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In the event of an accident or illness most of us will be able to meet our financial obligations for a month or two, until we can get back to work. However, a longer term incapacity can have a significant impact on your ability to meet the costs of daily living and meet mortgage, credit card or other loan repayments.
An income protection insurance is designed to provide you with a continued percentage of your pre-incapacity income after an initial period, typically 3-6 months. Such cover can be vital if you are self-employed or if your employer does not have, or give you access to, a company funded income protection scheme.
In addition to the actual benefit payment, the insurer can provide valuable support and services to help you get back to work as quickly as possible. Through their sophisticated claims management and early intervention processes, insurers can even arrange for you to receive specialist treatment and support even before a claim becomes eligible for payment, and potentially even from ‘day one’ following your initial notification of incapacity.
Good health is something that we can all often tend to take for granted. When we are in good health we are able to work, provide for ourselves and our families, and enjoy a normal lifestyle. But what happens when through an illness or accident our health fails and how will this impact on us and our families? Well, there are two special types of insurance provision that can help – each is intended to provide financial and other support in different circumstances. So rather than an ‘either/or’ choice, these covers are designed to dovetail together - and so both should be considered as an essential part of your financial planning.
It’s not just death that can impact on you and or/your family. What if you or your partner are diagnosed of a serious and potentially life threatening and/or life changing illness or disability, and you need capital to help you pay off a mortgage or other loans, and to help you adapt your lifestyle accordingly?
Critical Illness provides a lump sum (usually tax free) on diagnosis of a more serious illness or condition such as cancer, stroke, heart-attack, or kidney failure. So, different to income protection payment of benefit is not linked to your ability to work or earnings. Most plans will include some forty or so conditions and many plans can even include provision for a host of additional benefits, including a percentage of the total benefit being paid on diagnosis for less critically severe illnesses or conditions, access to a ‘best doctors’ service that gives you access to expert second opinions, and even a built-in child benefit.
Although you may already have critical illness cover through your employer, this may only cover you and not your partner, and it is important to remember that the benefit will normally cease should you leave service – so it can be a prudent strategy to ensure that you always have in place some level of independent critical illness cover.
For both critical illness and income protection we can explain the different cover and cost options available, independently select a suitable solution from the market, and provide you with our written recommendations. We can then assist you with the application process, facilitate any necessary medical or financial underwriting, and ensure that correct policy documentation is provided to you. And if the worst should happen, we will even provide claims support to help facilitate an early claims acceptance and speedy payment for you of policy benefits from the insurer.
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