income protection / phi

tux130582

Hello

ive arranged a phi product with a 52 week defered period and would like to have an income protection product to run along with this to pay out for the first 12 months, can anyone recommend the cheapest product for this?

ive used the ones on the main site for quoting purposes but they are alot more expensive than the ones that come up on money supermarket,

does this sound like a good plan?

tux130582

basically i would like some form of income protection with some form of redunduncy cover and would like to do it the cheapest way possible.ive found the cheapest PHI (i think) but need to find cheap redunduncy cover.

thanks

davey9998

why have 52 weeks deferred on phi - its not the same as redundancy cover

dunstonh

I would have thought doing a PHI with a deferment less than 12 months would be the best option. Remember that PHI is a better form of income protection than PPI plans.

ive found the cheapest PHI (i think)

Remember that PHI comes in budget, standard and comprehensive form (although providers dont use that terminology). Some of the budget plans are a complete waste of money and not much better than payment protection plans.

but need to find cheap redunduncy cover.

So, are you saying you only want unemployment cover?

tux130582

well thats what im asking basically,

what is the best way of protecting your income in event of accident sickness and unemployment?

I have read lots of previous messages on the board and other people had suggested a PHI with the 52 week deferred period alongside an accident sickness and unemployment policy / Mortgage protection policy (as these pay for 12 months only) then after the 12 months the PHI kicks in?

this to me seems to be the cheapest way of doing things but i wanted to check?

also if anyone can recommend any companies quoting for purely unemployment cover that would also be a help as i cant find many people doing this and if so i could go for a PHI with a 60 or 90 day deferred period and have the unemplyment only cover running alongside this.

any help much appreciated!!

hope this all makes sense! look forward to hearing from you all!

Wutang_2

speak to an IFA - don't take a stab at it

tux130582

i hardly see it as taking a stab at it, but take your point, i used to be in the financial services industry but that was 6 years ago.

can anyone else on here offer advice

dunstonh

can anyone else on here offer advice

The board is not authorised or regulated to give advice. Those of us that are authorised cannot do it via the board. All you get is discussion.

what is the best way of protecting your income in event of accident sickness and unemployment?

There is no one best route. Sometimes MPPI or PPI is best for the first 12 months and then PHI for 12 months onwards. Sometimes PHI is best with a low deferment with a standalone unemployment plan for 12 or 24 months.

It will really depend on your sickness benefits, occupation, age, smoker status, health, period of cover, type of cover wanted and what level.

You seem to be focusing on the cheapest. Remember that the cheapest options tend to be the ones with the least cover. Make sure you are looking at the quality of the plan as well as the cost. Most PHI providers dont quote via quote portals. They require manual quotes to be obtained and that means they wont appear on internet sites. Also, many internet sites dont like carrying PHI because the applications are often still paper based and the commission is quite low so they dont get much out of it for the level of work they have to do.

tux130582

thanks for getting back to me, ive done all the PHI quotes with the relevant companies directly and friends provident seems to be the best price and quality as the premiums are guaranteed and the occupation on return to work is only the job you were doing before (if that makes sense)

can you discuss the names of any of the purely unemplyment only policies? do any PHI companies cover for unemployment built in?

thanks again

tux130582

by the way the minimum i need to cover is around 1100 per month, im 26 male in good health, n/s