Powered By Fuse Assurance: Protect My Pockets
Here at Fuse Assurance, we’ve been going from strength to strength.
We’ve partnered with some the biggest underwriters in the country. Moved to a whole 1st-floor office in Newcastle-Under-Lyme, North Staffordshire. Created over 75 brand new jobs within the local community and raised hundreds of pounds for charity. Not bad for a company that started as a 10-person team based out of a tiny office room in Wilmslow.
As we’ve grown, we haven’t forgotten the promise we made to our customers: to protect their loved ones by giving the most comprehensive insurance cover we can. So, as we go into 2019, we’re dedicating ourselves to helping you cover more of the things that matter, but were not going to do it halfheartedly.
We didn’t just want to throw some new policies onto a submenu on our website and give our advisers a week’s training. We wanted to give these new insurance policies pride of place within the Fuse family, and have dedicated advisers ready to find you the best policy. That’s why we’ve powered up with Protect My Pockets, Protect My Pets and Release My Equity UK.
Over the next few blogs, we’re dedicating our Fuse Assurance blog to introducing you to these powerful new insurance specialists. You’ll find out what they do, how they do it and why we feel its so important for us to offer these fantastic services to our customers. First up, Protect My Pockets.
Who are Protect My Pockets?
Protect My Pockets will be specialising in Income Protection Insurance.
When looking into expanding our family, we wanted to start with a policy we were familiar with but still had the potential to grow. Income Protection Insurance had been available with Fuse Assurance since its inception. However, back then it was considered one of the worst selling types of insurance across the entire industry. Only 9% of working adults held a policy in 2017/18.
However, awareness of Income Protection was beginning to grow thanks to a few unusual factors. First, people were becoming more insurance savvy after the PPI scandal, so more insurance types were being discovered. Second, employers were becoming much more stringent with sickness policies, firing sick employees via loopholes in the worst cases. Then third, as the cost of living rose, needing time off work for illness became less of an option for those in low earning jobs.
Designed as an alternative income paid at a higher rate than Statutory Sick Pay when ill or injured, it’s potential was finally being recognised. We just had to get our knowledge and expertise out there. However, how were we meant to stand out as a specialist when Fuse Assurance was already pretty well established as a life insurer? That’s where the idea for powering up a new specialist. Protect My Pockets has been growing quickly over the last few months and we’ve never looked back. Providing all our customers with just the right policy in a simple and focused way.
What Does Income Protection Insurance Do?
Income Protection Insurance is a specialised type of life/protection insurance where by paying a monthly premium you begin insuring yourself against long term illness or injury. When you are signed off sick by your doctor and once a designated period of time has passed (referred to as a “deferral period”), you will begin receiving monthly payments that can either replace your Statutory Sick Pay or help top it up. These payments can be anything up to 70% of your monthly salary and are given directly to you, tax-free.
This is what makes it so different from the Payment Protection Insurance (PPI) that helped bring people’s attention to Income Protection. Rather than payments being used to cover a specific loan when ill or injured, payments are paid out directly to you, so you can cover what matters over everything else.
Why Is Having Income Protection So Important? Why Do We Think You Should Have It?
Ask yourself this: could you afford to live without your income while you are off work due to illness or injury? Could you really pay the bills? Shop for food? Keep up with mortgage repayments and still live your life while on £92.05 per week Statutory Sick Pay? Whether you answered yes or no, your income is still the most important financial support you have. The question is, what’s really there to safeguard it should you fall ill or become injured?
This is why we feel Income Protection is so important. Illness and injury are inevitable parts of life, but in our current economic climate, some employers would rather see you hand in your notice than pay you to be off for a week or two. We want to make sure that someone has your back when you need time off work, so why not let Protect My Pockets stand beside you with a specialised Income Protection policy?
Where Can I Find Protect My Pockets?
Above all else, we recommend visiting the website.
Here you can not only find out more information about Income Protection, including how it works, how we decide your premiums, and who is eligible, but you can also read through our handy FAQ guide. Here we clear up any myths and misconceptions you may have heard about Income Protection, as well as answer any other question you may have.
Once you’ve done that and you’re ready to build your new policy, you can either fill out one of our application forms and let one of our friendly advisers get back to you, or call us directly on 01782 914 107.
Click the button below to go the Protect My Pockets’ website. Next time, we’ll introduce you to Protect My Pets, and why we’ve decided to extend our protection to your furry friends.