Webinar: Income and Business Protection

Income and Business Protection Webinar available to watch on demand

Watch the complete webinar or watch the section or sections that interest you. The webinar has been broken down and the following topics are available to watch: 

• Financial risks explained – how life events cause major distress for individuals and their families.
• Calculating financial exposure, protecting the home, income and loved ones.
• Insurance-based protection products – what do they do, how do they work, how much they cost?
• A guide to business protection
  • Self-employed clients  
  • Limited company clients
  • Business with employees
• Why choose TADFS
• Question and Answer Session

 

Webinar: The Complete Income and Business Protection January 2024  

 

Webinar: Financial risks explained

 

Webinar: Calculating financial exposure, protecting the home, income, and loved ones

 

Webinar: Income protection products – what do they do, how do they work, how much do they cost?

 

Webinar: A guide to business protection (Self-employed clients, Limited company clients, and businesses with employees)

 

Webinar: Why choose TaxAssist Financial Services?

 

Webinar: Question and Answer Session

 

Income and Business Protection Webinar: Your questions answered 

The webinar included a question-and-answer session and we have answered all the questions below: 

Question: Do I need income protection if I've got sick pay?

Answer: It depends. Some companies have very comprehensive sick pay policies. Staff, for example, within the NHS tend to get at least six months full pay which moves to six months half pay. But what you need to take into account is what life looks like at the point in time when your income potentially drops by half or a time when the sick pay runs out and you're not back at work at that point in time. The longer the deferment period (this is the time it takes the income protection policy to pay out), whether that's after four, eight, 12, 24, 26 or 52 weeks. The deferment period can be set according to your needs and circumstances but as a rule of thumb the longer you set the policy to pay out the cheaper the policy can become. 

Question: Can I protect a hundred percent of my income? 

Answer: Unfortunately, you can't protect 100% of your income. It is usually up to around 60%. We would go through the maximum cover level available to you prior to application. Your premiums are based on the level of cover as well as on your health. 

Question: Can I get protection if I have a health condition? 

Answer: This will depend on your circumstances and on the health condition. Providers can take health conditions into consideration. It might be that there might be an increase to the premium to cover you for that specific health condition. Or it might be that the insurer will cover you for everything else apart from that condition. TaxAssist Financial Services has access to Insurance providers pre-underwriting lines where we can start to raise these questions and ask them how they will view it so we know where best to set you up and to place any policy that you might be looking to take out. 

Question: Is accident and sickness cover the same as income protection?

Answer:  No - you can get accident and sickness cover as well as income protection. Accident and sickness cover is usually a shorter-term cover. A lot of insurers offer things like fracture cover and alongside their income protection where you'd get a set payout for breaking an arm or a leg - there are different payouts based on what you've broken. Whereas income protection is usually more wide-reaching so if you’re unable to work due to illness or injury. That is either on an own occupation basis or sometimes if your occupation is deemed riskier it's on an any occupation basis. But we can run through these intricacies with you to find the best policy to suit you. 

Question: Does income protection cover mental health? 

Answer: This is usually an area which is something that everybody at some point or may know somebody or has suffered for something to do with mental health. Insurance providers can cover some mental health illnesses, but it will depend on the severity. This is why there are the underwriting questions, these allow providers to write to your GP to get more context on the condition and then each insurance provider will have their own outcome as to how they will assess it. But yes, it is potentially possible to gain cover if you have suffered from mental health issues however this will be on a case-by-case basis.

Question: Does income protection cover unemployment?

Answer: Sadly no. Nowadays very few policies cover unemployment. This is a knock-on effect from the covid pandemic and the redundancies caused by COVID and also the relatively new but growing culture of offering jobs with zero-hours contracts 

Question: How much does income protection cost?

Answer: The price of income protection is always going to be different per person because it depends on the level of cover you need and how much of a risk you are to insure. So when buying cover there's a lot of different variables that will affect the price - for example how much cover you need and how long you'll be insured for. With income protection we can usually do shorter-term policies that would pay out for 12 to 24 months or a policy that would pay out if you're unable to return to work right up until your retirement age, or until the end of the policy, obviously, the cost is very different between the two of those policies. It will also depend on how long your deferment period or waiting period is. The shorter the deferment period is, the more expensive cover is and the longer it is the cheaper the policy might be. So if you worked for an organisation that offers six months full sick pay, this means that you would want your policy to start after six months - which would make it cheaper than a policy that would kick in after one month or three months. Further factors that impact costs are age, health, and lifestyle as insurers want to know how much a risk you are before covering you. So they look into health history, family history, height and weight, smoker status, any dangerous hobbies (skydiving for example) and also your occupation.