Re: Income Protection Insurance

newbie2009

Hello there. I am looking for some income protection insurance for myself and my partner. I understand slightly what it covers & the terms etc. However would like to be recommended to a 'Good' company rather than someone I have never heard of. Can anyone recommed anyone and also is there anything I should consider when buying. I am employed not self employed.

Thanks

dunstonh

I understand slightly what it covers & the terms etc.

Are you after payment protection versions (PPI or MPPI) or full income protection (PHI)? If PHI, would that be budget versions or more comprehensive versions?

newbie2009

Income protection ie redundancy and sickness etc? no mortgage

Wutang_2

newbie2009 wrote: »

However would like to be recommended to a 'Good' company rather than someone I have never heard of.
Thanks

I didnt know people still said things like this..(especially on this site)

iwbruce

Hi i am looking for some insurance in this area but i am unsure if i should take out Mortgage payment protection or income protection or even both, can any one tell me if their is a maximum amount i can claim?

I have heard that the max is £1500 pcm but unsure if i can have one or more polices running together? also can i set the amount to also cover my mortgage life insurance payments.

Can anybody help i was going to go to a local finacial advisor, but i would like to have some information before i go.

Many thanks in advance

dunstonh

I have heard that the max is £1500 pcm

No. That is wrong. Some providers have that as a maximum but its not a generic max.

MPPI can cover 100% of your mortgage. Anything above the mortgage amount goes towards personal income protection which will have limits around the 60-75% mark depending on provider. PPI will go towards the 60-75% from the first £1 and is not offset against the mortgage.

also can i set the amount to also cover my mortgage life insurance payments.

Yes

unsure if i can have one or more polices running together?

You can only have one MPPI but you can have multiple income protections as long as you dont exceed the limit. (some underwriters may not allow it if they are on both plans).

iwbruce

I f i am right in what you are saying i could take a policy for £700 pcm as this is the combined amount of My Mortgage and insurance and i could then take out income protection for £800 to over other bills and shoping etc.