Income protection

What is Income Protection?

Income protection is a policy that replaces your income that was available to you and your family in the event of death, ill health, injury or being signed off work by a doctor for any specific health related reasons.

It’s paid tax-free and will help to protect your finances & income. You could use the proceeds to maintain your mortgage payments and everyday bills leaving you to concentrate on your recovery and taking away any stress.

Income Protection Policies

The main types of policies are explained here:

Lump sum critical illness

• Pays a lump sum upon diagnosis of a specific condition (usually very serious conditions like cancer/heart attack/stroke etc).
• You can choose to be paid in a lump sum straight away, or receive your proceeds over a period of time, thereby replacing lost income due to being unable to work.

For example: If £10,000 per year is needed.  With an assumed growth rate of 4%, the calculation would be:  £10,000 / 4 x 100 = £250,000 sum assured needed.  Simply put by investing £250,000 if you get a growth rate of 4% you may be able to assume £10,000 income for life.  Obviously, this takes no account of inflation and depends on investment returns which are by no means guaranteed but helps explain one of the methods we may use to calculate what you need!

ASU (Accident, Sickness and Unemployment)

• ASU plans pay a regular income, usually for a fixed period. 
• Usually, shorter-term policies only paying out for a maximum period of 1 or 2 years only.
• Designed to relieve shorter term financial pressures caused by short term illnesses or even redundancy.

e.g. If your household bills are £1,000 per month, an ASU policy will pay this income to you in the event you are unable to work though accident, illness or redundancy. 

PHI (Permanent Health Insurance)

• Like an ASU policy (but excluding redundancy) in the event of accident or sickness it will basically replace your wages or salary.
• Monthly amount is paid until the end of a longer specified term and usually age related or designed to stop paying at retirement for example.
• PHI plans are permanent and once in payment will not be stopped unless you return to work and recover or die.
• Not just paid for shorter periods of time (like ASU) and could pay out many hundreds of thousands of pounds over the term!

What you get with Financial Fortress

Professional and qualified advisers 

No cost or obligation initial review meeting.

A personal named and dedicated expert dedicated to you!   

No cost or obligation financial review for everyone! We offer personalised advice via your own named and dedicated adviser, either in person, over the phone or using modern video-conferencing!

What Our Clients Say

 
 
 
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 Ian W 
 
February 6, 2023
 
 
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I couldn’t recommend Financial Fortress more highly if you’re looking for financial advice. Wayne has been incredibly helpful and taken the time to talk everything through in great detail to make sure we have all the information we need to make the right decisions. Give them a call today!
  
 
  
 
 
 
  
 
 
 Anthony Parker 
 
January 26, 2023
 
 
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Just spent a very informative 90 MINS with Wayne Musker of Financial Fortress regarding my impending retirement. I am always weary of such institutions when dealing with my finances,and go into these situations with the view that they are only out for their own gain.
Wayne quickly made me feel very comfortable, through his professional manner and explanations in terms,that were easy to understand.
If Wayne is the standard to which Financial Fortress aspire,then I would have no hesitation in recommending this individual and his company to anyone requiring financial advice
  
 
  
 
 
 
  
 
 
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January 19, 2023
 
 
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Wayne and the team are amazing, sorted out my pensions and private health care. Trust them completely, thanks again.
  
 
  
 
 
 
  
 
 
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November 30, 2022
 
 
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I was recommended Malcom from Financial Fortress by a friend and I can understand exactly why they were so pleased.  Mortgages are not something I enjoy dealing with and Malcom completely took the pain out of it.  He looked for the best deal for me, dealt with all the form filling.  He was available to answer questions any time.  He explained the jargon and was patient when I had other things to deal with.  I will definitely be keeping his number for next time I need to remortgage.  One thing I really liked was he is not a pushy sales person but a genuinely good mortgage advisor with your best interests at heart.  Really pleased,
highly recommended. Thank you
  
 
  
 
 
 
  
 
 
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November 3, 2022
 
 
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Supurb, friendly advice.

Wayne cuts through the financial jargon and simplifies the subject matter leaving you with a better, more clear understanding.

Highly recommend!
  
 
  
 
 
 
  
 
 
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July 21, 2022
 
 
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Recommended by a friend who spoke very highly of financial fortress. I have very little knowledge on all things finance and Wayne was very helpful in answering all my queries and giving me independent advice to suit my current financial position. He was very helpful and the first session was free which is great!
Looking forward to working with you again soon! I will also be utilising your services such as mortgage advisors when buying a house.
Would recommend to anyone!
  
 
  
 
 
 
  
 
 
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February 2, 2022
 
 
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We came to financial fortress for help with our first mortgage and Kieran was amazing and couldn't have helped us anymore. We have since re-mortgaged and didn't think twice about going back to Kieran for advice. We have undoubtedly asked some ridiculous questions but Kieran has been nothing but patient and helpful. Made our lives as stress free as possible with his prompt responses and organisation!
  
 
  
 
 
 
  
 
 
 MrWhoisjoegill 
 
January 11, 2022
 
 
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Would highly recommend Financial Fortress if you are looking to get a mortgage. Kieran guided us through the whole process as first time buyers professionally, helping us understand and navigate purchasing our house. He was quick to respond to any questions and queries no matter how big or small, and worked with the other parties to make sure things moved along smoothly.  Having recently remortgaged our property, we had the same excellent service - quick to help out and lay it all out so we could choose the best option for us. Thanks Kieran!
  
 
  
 
 
 
  
 
 
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December 16, 2021
 
 
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Fortress were recommended to me from a good friend and after a couple of consultations I totally understand why. Wayne was patient with my questions and clearly explained all of the options presented to me. Very professional and most importantly I felt I could trust them with my investments.
  
 
  
 
 
 
  
 
 
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December 9, 2021
 
 
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We are first time buyers and had no real idea what were all the different steps and requirements for getting a mortgage. Malcolm presented us with all the info that we needed and helped us choose the product that is right for us. He was always available to help and quickly answered any questions.