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Five Reasons for Income Protection

  • We insure our cars, phones, even our Sky box in case they stop working, but often not ourselves. But with over 2.2m people out of action due to long-term sickness [1] we’re just as prone to ‘breaking’ and the financial consequences are much more severe.
  • It’s a lot more likely you’ll be off long-term sick than die or suffer a critical illness during your working life. [2]  Income Protection is the one insurance we really all should have, yet more of us have life cover or critical illness cover.
  • Nearly everyone has long term financial commitments and income protection provides long-term protection to cover these.
  • Most of us couldn’t survive financially on an income of around £5,000 a year, [3] which is all the state would provide for long-term sickness (if you’re able to qualify in the first place!)
  • It’s becoming increasingly hard to qualify for state benefit. In the first year of Employment Support Allowance only 20% of claimants were deemed unable to work, compared to 83% under the previous Incapacity Benefit. [4] Private provision is becoming essential.

[1] Labour Market Statistics, September 2010, [2] Defaqto, 2008,
[3] DWP, 2010, [4] Crisis, September 2010

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When my wife and I were looking for advice on retirement financial planning a few years ago, Barry was recommended to us by another IFA, who no longer provided that type of advice. Over the last few years, Barry has provided us with very good financial planning advice, tailored to our particular needs and attitudes to financial risk. He contacts us regularly to update us with the latest information and to see if our needs have changed but leaves the final decisions to us, i.e. he does not try to push a particular financial product or company. We have been very pleased with his advice to date and look forward to continuing our association with him.

Mr K.T.

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