Ria Ali quoted in FT Adviser on the Budget and income protection
PMS Mortgages director Ria Ali was quoted in FT Adviser on why the Budget was a missed opportunity for insurance and income protection.
Ria Ali, director at PMS Mortgages, has been quoted in FT Adviser in an article on why the latest Budget was a "missed opportunity" for insurance.
What Ria said
Ria said insurance was ignored again, even though it is where the state safety net is thinnest. Statutory sick pay is around £120 a week for up to 28 weeks, which is not enough for most families to cover their mortgage or their bills.
"Income protection can replace a large share of salary until you're back at work, yet very few people have it."
She called on the government to treat protection as part of the solution rather than an afterthought, with tax relief on individual income protection and incentives for employers to offer group income protection and health cover. That would ease pressure on both the benefits system and the NHS.
Why it matters for homeowners
If illness or injury stopped you working for a few months, could you still pay your mortgage? Income protection pays you a monthly income while you are unable to work, helping you keep up with your mortgage and household bills. Find out more about income protection, or book a consultation to review the cover you have in place.
Thinking about your own mortgage?
Speak to an adviser about what this means for your situation. There is no charge for an initial conversation.