Here is a quick explanation of who needs income protection – and why they need it.Read more
Scandals of recent years such as Payment Protection Insurance (PPI) and the widespread repayment of claims has given the ways of protecting your income a bad name. PPI was sold to protect loans and credit card payments. But policies were often not as comprehensive as customers believed. And customers only realised that they were not protecting their income as they thought when a claim was made.
Permanent Health Insurance (PHI) is the most comprehensive insurance to protect your income. PHI is very different to PPI but it can involve a detailed and complex application form. And at A Miller Financial we’re happy to guide you through this process.
A PHI application will ask many questions about health and the plan will pay out if all the questions are answered honestly during the application. The insurance company will reject or accept the application. Then, when a successful claim is made, it will pay a replacement income for the remainder of the policy, or the rest of the customer’s working life.
PHI can be expensive, but good advice will help you get the best cover. There is a lot of choice for income protection insurance. So, the help of an expert will help you find the best insurance cover for your needs.
If you’re looking for a local independent adviser for income protection, speak to us today.
A fixed rate mortgage means your mortgage repayments are protected from an increase in interest rates during the term of…Read more