Health Insurance

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Private Medical Insurance (PMI)

It’s when you need to make a claim that you realise just how wise investing in health and medical insurance can be.

With NHS hospital queues still growing, private medical insurance is an appealing, though often expensive, buy.

And what you pay for is what you get. Premiums are worked out on the basis of age and the type of cover required and there is a wide range of different insurances to choose from.

At the basic level PMI kicks in when you need specialist treatment or you need to go into hospital. Some policies cover you if the NHS cannot provide treatment within a certain period of time.

At the luxury end of the market there are policies that cover a wide range of medical services such as dentistry, eye care and even spectacles, although the more a policy covers, the higher the premium will be.

PMI is complicated for those approaching it for the first time. In order to make sure the policy you choose is the right one to meet your needs it is worth speaking to an adviser who has specialist knowledge in medical policies and can guide you through the maze of different offerings on the market

Income Protection Insurance

It’s when you need to make a claim that you realise just how wise investing in health and medical insurance can be.

If you’re unable to work because of illness or injury, Income Protection Insurance is designed to provide you with a regular tax-free monthly income.

The maximum amount of income you can replace through insurance is broadly the after-tax earnings you have lost, less an adjustment for state benefits you can claim. As with all insurance, it is important that you have the right type of policy which provides all that you need it to do for you.

Long-term income repayment policies usually come into play between the time when your employer stops paying sick pay, and when you collect your pension.

Shorter-term policies tend to be used to protect a mortgage, bank loan or other payment. These usually commence within a few weeks but stop entirely after 12 months or 24 months. Short-term policies often include unemployment and redundancy, unlike longer-term income protection cover which does not.

To clarify, Income Protection Insurance only applies to products that pay you an income if you become unable to work due to sickness or injury. Policies to protect mortgages, loans or credit card debts are often called Accident Sickness Unemployment (ASU) policies.

We will happily explain this in more detail to you.

INCOME PROTECTION (WITH NO INVESTMENT LINK) HAS NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM.  IF YOU STOP PAYING YOUR PREMIUMS YOUR COVER MAY END.

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