Income Protection
Income Protection (Personal Sick Pay)
Income Protection is essentially you’re own Personal Sick Pay plan which is designed to replace some of your monthly income if you are unable to work due to accident, sickness or injury. Whether you’re employed, or self-employed, this type of cover is designed to support you and your family by covering your essential regular outgoings and to help maintain your lifestyle, should your income disappear or reduce due to accident, sickness or injury.
Most of us earn a regular income and would struggle financially to cover our outgoings if we were unable to work. There are many types of policies and one of our advisers would be happy to discuss which ones may be most suitable for you.
Take a look at the inspirational 7 families website below, this is a charity led campaign to provide a tax-free income for one year to seven people who have lost their income because of a serious or long-term illness or disability.
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Who's who?
There are three main parties concerned with a trust. These are as follows:
Usually referred to as the donor or settlor, the ‘plan-holder’ is the individual who has taken out an insurance policy to protect their family and friends should they pass away. It is their responsibility to allocate a trustee and nominate beneficiaries.
As a trustee, you have part ownership of the plan-holder’s policy and therefore have a certain amount of administrative rights. Whilst you cannot personally make any changes to the policy independent of the plan-holder, you may be asked to acknowledge changes they themselves have made. Additionally, it is your role as a trustee to ensure that the terms of the trust are carried out in accordance with the plan-holders wishes, once they have passed away. If you have already been appointed as a trustee and would like to know more about what your role entails, then we’d be happy to talk you through this. Call us today, on 0113 895 0030, where one our advisers will be available to take your call.
The persons who are, or may become, entitled to receive the plan proceeds are called the ‘beneficiaries’. A trustee can also be elected as a beneficiary and discretionary trusts enable changes to be made to beneficiaries if required at a later date.
The Financial Conduct Authority does not regulate taxation and trust advice.
