Yet very few insure against losing their most valuable asset, their ability to earn. It's estimated between 12 and 15 million people have a clear, identifiable need for income protection, according to the Income Protection Task Force (IPTF), which means many people could face a precarious financial position, should they fall ill or have an accident.
Recognising income protection is not the easiest or most engaging subject for consumers (or advisers) to grasp, it does however, represent a true opportunity for advisers to demonstrate their professional value and tailor their recommendations.
So, let's take a closer look at the quality solutions our providers income protection has to offer, including our new product called Personal Sick Pay designed for clients in riskier occupations.
Comprehensive IP cover and a range of choice for your clients...
|Income Protection||If you can't do your own job because of an accident or illness and aren't doing any other paid or unpaid work, the providers Income Protection pays out until you can return to work - no matter how long it takes (the average claim is paid for 7 years).|
|Personal Sick Pay for people in riskier jobs||A brand new income protection product designed for clients in riskier jobs who can be more expensive to insure.
For example, dentists, hygienists and locums, as well as those who find it difficult to prove how much they earn, as they could be self-employed or contract workers. Also includes many unique features including back to Day 1 cover.
|Budget Income Protection||This cover has all the same features as full income protection with just one difference; any claim paid is for a maximum of 2 years, and the cost - up to 70% less.
What's more, provided you have been back to work for at least six months between claims, your claim period resets so you can claim again, even for the same illness or injury.
|Income Protection for dentists and hygienists||If you are a dentist or hygienist, the provider offers Income Protection with additional features especially for medical professionals.|
|Income Protection with unemployment cover||Income Protection with the option to add unemployment cover is called Mortgage and Lifestyle Protection.
For unemployment cover, a claim can be made for up to 12 months for any one claim and 36 months in total.
Quality comes as standard with MediFinancial.
MediFinancial offers own occupation for all of it's income protection range and you can tailor your income protection recommendations to your client's profession, budget, health or age. So help your clients to keep their financial health in check and protect their most valuable asset - themselves!