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  • FIRST POST
    • damoC
    • By damoC 19th May 17, 10:47 AM
    • 23Posts
    • 10Thanks
    damoC
    Income Protection Insurance??
    • #1
    • 19th May 17, 10:47 AM
    Income Protection Insurance?? 19th May 17 at 10:47 AM
    Has anybody had any experience with Income protection insurance?
    I ride a motorbike and only get SSP at work so think getting it would be a good idea ( correct me if I'm wrong).
    What do I look out for (I've seen the waiting times, anything else)?Are there any recommended insurers?
    I wish all insurance was as simple as getting motor insurance ha.

    Cheers in advance
Page 1
    • dunstonh
    • By dunstonh 19th May 17, 10:53 AM
    • 88,168 Posts
    • 53,390 Thanks
    dunstonh
    • #2
    • 19th May 17, 10:53 AM
    • #2
    • 19th May 17, 10:53 AM
    What do I look out for (I've seen the waiting times, anything else)?
    There are two types of income protection. Short term PPI (payment protection insurance) and long term PHI (permanent health insurance)

    PHI is vastly superior to PPI. However, PHI itself has a wide variety of plans that you could classify into three different levels of cover ranging from budget, standard and comprehensive (they are not official terms but just a way of thinking about them).

    The comparison sites mostly sell PPI as its limitations and higher profitability make it an easier sale. PHI is mostly sold by IFAs and whole of market protection advisers (typically mortgage brokers).

    Are there any recommended insurers?
    There is no one-size-fits-all best option.

    I wish all insurance was as simple as getting motor insurance ha.
    You do realise that there is actually quite a lot of differences in car insurance from the budget to the quality providers? Not as much as PHI or other types of insurance but still differences.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Janusian
    • By Janusian 19th May 17, 4:05 PM
    • 25 Posts
    • 10 Thanks
    Janusian
    • #3
    • 19th May 17, 4:05 PM
    • #3
    • 19th May 17, 4:05 PM
    If your main concern is an accident then you could get Accident Insurance. It is usually cheaper than anything that covers Sickness and Involuntary loss of Employment as well. Obviously it only covers you if you have an accident within the policy period.
    • tacpot12
    • By tacpot12 19th May 17, 5:17 PM
    • 529 Posts
    • 446 Thanks
    tacpot12
    • #4
    • 19th May 17, 5:17 PM
    • #4
    • 19th May 17, 5:17 PM
    PHI is one of the most important insurances to have and yet it is a rare person who has it. I had it for a long time but foolishly cancelled the policy when I went to work for an employer who had their own scheme. The scheme was withdrawn when they were taken over. Aviva will sell it to you direct, you don't need an IFA.

    Buy it asap. Defer the payments in the event of a claim for as long as possible (match the size of your emergency fund to cover the period of deferral) to keep the costs down.
    • Weighty1
    • By Weighty1 19th May 17, 6:09 PM
    • 163 Posts
    • 57 Thanks
    Weighty1
    • #5
    • 19th May 17, 6:09 PM
    • #5
    • 19th May 17, 6:09 PM
    PHI is one of the most important insurances to have and yet it is a rare person who has it. I had it for a long time but foolishly cancelled the policy when I went to work for an employer who had their own scheme. The scheme was withdrawn when they were taken over. Aviva will sell it to you direct, you don't need an IFA.

    Buy it asap. Defer the payments in the event of a claim for as long as possible (match the size of your emergency fund to cover the period of deferral) to keep the costs down.
    Originally posted by tacpot12
    Who is to say that Aviva will be the most appropriate provider for the client?

    Whilst you may not need an IFA or independent adviser to assist you they are the ones in the best position to advise you on the most appropriate option for your needs
    • dunstonh
    • By dunstonh 19th May 17, 6:31 PM
    • 88,168 Posts
    • 53,390 Thanks
    dunstonh
    • #6
    • 19th May 17, 6:31 PM
    • #6
    • 19th May 17, 6:31 PM
    Aviva will sell it to you direct, you don't need an IFA.
    However, its not necessarily cheaper and you are reliant on Aviva be the best one for you. Lets just say that it probably isnt.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • damoC
    • By damoC 19th May 17, 11:25 PM
    • 23 Posts
    • 10 Thanks
    damoC
    • #7
    • 19th May 17, 11:25 PM
    • #7
    • 19th May 17, 11:25 PM
    Yeah after cover in case of an accident so I can still meet all my monthly payments (seems a sensible thing to do).
    I'll have a look for some accident insurance, I had a look at aviva but only looks to be death, permanent injury, family and hospital. Those don't sound like what I'm after.
    All I want is the insurance to ultimatley pay my wage incase of an accident if I'm off work.
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