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Income Protection

Bobbedazzler
Bobbedazzler Posts: 7 Forumite
in Insurance & life assurance
Does anyone know anything about it??

I've been quoted £40 per month for £1000 per month's protection....can't claim for the first 6 months then after that I can claim after 30 days of unemployment/no sickness pay etc etc....and can receive the £1000 for up to 12months or whenever I am able to return to work!!

Its through:

http://www.webmoney.co.uk/index.asp

anyone got any advice??

Cheers

Jo
Bobbedazzler

:hello:

Its better to be mad and know it, than to be sane and have doubts :whistle:

Comments

  • dunstonh
    dunstonh Posts: 120,309 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Does anyone know anything about it??

    Sounds just like a generic ASU policy to me. It appears to be underwritten by pinnacle, who have been doing this type of policy for years. Price is inline with what you would expect to pay for this type of policy.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    If you are right in that its got a 6 month exclusion - thats a longer time than most other policies around.

    The price is competitive (especially compared with lenders products) but I've seen cheaper ( with 30 day excess) with less exclusion period

    Also check out your employers sickpay / your savings - do you need cover to kick in that quick - a long wait means cheaper premiums
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • bilds1000
    bilds1000 Posts: 4 Newbie
    ;) I got a quote earlier this year for 'Income replacement', with the intention of replacing expensive and multiple insurance policies against practically all outgoings from our monthly account.

    This included mortgage, credit cards, bills etc...the whole schebang with exception to food.

    The main thing to check as highlighted by other posts is to make sure that :
    • Unemployment is covered
    • You are happy with the time between the date of work cessation and the first payment
    If you are a careful planner you should have two or three months worth of 'bunce' money in your outgoings account, so it shouldn't matter if its a 30 or 60 day notice account.

    FYI, the quote I got from IAPP (http://www.pinnacle.co.uk/micro/asu/index.php3) was for 1200 pounds cover per month from accident, sickness and unemployment for 42 quid/month. Makes perfect sense to me.
  • Bobbedazzler
    Bobbedazzler Posts: 7 Forumite
    Thanks for your replies.......all very helpful...I appreciate it!!
    Bobbedazzler

    :hello:

    Its better to be mad and know it, than to be sane and have doubts :whistle:
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you are in a Union ask your local rep to see if they have any special deals.
    I have one for a £1000 per month at only £4 per month premium ( it does not cover unemployment, will not pay out for first 9 months and some sickness is excluded eg stress) but I reckon this to be a good deal for me.
    If you find something similar then perhaps the difference could be stashed away in a savings account as a rainy day emergency fund.
    Eric
  • ddclutch
    ddclutch Posts: 15 Forumite
    If one is self emloyed, is there any mechanism to cover lost income for the occassional short periods of illness that everyone is suceptible to, like getting knocked out for 48 hours by a dose of 'flu. Or do you just self-insure for that?

    Guy
  • dunstonh
    dunstonh Posts: 120,309 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ddclutch wrote:
    If one is self emloyed, is there any mechanism to cover lost income for the occassional short periods of illness that everyone is suceptible to, like getting knocked out for 48 hours by a dose of 'flu. Or do you just self-insure for that?

    Guy

    Nope. Its uninsurable. It would be open to abuse and how would it be proven.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • chinagirl
    chinagirl Posts: 875 Forumite
    As always, the Self-Employed get the raw deal. They are the ones that take holidays with no holiday pay, and potential loss of earnings and customers whilst away, they work despite being sick as they no there is no 'throwing a sicky' when your the boss. They return to work much sooner than they should, and end up feeling run-down because their body has not had the recuperation time it really needed. Also, whilst away from work sick, nobody is mucking in and getting the job done for you. Who'd be self-employed eh!
    keep smiling,
    chinagirl x
  • dunstonh
    dunstonh Posts: 120,309 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    chinagirl wrote:
    As always, the Self-Employed get the raw deal. They are the ones that take holidays with no holiday pay, and potential loss of earnings and customers whilst away, they work despite being sick as they no there is no 'throwing a sicky' when your the boss. They return to work much sooner than they should, and end up feeling run-down because their body has not had the recuperation time it really needed. Also, whilst away from work sick, nobody is mucking in and getting the job done for you. Who'd be self-employed eh!

    Then again, generally, the lower tax, the higher earnings and greater freedom enjoyed by many self employed over their employed equivalent makes up for it.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    dunstonh wrote:
    Then again, generally, the lower tax, the higher earnings and greater freedom enjoyed by many self employed over their employed equivalent makes up for it.

    Not to mention the 'cash' jobs that never go through the books! Try that if your on PAYE.
    Eric
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