Family Protection

Chronic illness and protection plans, (life insurance)

Chronic illness and protection plans, (life insurance)

There is a lot of fuss in the press about buying protection insurance from the Internet as it is much “cheaper” than using a regulated adviser. Unfortunately, there is not much coverage about the downsides, like “computer says no” or not selecting the correct additional features.

If you go to any comparison website or get phoned by someone offering “direct” life cover, they will be quoting on the basis of a “standard life”, so for the age based rate to be valid, you have to be currently healthy, have averagely healthy parents and siblings and not be diagnosed with any of a huge number of chronic illnesses...

Throwing the baby out with the bathwater; political soundbites vs. The law of Unintended Consequences

Throwing the baby out with the bathwater; political soundbites vs. The law of Unintended Consequences

Those of you with long memories may remember back in January 2014 Chuka Unumma, (Labour MP for Streatham and briefly a candidate for Labour leadership), using parliamentary privilege, accused all of the large recruitment companies of exploiting workers by pressing personal accident and sickness policies on them. Back at the time there was a big fuss in the press and now all recruitment companies are violently allergic to any insurance add-ons, for fear of being accused of profiteering again. Vince Cable promised an investigation by the Department of Business, Innovation and Skills, but I am struggling to find any details of a pending report, so either it is still on-going or little was found.

Outside the box - what does an IFA actually do?

Outside the box - what does an IFA actually do?

Clients often tell their financial adviser things they probably would not tell anyone else on the planet. These additional bits of local colour vary from the trivial; “I’m petrified of spiders, could you get the one out of the bath”, to dramatic revelations like the existence of a second family, 80 miles away or an impending divorce, long before solicitors are instructed.

Pleading the case for income protection

Income protection seems to be the Cinderella of protection policies, with most commentators concentrating on life cover.  This is absurd as death is unlikely during your working life; being unable to work through illness or accident is much more common and a specific type of protection insurance has existed since the late Victorian Era to address it.