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Friday March 12 2010

  
Generally speaking

Income Protection   

Whilst most of us protect important things close to us like pets, personal contents and cars, as well as our mortgage, in the event of our death, a surprisingly small percentage opt to protect the very thing that pays the bills — we are of course talking about personal income.

Today in the UK 2.2 million people of working age will be off work for at least 6 months at any one time through sickness & illness


Statistics tell us that we are far more likely to suffer a long term illness or accident during our working lives than die, yet Income Protection is far lower on our list of priorities than Life Cover and other insurances.

What if my income stops?
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The reason for this is that the average person assumes that their employer or the state will look after them — but the reality is far from this: State Statutory Sick Pay (SSSP) is paid for only the first 28 weeks of incapacity and at the rate of £75.40 per week. After this you may be entitled to incapacity benefit, which may be slightly lower or higher than SSSP, but for many it will still be much lower than their normal income. For most people long term incapacity would have greater far reaching financial implications than the death of a partner. Contributions towards the interest only element of you mortgage WILL NOT be paid for at least 9 months.

To overcome this problem it is possible to protect your income against incapacity and depending on your needs it can be very inexpensive.

• Over two million people are claiming Income Support
• Over 2.6 million people are claiming Incapacity Benefit
• Over 2.7 million people are claiming Disability Living Allowance


Statistics courtesy of ‘Covered’ Magazine May 2008.


 
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©2004-2008 FM2 Financial Consultants

'FM2 Financial Consultants' is a trading style of FM2 Ltd.

Unit 1   Anchor House   School Lane   Chandlers Ford   Hampshire   SO53 4DY

Registered in England   Company Number 5282845

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FM2 Financial Consultants is a trading style of FM2 Ltd which is authorised and regulated by the Financial Services Authority. FM2 Ltd is entered on the register (http://www.fsa.gov.uk) under reference 478320.  Unit 1, Anchor House, School Lane, Chandlers Ford, Hampshire SO53 4DY. FM2 Ltd is registered in England & Wales No. 5282845.

Written quotations are available on request.  Mortgages are secured on property. 

Insurance may be required.  Loans are subject to status, and type and value of property.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.