Financial Adviser Newton Stewart, Wigtownshire ~ Financial Planning Newton Stewart, Wigtownshire
Financial Advice Newton Stewart, Wigtownshire ~ Pensions Advice Newton Stewart, Wigtownshire ~ mortgage advisers Newton Stewart, Wigtownshire

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Tel: 01671 403080

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Income Protection

Income Protection Insurance

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.


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Company address:
Marr Financial Services Ltd, Central Office, 61 Victoria Street, Newton Stewart, Wigtownshire, DG8 6NL
T: 01671 403080
F: 01671 402549

Email: advice@marrfinancial.co.uk

Registration address as company address
Registration number: SC275449
Registered in: Scotland

Marr Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.

Marr Financial Services Ltd is entered on the Financial Services Register (http://www.fca.org.uk/register/) under reference 705884.

The FCA do not regulate National savings products, loans, Will writing, Commercial Mortgages and some forms of buy to let mortgages and inheritance tax planning.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Telephone: 01671 403080 | advice@marrfinancial.co.uk

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