Where is the best Redundancy Insurance/Income Protection at the moment

Frugal_Foxy

I'm looking to take cover for general protection, not to cover mortgage or loans, just general monthly bills. I would want about £1k pm. Ideally something that covers sickness, accident and redundancy. I don't currently have any insurance of this kind.

I've found iprotectinsurance.co.uk and Helpucover - Income but don't know if they are reputable and if anyone has had trouble with them.

I'm looking for no more than 3 months excess (I think this refers to the time you have to have had the policy before it becomes valid), and, I would ideally like it to pay out quite quickly after I claim, as long waiting periods would be bad in my circumstances.

If anyone can recommend someone reputable who is honest that would be greatly appreciated.

Thanks so much!

englishdesi

yesterday, one of my colleagues in another department got her collective consultancy notice. so I came home and took out the iprotect deal.

it's good value as it pays out the monthly mortgage and u can opt for up to 25% to cover bills and stuff and they pay out within 30 days of being laid off.

The only issue and I suspect it is policy wide where ever you go, if you were to take out the policy today, there is a 120 day exclusion period which means if anything happens in those 120 days then you cant claim, only after that.

on the plus side it's good to take it out as its best to stat the clock ticking on those 120 days asap and pad out your time during those 120 days so u can ride it out. yes it may be a risk of £20 a month for month months, but if you can ride it out, its worth it

eamon

Typically these policies cost on average £8 per £100 of benefit received per month. e.g. £500 would cost you £40 per month in premiums.

You need to investigate as to how these firms payout and what you need to do make a valid claim. I know that with my MPI I have to sign on and get some paperwork signed /stamped at the jobcentre.

fatJock_2

Just a shameless bump as I'd be interested in hearing more about this from real life customers.

Got a quote from iProtect but seems far cheaper than the £8 per £100 quoted. Spose I'm just wary about paying out for something that disappears into the ether if and when I claim.

englishdesi

the only downside to the iprotect insurance is he 120 day exclusion period, my colleague showed me another company whos exclusion period is 60 days:

http://www.antinsurance.co.uk/

stephen1974

Hi,
I've had a look at both the companies mentioned, both look pretty good. Just a thot tho, if you were made redundant, say within the 120 qualifying period, would you still be able to make a claim as soon as this period is up ? The way they word it on the website makes it sound like you would have no claim at all if you were paid off during the 120 days.

Any ideas folks ?

Insurance_guy

120 days excusion period is rubbish. It means the first 120 days doesn't exist. You then have 30 days qualifying period i.e. you can't be considered for a claim until you've been off work for 30 days following the 120 - that means 150 days before you can be considered for payment and last time I looked that's half a year. I repeat half a year before you can be paid out. Who on earth can wait for half a year?

Antinsurance is great, they are with a new insurer Lloyd's of London, their exclusion period is a very reasonable 60 days and the policy they sell has held its price for years. I am very impressed with AntInsurance and would recommend them to anybody. I'm too new to add a link to AntInsurance but I would if I could.

9littlebees

Take a look at Ant Insurance's summary when getting a quote - the redundancy exclusion period is 120 days, not 60 as previously posted. Also, everything about the site, from the wording of their documentation, to the layout of their claim form and the value of the monthly insurance premiums, is identical to Columbus Direct, who are also regulated by Lloyds of London.

"Unemployment Exclusions. No benefit will be payable to You if: -
1. unemployment is known to be impending at the time of
commencement of the insurance or within the first 120 days of
cover."

This single exculsion policy is stopping me from getting out the insurance.

lady1964

Hi, hoping for some advice here.
I work for a County Council and everyone's topic of conversation is redundancy. We've heard nothing concrete as such, it's all rumour and supposition but one colleague today emailed another to say she has taken out redundancy protection, or income protection, I'm not sure of the exact wording, with Barclays, giving her £600 per month for £10 per month. She says on her email that this cover has 60 days exclusion, can this be right? I'm going to call Barclays in the morning, I'm a Barclays customer btw, but she says you don't have to be one.
Having read the above posts about the 120 days of cover, I'm reluctant to believe that Barclays are doing 60 days.
I don't need cover for mortgage payments or bills, luckily my hubby covers those, it's more so that I'm not reliant on him during any period of potential unemployment.
Can anyone advise please?
many thanks
Lady1964