FAQS

Frequently asked questions

Do I need income protection? If so, why?

If living without your wage for a long period of time due to sickness, accident or redundancy would be in any way detrimental to you and/or your family, then yes you will need income protection.

When should I put a policy in place?

As soon as possible. The younger you are the better as the cost of putting in place a life policy increases after each birthday. This is due to the fact that you are more likely to get ill at an older age and the insurer has not had the benefit of many claim free years of premium payments. Unemployment insurance is slightly different as this needs to be taken out before any indication whatsoever of redundancies at your company.

I am self-employed, can I still get income protection insurance?

You can protect your income if you are unable to work due to a sickness or accident but not unemployment. All other insurances are available to self-employed individuals.

What will insurance cost me?

It can cost as little as you would like or as much as you can afford. The cost of insurance is determined by many factors e.g. payment period, term of the policy and amount of cover required. So, it’s a matter of choosing what’s important to you and letting us find which insurer can provide those at a premium you can afford.

I’m not sure which insurance(s) I need. How can I find out?

Talk to us. We know the questions to ask and can advise what is right for you based on your responses.

What are my options?

Talk to us. We know the questions to ask and can advise what is right for you based on your responses.

Can my plan be personalised to suit me?

Of course! We are a team of specialists with years of experience. We will discover your needs and advise you quickly on a plan that meets your needs.

I’m thinking of taking out income protection insurance, how much can I claim?

The maximum amount you could claim each month is different from plan to plan, generally 50-70% of your gross monthly income. Executive income protection is a specialist protection that covers both your salary and dividends paid by your company under which it is possible to cover up to 80% of your earnings.

When will the cover pay out after I claim?

The recommended provider will need to see medical evidence and this can often be difficult to obtain from an NHS surgery. For income protection you choose a period you can wait before receiving a payment. The actual payment is dependent on the medical evidence reaching the Insurer.

Why should I not rely on state benefits?

The maximum weekly income available from the government is £92.05 per week Statutory Sick Pay or £109.30 (after 13 weeks) if you are employed. If you are self-employed it will be initially either £57.90 per week or £73.10 per week, depending on your age (source: www.gov.uk July 2018). So, if you need more than that you need income protection.

How do I arrange cover?

Speak to us and we will identify your protection needs. We will then research the market and provide you with the most advisable options to your own personal circumstances. Once you are happy that we have selected the best and most affordable policy to meet your needs, we will then help you fill in an online application. This can be done over the phone or via email.

Will I be charged for pension advice at outset?

Our advice is not free. Details of the charges we make for our advice and how it is paid for are set out in the ‘Key facts about our costs and services’ document you receive.  The cost for our advice is paid for and facilitated out of the overall charges levied on your investment.  The advice charges will also be discussed with you and the specific amount charged will be provided on your personalised illustration.

Will my money be safe with you?

We do not hold client money. If there are investments involved in your advice these will be with reputable firms each individually authorised for their particular role.

Can I log in to see my investments?

Yes, you can have access to your portfolio 24 hours a day to see live valuations.

What protection do I get by using an adviser?

Personalised advice recommendations by a regulated adviser are covered by the Financial Services Compensation Scheme in the event of a claim against the firm which is no longer trading.

What happens if I want to change my adviser in future?

Roxburgh does not hold client money; your investments will be held by authorised insurance and investment companies. You will be able to authorise another regulated adviser to look after your existing arrangements with the company under their agency.

Do you charge for mortgage advice?

Our advice is not free. Details of the charges we make for our advice and how it is paid for are set out in the ‘Key facts about our costs and services’ document you receive. The cost for our advice is paid for and facilitated out of the overall charges levied on your investment. The advice charges will also be discussed with you and the specific amount charged will be provided on your personalised illustration.

How much deposit do I need?

The minimum deposit available can be as low as 5%, for buy-to-let mortgages this figure typically increases to 25%.

What is a mortgage in principal?

This is a conditional offer made by a mortgage lender that – provided the information provided is correct – they will in “in principle” provide you with a pre-agreed loan subject to a suitable property being purchased.

Are your mortgage advisers qualified?

All our advisers are fully CeMAP qualified. CeMAP consists of three modules which gives you an extensive knowledge of UK financial regulation, and mortgages policy and practice.

 

If you’re unsure what you need then contact us by phone on 0345 434 9505, or email Enquiries.Roxburgh@sjpp.co.ukor by clicking here

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