The Mortgage Bureau in Milton Keynes Warns Clients About Insurance Protection Myths
Apr 13, 2020
April 13, 2020 - /PressAdvantage/ - Milton Keynes, UK based The Mortgage Bureau is reaching out to raise awareness of the various myths circulating around critical illness protection. The firm hopes that their industry insight can help more people recognise these myths for what they are and to make more fruitful financial decisions in their lives. They also welcome inquiries from clients who wish to learn more about these critical illness protection myths and the effects they can have.
Notably, the office is quick to point out that their views on such myths do not necessarily tie in with the current COVID-19 pandemic. Indeed, as they state in an article published recently on their website, in general, people tend to think first and foremost about their deaths when considering the risks they face in their lives. While The Mortgage Bureau does not want to downplay the risk of a fatality occurring during someone’s working life, they point out that studies show that people are likely to believe they have a higher chance of dying than of contracting a critical illness or having to go on sick leave for more than two months.
The truth of the matter, however, is that the opposite is true. Over the course of their working lives, people are several times more likely to either contract a critical illness or be forced to take more than two months of sick leave (possibly eliminating their ability to earn an income during this period as well). The issue here is that they then tend to act on these assumptions and make financial decisions that do not actually address the true risks they face. For instance, they are more likely to seek life cover than they are to pursue a form of income protection.
The Mortgage Bureau states, “Based on the data, it is far more vital that you consider looking for protection that is designed to mitigate any loss of income in the unfortunate—yet more likely—event that you face a serious or critical illness or have to be out of work for some other reason entirely. Get in touch with us at one of our offices near you if you wish to discuss this subject further.” The firm adds that there are two products that can offer such protections in these circumstances: Critical Illness Cover and Income Protection. The former pays out a lump sum if the customer contracts a specific critical illness. The second, Income Protection, pays the customer a percentage of their monthly income if they are unable to work due to illness or injury.
Another crucial myth that people are prone to believing in is that such plans tend not to pay out, leaving the customer without aid when they most need it. However, The Mortgage Bureau states that nearly all claims are paid out. Specifically, 97.6% of all claims were paid out in 2018, equating to £14.5m a day according to the Association of British Insurers.
The company also warns that people often fail to understand just how much they need to have a protection policy in place until the time comes that they actually need it. At that point, it may be much more difficult for them to subscribe to such a policy, if not be completely untenable. The Mortgage Bureau continues, “some will think that their employer will provide all of the support needed. This may be true, but do check your contract to establish the level of financial help you’d get, and (if it’s not for death in service) for how long. Balance this with the care you receive from the NHS and the limited financial support from benefits such as Statutory Sick Pay and Universal Credit.”
The Mortgage Bureau encourages their community to visit their website and read the article in full. They may also contact Andrew Masterson of The Mortgage Bureau for further details. Additionally, interested parties may follow the company on their preferred social media platforms in order to browse their latest news as well as their previous announcements.
###
For more information about The Mortgage Bureau Milton Keynes, contact the company here:
The Mortgage Bureau Milton Keynes
Andrew Masterson
01908 822646
[email protected]
The Mortgage Bureau
Exchange House
314 Midsummer Blvd
Milton Keynes
MK9 2UB
United Kingdom
ReleaseID: 60035533
More News
Oil Prices Climb on Continued Impasse in U.S.-Iran Talks
President Trump rejected Iran’s proposal over the weekend, calling it “unacceptable,” but Iran said it was still waiting for “definitive news” from Washington.
The Cure for Loneliness May Lie in a Suburban Duplex
Fresh pies. Book groups. Puzzle challenges. Developers of master-planned communities see fear of social isolation and desire for friends as a business opportunity. Welcome to Amity Lane.
What a US diesel export ban could mean for you
The threatened proposal aims to protect US consumers from rising costs, but it could trigger major economic waves if it were to happen.
Best thing we can offer young people is a job, not benefits, says chancellor
John Healey's speech comes ahead of next month's Budget, as he faces pressure to bring down government borrowing costs.
China and the U.S. Pledge to Cut Tariffs on $60 Billion in Goods
The two countries unveiled separate lists covering thousands of products as they sought to ease trade tensions and stabilize relations before further negotiations.
Aldi boss says some of rivals' loyalty discounts 'dupe' customers
Aldi is the only major supermarket chain that doesn't operate a loyalty scheme, which are hugely popular and used by millions of shoppers.
What is the Budget and what could be in it?
Chancellor John Healey will set out his plans for UK taxes in October.
UK needs plan in case of 'unprecedented' AI job losses, says minister
Kanishka Narayan says one of his top priorities is to have a plan in place if job losses are as bad as some fear.
Two of China’s EV Makers Announce a Deal as Auto Industry Moves Toward Consolidation
Two of the country’s leading makers of electric vehicles announced they are merging their battery swapping and charging operations.
Here’s What Fans Paid for Harry Styles Tickets at M.S.G.
We talked to 34 concertgoers about the time, money and effort they spent getting tickets for the star’s New York City residency.
Could A.I. Safety Risks Derail the Sector’s I.P.O. Prospects?
Big liability questions lie ahead for the artificial intelligence labs Anthropic and OpenAI as they push ahead with plans to go public.
Could Homeownership Reverse the Decline in Birthrates?
Researchers looked back at the baby-boom era and found that federal mortgage programs played a part in the country’s population upswing after World War II.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.