Own occupation income protection - using a specialist IFA?

EmmaJ_3

Hi

I did do a search but couldn't answer my question, sorry if this is in the wrong place or anything.

I'm about to qualify as a vet and have accepted a job offer, starting work at the end of July. Various IFA companies have come to speak to us as vet students over the past year, marketing their services, and have drummed into us the importance of own-occupation income protection, and I think I'd like to get this sorted out before I start work.

My question is should I go with one of these 'specialist' IFAs or will any IFA do to find the right income protection for me? There are about 4 companies that have been putting on talks with free drinks, food etc for students, selling themselves to us saying that they are specialists at working with veterinary surgeons and understand our industry etc. All of them offer a free initial consultation, one of them everything is free (so they work on commission) and the others charge fees later on. They all seem pretty well established (are we allowed to mention names on here?). One of them is also associated with one of our professional bodies (British Veterinary Association) although I'm not sure what that really means. Whichever IFA I go with I can see myself using in the future for savings, pensions and mortgages and things, I am clueless with money and would want advice on everything!

So are these the right type of IFA to go with, is it really necessary that I choose a 'specialist' in dealing with vets for finding the right own-occupation income protection plan?

dunstonh

My question is should I go with one of these 'specialist' IFAs or will any IFA do to find the right income protection for me?

I'm not sure that income protection would really fall under any "specialist" tag. Specialist tends to refer to pension, investment, commerical or estate planning etc. i.e. the more complicated stuff. Not protection which most IFAs could do with their eyes closed.

So are these the right type of IFA to go with, is it really necessary that I choose a 'specialist' in dealing with vets for finding the right own-occupation income protection plan?

Obviously we know nothing about these particular companies but I will repeat what we always say on here. Use advisers that are not part of a salesforce (regional or national). They tend to suffer high turnover of staff and work to a salesforce mentality which has targets and incentives based on performance. That is not the way to get proper advice. Ideally aim for the smaller local firm where reputation means everything and ideally get in with the owner/partner/director as you know they will be there for the long term. Plus owner/partners are financially liable for the advice they give and that certainly sharpens the mind (compared to advisers that have no personal liability, such as employees).

EmmaJ_3

They made it sound like it was more difficult to find an income protection plan for vets as opposed to other occupations, so we should use them as specialists in dealing with vets. Is this not the case then, and not something I need to factor in when choosing an IFA?

dunstonh

We all have access to the same providers. I cannot see what difference it makes.

The cynical inside me says that they have got in with these groups and get most of their business from vets and therefore they specialise in dealing with vets. However, that doesnt make the products specialist.

There are difference classifications for vets and I just did a quick check for a general practioner vet and it came out class 2 occupation. Housewifes come out class 2 so its not high risk. Vetinary surgeon came out class 2 as well. I stopped checking after that but there were other classifications. Own occupation is no problem with class 2.

So, I would feel comfortable with you building a relationship with a local IFA that you know is going to be there for the distance. If that is this company then fair enough but it isnt a problem if it isnt.

EmmaJ_3

Thankyou very much for your advice.

One final question - is it possible to set this up before I start work, or do I need to wait until I actually have the wage coming in?