Income protection insurance policies now allow skilled workers more control to clearly define events covered. You can now receive a payout if you are no longer able to perform your own specific job or activity, rather than having to be incapable of all activities within your profession.
Many of us hold a life insurance policy that is designed to protect our family, or pay off our mortgage. We are also aware of the benefits of critical illness insurance, which provides a lump sum in the event of serious health issues.
Most UK residents vastly underestimate the cost of their monthly outgoings, by as much as £964 for an average family, according to new data from UK insurer Bright Grey.
The research underlines the dire need for guidance and financial advice in the general area of budgeting and financial planning, with most families underestimating their own ‘running costs’ by 50%.
The key to being prepared for any household emergency is having the right tools to hand – and, as with any good system, a toolkit needs regular ‘tweaking’ to keep it well-stocked and up to date. Your ‘financial toolkit’ is no different. It needs regular reviews. Don’t fall into the trap of leaving your financial plan under the stairs, gathering dust with those old tins of paint and that old carpet!
Here are a few thoughts on your financial products, that could actually save you money.
Times have never been better for taking out personal insurance, as recent improvements in the way insurers deal with critical illness claims may now be extended to income protection insurances as well.
When considering a company pension scheme, there are many questions to answer. It is crucial to remember that a company pension is part of a larger package of employee benefits, which may vary considerably from company to company.
