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    #incomeprotection #sickpay # statebenefits

    Why do I need Income Protection?

    Whether or not you have children or other dependents, if illness or injury would result in your regular salary ceasing and you couldn’t pay the bills, you should consider protecting your Income.

    It is not expensive to buy and is absolutely invaluable when you consider the repercussions of not having it in an unexpected time of crisis.

    How long could you survive financially if your regular income stopped tomorrow? The answer for most people is less than 60 days - Income Protection would ease the burden and stress at a time when you most need it.

    Don’t take it for granted that your employer will look after you in the event of being ill or injured. Statistics show that 40% of people will only receive four weeks sick pay, and 16% of people receive no help from their employers whatsoever. With the state benefit currently being set at less than £100 per week, restricted to 26 weeks, it is fair to say that most of us couldn’t survive on so little – a private provision is essential.

    Most of us know the value of taking out a life insurance policy in the event of death, however you are over 25 times more likely to claim on an Income Protection policy. The average claim length is between 4-5 years and the most common claims are for Muscular Skeletal and Mental Health problems. Quite often these conditions are excluded in other similar products known as Mortgage Payment Protection Insurance (MPPI) or Accident and Sickness cover (AS).

    The vast majority of people have long term financial commitments, such as a mortgage or rent, childcare, car repayments etc: Income Protection provides long-term protection to cover these costs when your regular income stops.

    Nick Buhagiar - Affinity Protection Adviser

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    539-543 London Road, Westcliff-on-Sea
    Essex, SS0 9LJ

    Email: info@affinity-mortgages.co.uk

    Tel: 01702 337 003

    Affinity Mortgages Ltd is authorised and regulated by the Financial Conduct Authority FCA No. 598756.
    Registered in England no: 7992688 with address: 539-543 London Road, Westcliff-on-Sea, Essex, SS0 9LJ.

    Some types of finance such as bridging, development, commercial and buy to let mortgages may not be regulated by the Financial Conduct Authority.

    Fees may be payable for advice and/or arrangement of your mortgage.

    As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the repayments on it or any other loan secured against it. Think carefully before securing other debts against your home.

    Will writing and Estate planning is not regulated by the FCA.

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