Income Protection Insurance

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 .

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.

THERE ARE OTHER PROVIDERS OF PAYMENT PROTECTION INSURANCE [Short-Term Income Protection] AND OTHER PRODUCTS DESIGNED TO PROTECT YOU AGAINST LOSS OF INCOME. FOR IMPARTIAL INFORMATION ABOUT INSURANCE, PLEASE VISIT THE WEBSITE AT www.moneyhelper.org.uk.

!

THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.

Requestcall back

Request call back.

or call us
01246 224 030
 

Trust my hard earned savings to a banker to invest? Not me! I use Harmony Wealth Management. Harmony for friendly, simply explained, trustworthy and truly independent financial advice.

Trevor Mee, S. Lanarkshire, Scotland

Mr Neil Smith has been looking after my mother's financial affairs for a number of years. He has always dealt with our queries promptly and he is always very professional and friendly, nothing is too much trouble. A great guy and we hope he will be acting on our behalf for many years to come.

Ann Selby (Mrs) for: Mrs. E. Cunningham (December 2009)

Harmony Wealth have overseen our entire financial affairs from their inception and for many years previously by Neil.

We have found their impartial and independent advice invaluable, covering a wide area of our requirements, all of which has been handled with extreme confidentiality, punctuality, reliability and friendly professional service.

Nothing has been too much trouble and we have had no hesitation in recommending them to a number of friends and colleagues, all of whom have expressed their thanks for doing so.

The addition of a Will writing service and being able to arrange Lasting Powers of Attorney has been a much welcome benefit, thereby alleviating the need to engage other professionals in what is a private and delicate subject.

T J & K Winter Norwich

01246 224 030
Penmore House,
Hasland Road,
Chesterfield,
S41 0SJ.

enquiries@harmonywm.co.uk