, and with the echoes of the most recent financial crisis still ringing in our ears it could be prudent to pause and consider your own personal levels of income protection.

There are different types of Income Protection perhaps the two most common Income protection policies are; Short-term Income Protection policies, which are otherwise known as Accident, Sickness and Unemployment (ASU) products - they will generally only pay out for one or two years and then there is Long term Income Protection, which will usually provide a regular income if you are unable to work due to illness or disability until you are able to return to work, or until the end of the policy term.

You will probably have heard of some of the short term policies like PPI or payment protection Insurance or MMPI mortgage payment protection insurance. PPI is generally used to meet the cost of a specific debt where as MPPI will only cover the cost of mortgage payments for a specified time. There are also other Short Term Income Protection policies that do not need to cover a specific debt.
 Long term Income Protection, however, will usually provide a regular income if you are unable to work due to illness or disability but it will generally not cover you if you are made unemployed or redundant. With Long Term Income Protection cover, there are commonly two types, 'own occupation' and 'working tasks' and they can be quite complex. Enables IFA’s in Bishops’ Stortford can help you make sure you have the right protection in place for your income.

Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.