Protecting you against the unexpected
Income Protection often comes second when we think about our financial needs. Your income is usually your biggest asset and if you and your family are reliant upon your own ability to earn money to fulfil your financial commitments, then a long term illness or disability could be devastating.
If you are one of the fortunate few who are financially free, then the ability to maintain your income from investments is equally as important.
In the event that your regular income stopped unexpectedly or was interrupted for a lengthy period of time, it is essential that you have the right cover in place based on your personal requirements.
Income Protection Insurance is designed to pay you a regular monthly income if you are unable to work due to illness or injury. The amount of cover is based on a percentage of your gross earnings and is suitable for both employed and self-employed people. There is no limit on the number of claims you can make and if you are never able to work again due to illness or injury, the benefit will usually be paid until the earliest of your selected retirement age or for the term of the policy if earlier.
The right cover to protect you against any unexpected gaps in income
There are many types of insurance which claim to protect income, payment protection insurance (PPI) should protect a loan or higher purchase agreement. PPI has been mis-sold by banks and building societies and is seen by some as having poor value.
Accident Sickness and Unemployment cover (ASU) provides you with an income to meet your outgoings if you were off sick or made redundant. Typically ASU would only cover your mortgage and associated expenditure for up to two years and you would need to wait for a period of 30-90 days in order to make your first claim.
Income protection or permanent health insurance (PHI) is the only plan that can provide true protection right up to your retirement date but there is widespread confusion amongst clients as to what PHI actually is, as well as what it delivers. It is also difficult to get the balance right between choice and complexity.
As with all plans income protection should not be bought in isolation and should be considered as part of a protection package alongside existing plans and employment benefits.
We undertake regular protection reviews to ensure that our existing clients covered by the most appropriate plans for our clients’ circumstances. As part of the overall financial planning process, we advise clients on many different aspects of financial planning including income protection cover to help them avoid any unexpected loss to income.
Providing the very best financial advice for our clients
We work in partnership with our clients, building long-term relationships and most importantly, we are committed to giving you the confidence and control of your finances you need. Whatever the stage in life you’re at, or what your financial objectives or goals are, we will get to know you and work with you to help you achieve them.
Independent Financial Advice
We are completely committed to providing our clients with totally independent and unbiased financial advice for life. In practice, this means transparent charges, tax-efficient fee based solutions, and above all, never allowing provider incentive to cloud our judgement during the advice process.
We offer advice on an ‘Independent’ basis. This means that we provide unbiased, unrestricted advice based on a comprehensive and fair analysis of the relevant market, giving due consideration to the full range of retail investment, pension and life products available in the marketplace which may be suitable for you.
What is a Chartered Financial Planner?
Chartered status is an aspiration all firms try to achieve and shows that we, and our financial planners have committed to the highest levels of technical knowledge and understanding through professional examinations.
Chartered Financial Planner status is the ultimate symbol of professionalism. The title is granted by the Chartered Insurance Institute (CII), the professional body for insurance and financial services and applies only to appropriately qualified CII members who are providing financial planning advice or related activities, to individuals or corporate entities.
Why choose Merrick Financial Services
We have over 30 years financial services experience in providing Independent Financial Advice to clients both locally and across the UK.
We have a proven track record in providing sound financial advice to hundreds of clients who we have built strong relationships with over many years.
The Chartered Insurance Institute (CII) consider a Chartered Financial Planner as the “gold standard of financial planning” for ethics and professionals.
We provide a professional approach to financial planning, undertaking a genuinely empathetic interest in your personal concerns in order to achieve your objectives along the way.