DUBLIN, Oct. 13, 2020 /PRNewswire/ — The “Income Protection – United Kingdom (UK) Protection Insurance 2020″ report has been added to ResearchAndMarkets.com’s offering.

The report provides an in-depth assessment of the income protection market, looking at current and historical market sizes with regards to changes in contracts and premiums. It examines how income protection products are distributed and highlights key changes in the competitive landscape, as well as the proposition of the key market players. It provides five-year forecasts of contracts and premiums to 2024 and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes.

The UK’s income protection market has grown strongly in recent years. Of the main protection products, income protection was the only product to register double-digit growth in premiums in 2019. Advised sales remain far more common than non-advised sales. However, the non-advice channel has experienced the fastest growth over recent years in terms of new business premiums.

Income protection providers face the prospects of increased claims due to job losses and increased illnesses as a result of COVID-19. As such, insurers have been forced to withdraw unemployment cover from the market and add exclusions to the wording of those policies that remain. The market is anticipated to plunge in 2020 before returning to growth. Financial hardship will highlight how vulnerable people are without a regular income, be it the result of unemployment or illness. This will generate strong demand for income protection products over the coming years.

Scope

  • New business premiums in the income protection market grew 18.3% to reach £65.5m in 2019, making it the only protection product to register double-digit growth by this measure.
  • Aviva strengthened its position as the largest provider of income protection insurance,

Wow! We are now finished with 3/4 of the year and we are heading into a presidential election that is causing the stock market to be significantly volatile. Stimulus packages are on hold until the debate is over and our current President states one will be released, indefinitely. The stock market has pummeled downward and then upward. Talk about unpredictable. Dividend income, though, continues to be a very hot topic, as investors await announcements, fearing the potential dividend cut.

In September, we set another record for dividend earnings and it shows proof that dividend income is one of the best passive income streams. Time to dive into my September 2020 dividend income results.

Dividend Income

Dividend income is the fruit from the labor of investing your money in the stock market. Further, dividend income is my primary vehicle on the road to financial freedom, which you can see through my Dividend Portfolio.

How do I research and screen for dividend stocks prior to making a purchase? I use our Dividend Diplomat Stock Screener and trade on Ally’s investment platform (one of our Financial Freedom products) – commission free.

I also automatically invest and max out, pre-tax, my 401k through work and my Health Savings Account. This allows me to save a TON of money on taxes (aka thousands), which allows me to invest even more. In addition, all dividends I receive are automatically being reinvested back into the company that paid the dividend. This takes the emotion out of timing the market.

Growing your dividend income takes time and consistency. Investing as often, and early, as you can allows compound interest (aka dividends) to work its magic. I have gone from making $2.70 in a single month in dividend income to well over $3,500+ in a single month. That dividend

SPRINGFIELD, Ill. (AP) — Both sides in the debate over a ballot measure to change Illinois’ income tax system from a flat-rate to a graduated structure have straightforward arguments

Democratic Gov. J.B. Pritzker and other proponents call it the “fair tax” because it demands more from those with higher incomes. Those making less than $250,000 a year would pay no more than the current 4.95% flat rate.

Opponents point to the state’s history of political corruption, saying the proposal on the November ballot would loosen constitutional restraints on lawmakers’ spending.


THE PROPOSAL

The ballot question would amend the Illinois Constitution to discard the current income tax system, in which every individual pays the same flat rate, 4.95%, and corporations pay 7%. It would set up brackets, like the federal government and 32 other states. The tax rate would increase with income.

BIG STAKES, BIG MONEY

Campaign group Vote Yes for Fairness has $56.5 million to spend on its campaign, all from billionaire Pritzker. A group backed by labor and other advocacy groups has raised $1.9 million.

The Coalition to Stop the Proposed Tax Hike Amendment is not far behind, with $48.6 million in the bank — 97% of it coming from Chicago hedge fund manager Ken Griffin.

THE GENESIS

The state Supreme Court invalidated a graduated tax approved in the 1930s. A flat tax of 2.5% on individuals and 4% on corporations in 1969 came months before a convention began writing a new state constitution. Delegates considered a graduated tax but ultimately were wary of asking voters to endorse a constitution with a new tax setup. Subsequent plans failed before Pritzker, who campaigned on the issue in 2018, got approval to put the question on the ballot.

THE RATES

Voters don’t get to choose the rates. The General Assembly approved

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  • I grew up in a penny-pinching household and kept it up when I moved out on my own.
  • Living frugally helped me save $5,000 in a year when I was earning just $30,000. As my income rose, I didn’t let my expenses rise with it.
  • That’s when I had a lightbulb moment: The key to building wealth and savings isn’t frugality or increasing your earning potential, it’s a smart balance of both.
  • Find out what a financial planner can do for you with Personal Finance Insider’s free e-book »

Growing up in a single-parent household, where the state of our finances waxed and waned, my mom was incredibly frugal. We’d go to Big Lots to buy sundry food items and school supplies, and I wore hand-me-downs from an older cousin. 

From an early age, I made the connection between frugality and abundance. I also made the connection of not having enough money to stress and anxiety. In turn, I turned out to be quite the penny-pincher. And being that way helped me save aggressively.

When I was in my early 20s, I lived well within my means and managed to save $5,000 within the first year of living on my own in Los Angeles. At the time, I was earning a salary of $30,000. For the first decade or so of being gainfully employed, I practiced an extreme form of frugality.

Because of my extremely frugal ways, I was able to keep around $10,000 in my emergency fund and set 12% of each paycheck toward retirement. But it wasn’t until

Let thy step be slow and steady, that thou stumble not. – Tokugawa Ieyasu

Ever since its inception in January 1987, DNP Select Income Fund (DNP) has been paying dividends consistently. Its distribution reliability and operational durability are factors that have earned it the reputation of a trustworthy fund for income seekers. This is the reason why its market price trades at a premium to its NAV. For the record, its NAV is $8.47 whereas its market price is $10.09 as of October 5, 2020.

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Source: Wallmine

Is the price premium justified? Is DNP a buy for income seekers today? Here’s my take:

Investment Strategy & Portfolio

DNP’s goal is to provide investors with current income and long-term income growth by investing mainly in equity and fixed income securities of companies in the public utilities sector. Capital appreciation is a secondary objective.

As of April 29, 2020, DNP’s balance sheet totaled $3.67 billion. Its borrowings were $997 million as of the same date, and its stockholder’s equity and retained earnings were $2.64 billion and $594 million, respectively.

Its top 10 holdings as of July 31, 2020, that accounted for 27% of its total investments were:

  • Eversource Energy (ES): A renewable energy utility
  • Ameren Corp. (AEE): Another renewable energy utility
  • Xcel Energy (XEL): Yet another company focused on renewable energy
  • Crown Castle International Corp. (CCI): Currently riding high on 5G
  • Evergy Inc. (EVRG): Kansas-based regular energy utility
  • CMS Energy Corp. (CMS): An energy utility that serves Michigan
  • NextEra Energy (NEE): Another strong renewable energy company
  • WEC Energy Group (WEC): A regular energy utility that serves Wisconsin, Illinois, Michigan, and Minnesota
  • American Water Works Co. (AWK): Water and wastewater management utility with strong financials
  • Public Service Enterprises Group (NYSE:PEG): An energy utility backed by strong financials

DNP’s top 10 holdings make