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PENSION ADVICE and RETIREMENT PLANNING

 

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   Protection and Insurance - Introduction


Call: 01603 452686

 

       Protect and Preserve | Before Retirement and in Retirement

 

Topical Issues

 

         Be Prepared

It is obvious that once you are in full retirement the need for e.g. Income protection disappears as these forms of insurances require that there actually is an income (from employment) to protect! However, other form of protection can prove very valuable.

 

And, it should also be remembered that whilst you are still in employment and building up your retirement fund, any reduction in your income will also likely affect your pension provisions.

 

 

A brief summary of some of the protection policies which are most relevant for the retired and those likely to retire in the not too distant future is given below :

► Life cover: level term assurance/insurance, whole of life cover

► Income protection - IP

► Critical illness cover - CIC

► Private medical cover / insurance - PMI

 

 

Further details of each of these protection schemes can be found by following the relevant links above.

 

 

Finding the right insurance or protection product may sound quite straightforward these days with easy access to information and availability of comprehensive price comparison sites on the Internet.

 

It is clear that most insurers compete on price and hope that their customers do not read the insurance details in too much detail and just rejoice in the fact that they found a 'bargain'.

 

It is with insurances as it is with so many other things in life: you generally get (more or less) what you pay for. Having said that, it is not uncommon that two insurances, which essentially cover exactly the same, may differ in price with as much as 50-100%.

 

That typically happens when one of the insurers is a ‘household’ name and as such perhaps inspires more trust in a potential customer than a less well known, but equally respectable, alternative provider.

 

With most insurances the ‘devil is in the detail’ and relates to all the things which are not covered, not included, sometimes excluded, omitted or dependent on an excess which needs to be covered by the insured before anything is paid out by the insurer.

 

The recent debacle regarding the Payment Protection Insurance misselling scandal is a typical example of how high-street Institutions may try to con unsuspecting customers into buying expensive but highly inappropriate insurance products that they have no need for.

 

Unless you really know what to look for in the policy papers it is recommended that you seek independent professional advice before you commit to paying often large monthly premiums over long periods of time for some perceived ‘protection’ which may, or may not, actually protect whatever it is that you want to protect!

 

 

Don't be caught unprepared

 

 

I don't want to retire right

now - maybe next year, or

the year after...

But, can I afford to cut down

on my work hours already?

     find out more 
 

Is it a good idea to buy an

Annuity now or is it better

to wait?

Should it be a single or a

joint annuity?

     find out more 

 
retired couple

What is the right way to

arrange my Investments?

How much risk can I

afford to take?

How much income can I get?

     find out more 
   

 

 

LET YOUR MONEY WORK FOR YOU!

 

 

 

 

 

 

 

 

VISIT THE DEDICATED NFA INVESTMENT SITE

►►
   
   

 

 

        Yes, It can happen!

 

 

 

    Specialist Advice Areas


     Regulatory and Legal changes

    LONG TERM CARE - 

  BE PREPARED...

Long Term Care is an issue that most of us would rather not think about. But should you, or your loved ones, need it later it can be VERY expensive if you have not prepared.

      Read More...

WHAT WILL I GET

FROM THE STATE?

Although you may be entitled to a full or partial State Pension it is important that you also get to know what other benefits and support you may be entitled to in your later years.  Read More...►

WHAT ARE POWERS OF ATTORNEY?

Not very many people are aware of what Powers of Attorney really are or How they Work? You need to know that they In many cases can be of critical importance in a difficult situation.  Read More...►

 

 PENSION CHANGES 2014

 
 

New rules allow increased flexibility for pension drawdown arrangements. But there are important aspects which need consideration.

   

   Read More...►

 

 PENSION CHANGES 2014

 
 

Is Income Drawdown a ticking time bomb?

Law changes and low Gilt yields can have a large impact on drawdown Portfolios.

 
1 2 3 4 5

   Read More...►

 

You are always Welcome

to contact NFA for a free discussion

of your Protection needs

and Insurance arrangements

 

Phone: 01603 452686

 

 

e-mail: info@norwichpensions.co.uk

 
     

 

 

 

 

 

Norwich Financial Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA No. 706645

Norwich Financial Advice Ltd. is registered in England and Wales; Company No. 8533929.  

Registered office: 74 Muriel Road, Norwich NR2 3NZ, Norfolk, England.

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The information on this website is aimed at UK residents or residents of MiFID countries