Jack and Jill are professional actors in their mid-fifties, based in London, with a variable rate mortgage of £800 a month. They work pretty regularly and do tutoring or administrative work when acting work is poor. They would like an income protection (IP) policy with a benefit of £1,500 a month but with a premium that reflects the irregularity of their earnings. What would you recommend for them?
PETER HAMILTON, ZURICH Jack and Jill understandably want to protect their mortgage and an IP policy can help them to do this. It would be important to know how far they are already protected against the financial impact of death or a critical illness - our own plan could integrate cover for Life, CI and a level of IP. Their occupation provides particular challenges for the IP element. It is important to understand the balance of earnings between the acting and the 'other' work. Our own contract allows actors to have an 'own occupation' definition for the first 12 months, reverting to an...
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