Personal Protection


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Personal Protection

New figures released by the Association of British Insurers (ABI) and Group Risk Development (GRiD) show that the insurance industry paid out more than £5.3 billion in protection claims in 2018 – a £200 million increase year-on-year.

The numbers also revealed that:

A record 200,000+

claims paid out this year.

97%

Of every claim was paid.

£81,000

The average life insurance payout, the highest average on record.

£14.5 Million

Payouts equal to the above sum, paid every single day.

The type of insurances that we can offer ....

Life Insurance

  • Better Financial Planning Personal Protection

    A policy that will cover the policyholder for a specified number of years, usually until retirement age. This policy pays a lump sum, commonly used to cover outstanding mortgage payments, if the policyholder dies unexpectedly or prematurely.

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    Policy pays lump sum of money to dependants in the event of your death.

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    As long as honest and accurate details are provided when insurance taken out, policy will pay out no matter the cause of death.

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    Life insurance cannot bring back a loved one, but it can provide reassurance that your dependant’s will be looked after if you’re no longer around to provide for them.

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    Cheap and straightforward way to cover your family’s financial needs.

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    Usually essential for parents of school-age children to have life cover, and even more urgent for single parents.

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    Often put into trust for various reasons.

Top Reasons to get Income Protection

Critical Illness Cover

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    Tax-free cash lump sum if diagnosed with qualifying condition listed on your policy. – Conditions include heart attacks, cancers, strokes, kidney failure or serious procedures such as coronary bypass or transplants.

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    Differentiated from income protection, which pays regular income and covers a wider range of health conditions.

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    Can prove invaluable if diagnosed with listed condition. Reassurance could pay mortgage paid off, adapt car and home to meet needs or meet family’s monthly outgoings while you focus on recovery.

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    Can be standalone or in combination with life insurance.

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    New products with discounts, cashbacks and rewards have entered into the protection space, transforming a stagnant market, driving health and wellbeing with a vision that extends beyond simply insurance.

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    New options include Funeral Cover and Dementia and Frail Care Cover on whole of life basis after critical illness policy ends as a continuation option.

Quote from Thomas Fuller
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Income Protection

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    A policy designed to help fill income gaps when a person is unable to work due to illness or injury. It will usually cover a percentage of the policyholder’s salary and will often provide support services to help employees back into work.

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    Regular income.

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    If employer sick pay limited or little by way of savings to fall back on should you find yourself out of work.

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    14.7% of over-55s had been out of work for at least 6 months during their careers.

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    Over 2 million ‘economically inactive’ people due to long-term sickness in the 3 months to January 2019.

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    2 in 5 people have no more than £1,000 in savings to fall back on.

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    1 in 4 people have less than £100 at the end of the month after covering all essential expenses.

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    Clearly, many people cannot afford to use their savings to cover their monthly bills if they stop earning.

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    Employment and Support Allowance offers limited support starting as low as £73.10 per week if you’re over 25. While other state benefits are available, these depend on your circumstances and the nature of your disability and aren’t guaranteed.

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    Putting food on the table is one of life’s essentials, but if you can’t work, even the weekly shop could be a struggle.

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    Covers essential outgoings like mortgage or rental payments, utilities and food.

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    When you’re covered, you can relax a little and focus on your recovery.

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    Range of extra benefits and support services.

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    Receipt of this benefit can affect how much you are eligible for under State means tested benefits.

Myths of Income Protection

When You're Young and Healthy

Unfortunately, some people wait to apply for protection insurance until they are at the point of realising that their health is at risk. However, by this point it is almost too late to get cover as you will be faced with higher premiums or exclusions on conditions you have already developed.
Instead, the best time to buy a policy is when you are young and healthy. The healthier you are when applying for a policy, the better deal you are likely to get. If you choose to guarantee your premiums, you can also keep the cost of your policy down across its lifetime.

‘Cheaper’ AGE BANDED PREMIUMS – Not all they are chalked up to be

These premiums increase over time. Unlike reviewable premiums, they can only do so by a set percentage increase each year.
This reflects the increased risk of you claiming as you age.Personal Insurance
These tend of work out cheaper at the start but, as they rise over time, generally work out more expensive over the life of the policy depending on your circumstances.

Own Occupation

Pay out if you’re incapable of working in your specific job role. You won’t be asked to attempt another job your employer may adjust or create to better ‘suit’ your new needs. As such, this makes it arguably the best definition of incapacity.
The vast majority of income protection providers now publish their claims statistics, which is a real step forward in building trust.
The Association of British Insurers (ABI) average pay out rate statistics across all insurers stands at 88.1% 2018/19 with £648,815,000 paid out.

View the full report HERE.

Private Medical Insurance

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    Peace of mind prompt medical treatment if ill or injured in future.

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    No NHS waiting lists and you don’t have to pay for cost of treatment.

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    Prompt referral to consultant.

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    Admission to private hospital at a time and place convenient for you.

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    Choice of specialist consultants and surgeons.

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    Access to best hospitals available.

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    Own room , TV and changing rooms, as well as en-suite facilities and quality meals.

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    Although the NHS can provide you with the medical treatment you need, it is still important to have PMI.

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    You can enjoy either NHS facilities or private, the best of both worlds depending on which is most suitable – if you elect for NHS, you still get payments from the insurer.

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    PMI has no restricted patient visitation hours.

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    Greater choice of food.

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    More likely to be seen by same consultant, enjoying the superior, personally tailored standard of care that comes with Private Medical Insurance.

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    It takes longer for the NHS to approve new treatments.

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    Private facilities are quick to adopt these advances.

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    Higher nurse to patient ratio.

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    Guaranteed privacy that a private hospital can provide.

Top 3 causes of an Income Protection Claim

Types of Treatment Available

Out-patient

GP referral for specialist consultation before hospital admittance.

Day-patient

Few hours in hospital to recover from diagnostic test or series of tests.

In-patient

Treatment involving hospital stays of 1+ days.

PMI may not cover permanent medical conditions, long-term medical care, and rehabilitation.

Most cases will never cover accident and emergency services, drug abuse, HIV/AIDS, war and riot health related issues, cosmetic surgery for vanity purposes.

Two Types of medical underwriting

  • Full medical – declaration of past health conditions or treatments had and suffering or treated for. Insurer make a decision what they are prepared to cover you for.

  • Moratorium underwriting -no details submitted. Excludes any condition had treatment or check-ups in past 5 years. These are defined as pre-existing. Any conditions where no symptoms, check-ups or treatments 2 years “cooling-off period” from insurance being taken out under moratorium and then covered going forwards.

Switching medical insurer

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    Continued Personal Medical Exclusion (CPME) – switch health insurance policy to new provider.

    New Insurer continues to cover you on same basis as original insurer, rather than on a clean slate.

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    Medical History Disregarded – group insurance schemes with minimum number of members, covers all pre-existing conditions and normally requires a higher premium.

Diagnostic test include:

MRI; CT; PET; X-rays; blood tests etc covered as part of treatment.

Inpatient and day-patients are fully covered. Outpatients have limits e.g. £1000, but varies from insurer to insurer with terms and conditions.

Additional benefits:

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    NHS cash benefits – per night or day if elect NHS over than claim on PMI Therapies, such as physiotherapy, chiropractor, osteopathy, acupuncture, homeopathy, podiatry, and chiropody.

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    Dental.

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    Psychiatric – extra cost, some insurers automatically include.

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    Worldwide / Overseas cover – abroad and available as extra cost.

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    Parental accommodation – covers parents staying overnight in hospital if children admitted.

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    Home nursing – recuperation at home.

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    GP Helpline – 24/7 with some prescribe medication and others refer straight to consultant.

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    Pregnancy complication – covers ectopic pregnancy, miscarriage, stillbirth etc. Cover varies across insurers. Does not cover planned treatment, e.g. fertility treatments.

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