Loss of income insurance

blunt_crayon

Hi,

I just want to know if there is a type of insurance against loss of earnings due to sickness or injury. My partner is not entitled to sick pay and he works in construction so not unfeasible that he could be injured at work. Is there a type of insurance that would pay out if e.g. he was off work for more than a few days? We don't have a mortgage or any loans so PPI doesn't seem right, but we would struggle to pay rent, bills etc on my salary alone.

Any suggestions?

Thanks, BC

Quentin

blunt_crayon wrote: »

I just want to know if there is a type of insurance against loss of earnings due to sickness or injury.

Yes.

You could see a broker for some advice.

blunt_crayon

Just a general insurance broker or a specialist one? If specialist, what kind?

Quentin

No need for a specialist. It's a common type of insurance. A local general broker will be able to help.

kevin_c_3

the product you refer to is known as income protection and was previously known as PHI - permanent health insurance

an IFA is your best bet - try to get own occupation cover if possible

somewhatnew

make sure that it pays out on an 'own occupation' definition and not a 'suited occupation' or 'any occupation' definition.

i.e. it pays out when you cant do your 'own occupation' - this is very important.

you dont even need to speak to someone local; go online and search for income protection insurance and speak to someone over the phone. make sure that the cover pays out on a continuing basis if off work ill and not just for 12 months. and very importantly ask the person over the phone if they provide advice and are independant - if they arent then find someone else.

kevin_c_3

be careful online tho - lots of PPI sellers refer to these plans as income protection, but payment protection insurance is different and inferior in many people's view

blunt_crayon

thanks all for helpful posts.