Goldmine Media\'s efactsheets bundle will enable your business to generate further new business opportunities and add another layer of interaction, whether you\'re engaging with your business audiences online, by email or face-to-face. The 22 efactsheets feature articles that include protection, both personal and business, retirement and investment planning and Inheritance Tax Planning). Life assurance Term assurance Whole-of-life cover Critical illness cover Income protection insurance Achieving financial security and independence Financial Protection for you and your family Making a will Wealth protection Business protection Building a bigger retirement income More than six million Britons over-50 look set to retire on less than minimum wage Financial independence Self-Invested personal pensions Pension consolidation Planning for retirement Buying an annuity Wealth creation The value of insurance to protect you income Estate Planning Is it time to get more flexible with your money? Reducing your investment risk

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Income protection insurance
How would you pay the bills if you were sick or injured and couldn’t work?
Protecting your income should be taken very seriously, given Income protection insurance aims to put you back to
the limited government support available. How would you the position you were in before you were unable to
pay the bills if you were sick or injured and couldn’t work? work. It does not allow you to make a profit out of your
misfortune. So the maximum amount of income you can
Income protection insurance, formerly known as replace through insurance is broadly the after-tax earnings
‘permanent health insurance’, is a financial safety net you have lost, less an adjustment for state benefits you
designed to help protect you, your family and your lifestyle can claim. This is usually translated into a maximum of
in the event that you cannot work and cope financially 50 per cent to 65 per cent of your before-tax earnings.
due to an illness or accidental injury preventing you from
working. Most of us need to work to pay the bills. Self-employed
If you are self-employed, then no work is also likely to
A struggle financially mean no income. However, depending on what you do, you
Without a regular income, you may find it a struggle may have income coming in from earlier work, even if you
financially, even if you were ill for only a short period, are ill for several months. The self-employed can take out
and you could end up using your savings to pay the individual policies rather than business ones, but you need
bills. In the event that you suffered from a serious illness, to ascertain on what basis the insurer will pay out. A typical
medical condition or accident, you could even find that basis for payment is your pre-tax share of the gross profit,
you are never able to return to work. Few of us could after deduction of trading expenses, in the 12 months
cope financially if we were off work for more than six to immediately prior to the date of your incapacity.
nine months. Income protection insurance provides a
tax-free monthly income for as long as required, up to Some policies operate an average over the last three
retirement age, should you be unable to work due to years, as they understand that self-employed people
long-term sickness or injury. often have a fluctuating income.
Statutory sick pay Cost of cover
By law, your employer must pay most employees statutory The cost of your cover will depend on your gender,
sick pay for up to 28 weeks. This will almost certainly be occupation, age, state of health and whether or not you
a lot less than your full earnings. Few employers pay for smoke. The ‘occupation class’ is used by insurers to
longer periods. If you find yourself in a situation where decide whether a policyholder is able to return to work.
you are unable to return to work, your employer could If a policy will pay out only if a policyholder is unable
even stop paying you altogether and terminate your to work in ‘any occupation’, it might not pay benefits
employment. After that, you would probably have to rely for long – or indeed at all. The most comprehensive
on state benefits. Some employers arrange group income definitions are ‘Own Occupation’ or ‘Suited Occupation’.
protection insurance for their employees, which can pay ‘Own Occupation’ means you can make a claim if you are
out an income after the statutory sick period. unable to perform your own job; however, being covered

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under ‘Any Occupation’ means that you have to be unable to but you’ll have to wait longer after you become unable to
perform any job, with equivalent earnings to the job you work before the payments from the policy are paid to you.
were doing before not taken into account. Premiums must be paid for the entire term of the plan,
including the waiting period.
Choosing your cover
You can also usually choose for your cover to remain the Depending on your circumstances, it is possible that the
same (level cover) or increase in line with inflation payments from the plan may affect any state benefits due to
(inflationlinked cover): you. This will depend on your individual situation and what
state benefits you are claiming or intending to claim. If you
Level cover - with this cover, if you made a claim the monthly are unsure whether any state benefits you are receiving will
income would be fixed at the start of your plan and does not be affected, you should seek professional advice.
change in the future. You should remember that this means, if
inflation eventually starts to rise, that the buying power of your As part of our service we also take the
monthly income payments may be reduced over time. time to understand our client’s unique
needs and circumstances, so that we
Inflation-linked cover - with this cover, if you made a claim can provide them with the most suitable
the monthly income would go up in line with the Retail Prices protection solutions in the most cost-
Index (RPI). effective way. If you would like to discuss
the range of protection services we offer,
Taking out your cover please contact us for further information.
When you take out cover, you usually have the choice of:
This is for your general information and use only and is not
Guaranteed premiums - the premiums remain the same all intended to address your particular requirements. It should
the way throughout the term of your plan. If you have chosen not be relied upon in its entirety and shall not be deemed to
inflation-linked cover, your premiums and cover will be, or constitute, advice. Although endeavours have been
automatically go up each year in line with RPI. made to provide accurate and timely information, Goldmine
Media cannot guarantee that such information is accurate as
Reviewable premiums - this means the premiums you pay of the date it is received or that it will continue to be accurate
can increase or decrease in the future. The premiums will in the future. No individual or company should act upon
not typically increase or decrease for the first five years of such information without receiving appropriate professional
your plan but they may do so at any time after that. If your advice after a thorough examination of their particular
premiums do go up, or down, they will not change again for situation. We cannot accept responsibility for any loss as a
the next 12 months. result of acts or omissions taken in respect of any articles.
Thresholds, percentage rates and tax legislation may change
Making a claim in subsequent Finance Acts.
How long you have to wait after making a claim will depend
on the waiting period. You can usually choose from between
1, 2, 3, 6, 12 or 24 months. The longer the waiting period you
choose, the lower the premium for your cover will be,