Income Protection

Tony2009_2

Hello fellow money savers!

I'm looking to get income protection to cover all my expenses. I rent and so do not have a mortgage. I am having trouble trying to find out who provides this kind of insurance as most of it seems to be concerned with covering mortgage payments.

I know the Post Office do their Lifestyle Protection, which works out at £4.50 per £100, but I wondered if anyone on here knows of any other companies that provide similar insurance, and of course, preferably for less money?

Also, I'm confused about "foreseeability". The international company I work for has made redundancies and some people who are in different departments to me and in different job roles have been made redundant in the office I work in. However, nobody in my job role has been warned of any pending redundancies. We've been verbally told our department should have work for the next 18 months. Do you think any of this would mean the insurance company wouldn't pay out if I had to make a claim?

Thanks for any advice/info you can provide.

reheat

In your situation I think I would assume the only safe thing is to ask the insurance companies themselves. And if any of them then say you would be covered in your circumstances, be sure to get that in writing before taking out an insurance with them.

I've no experience with this particular kind of insurance, but just generally with insurances I always feel that's the safest way - if you have a question where the rules are open to interpretation, you just have to get the insurance company to tell you how they would interpret your circumstances ... in writing. And if you ever need to claim some years down the road, vague references to some telephone call with someone who has maybe since left ... just won't cut it ... you have to have it in writing.

Tony2009_2

reheat wrote: »

In your situation I think I would assume the only safe thing is to ask the insurance companies themselves. And if any of them then say you would be covered in your circumstances, be sure to get that in writing before taking out an insurance with them.

I've no experience with this particular kind of insurance, but just generally with insurances I always feel that's the safest way - if you have a question where the rules are open to interpretation, you just have to get the insurance company to tell you how they would interpret your circumstances ... in writing. And if you ever need to claim some years down the road, vague references to some telephone call with someone who has maybe since left ... just won't cut it ... you have to have it in writing.

Thanks, I didn't consider that. Have you ever had an insurance company send you a letter such as this? I wonder if they would be bothered. But I will try it, once I get a list of providers.

So far I know the Post Office and Ant Insurance provide income protection, although the latter say on their web site that they are re-launching their products. They said it would be Monday, then delayed and said Wednesday, and now they say they will re-launch "soon".