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A Short Guide to Private Health Insurance

July 2011

We thought it would be a good idea to compile a short guide, just to explain as simply as possible, the benefits of private medical insurance (PMI) and how it works for people in the UK. Definition A health insurance policy is designed to offer the policy holder with access to private facilities to receive treatment for acute medical conditions. While illness or injury can be a stressful event, this insurance policy is designed relieve some of the stress by ensuring the policyholder receives the best treatment as quickly as possible. The policies are not designed as a ‘cure all’ for…
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Why Income Protection Insurance Is Important

With only limited state incapacity benefits available, when it comes to protecting our incomes in case of illness or injury the onus is most definitely on us to take action. What is income protection cover? Income protection (sometimes referred to as permanent health insurance) is a type of insurance designed to payout a monthly income to replace lost earnings during times of sickness or injury when time has to be taken off work. It is usually possible to cover up to 65 per cent of gross earnings and plans can provide long-term protection until retirement. When the ‘own…
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Things we don’t what to talk about 101 – Savings Plans

By Philip Dales – (Dales Independent Financial Advisers) I had an interesting conversation yesterday with an unhappy Saver, not mine I hasten to add. The gent in question had been saving regularly for 15 years. He was justifiably upset that after 15 years he was about to get less back at maturity than he had put into his savings plan over the whole term. It raises two questions: 1. Our understanding of the risks we are taking 2. The purpose of savings 3. What if you had not started the plan in the first place? I know that’s 3, but I’ve always been a fan of the Spanish…
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Where Does an Employers Responsibility Lie with Long Term Sickness?

A recent study by Aviva found that half of the 688 employers surveyed believed that staff sickness has a significant impact on business: 27% admitted it can present a huge headache. Interestingly the research has also emphasised the emotional strain it can place on an employer. Just more than a third – 34% stated they had concerns regarding how to balance legal obligations while conventional business demands remain. While more than half of respondents stated their chief concern would be the health and wellbeing of the employee, as opposed to the running of the business. With conditions…
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Types of Life Insurance for Family and Mortgage Protection

Life insurance can be bought these days for a very small premium. This is primarily because life expectancy is increasing rapidly. It is a good time to purchase, or review, a policy when major life changes take place, such as purchasing a home, getting a higher paid job or starting a family. There are different types of policies available with varying price ranges. Critical Illness Insurance is also an important policy option to consider including on a life assurance plan in order to help pay for any costs during a time of illness or injury. During periods of incapacity it is likely that…
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WHAT DOES ‘INDEPENDENT’ REALLY MEAN?

By Helen Kanolik – (HelenK Financial Advice Limited) If you are looking for financial advice, there are currently two types: Independent, and the other one. Perhaps you have considered Independent advice, but you’ve heard that it’s expensive, or thought for some other reason that it isn’t for you. But do you know what it really means? Technically, it means that the adviser is accountable to you, and not to any life assurance, pension or investment company or mortgage lender. The adviser is obliged to do their best for you, as your agent. It also means that the adviser can deal…
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Savings – Financial Services Compensation Scheme

With effect from Friday 31st December the amount of savings covered by the Financial Services Compensation Scheme (FSCS) has been raised from £50,000 to £85,000. The cover is per person, so joint accounts receive cover up to £170,000. The FSCS will pay the first £85,000 deposited with each authorised firm in the event of that firm’s failure. Savers still need to take caution where different trading names are authorised by the same firm (For example, Bank of Scotland, Birmingham Midshires and Halifax all operate under the Lloyds banking licence) as in this instance, the limit of…
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