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Income Protection Options

Jacobs Financial are Chartered Financial Planners and Independent Financial Advisers (IFAs) who provide advice on income protection options.


Protection of income if unable to work through illness or disability assists the insured and their family to maintain a decent standard of living by replacing income. These products are designed to pay out over the long-term, so could potentially provide an income right through to normal retirement age. For those in employment, the contract can be tailored to fit in with sick pay arrangements which will have a time limit attached to them. Self-employed clients would need to decide with their financial adviser when they would want this contract to start paying out. Popular income protection contracts are Permanent Health Insurance (PHI) and Accident Sickness and Unemployment (ASU), a brief outline follows:


Permanent Health Insurance (PHI)

This policy is designed to provide a tax-free income in the event that the insured individual is unable to work due to ill health. The level of premium will depend upon the benefit and term selected and most policies cease to pay the benefit once the insured is able to return to work. PHI policies are usually written to age 65.


Accident, Sickness & Unemployment (ASU)

ASU policies were traditionally sold allowing for a regular income to be paid to the insured should they be unable to work (or lose their job). The product can be dissected or added to, and unemployment cover is usually the optional extra available for an additional premium. It is important to compare ASU and PHI closely as one may be more suitable than the other.


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