UnumProvident

silverfoxuk

dunstonh wrote: »

unumprovident Income Protection offerings were usually budget versions. This made them quite cheap on premiums but almost a waste of money on what it covered and how you qualified.

I wouldnt touch them at all for income protection. Although that sort of hindsight doesnt do you much good now.

I was wondering if your thoughts on UnumProvident Income Protection still stand? My IFA has just recommended them to me for income protection - are they still providing cheap and weak cover PHI? If so, I'll tell him I'd like a more comprehensive product.

dunstonh

Still applies. Tell him you want better quality. The gap in price may not be that much more but it will be worth it.

silverfoxuk

The policy I've been recommended is UnumProvident 'Personal Personal Income Replacement Plan'. Apparently it did get 5 stars from defaqto for cover in 2005? Pays up to 50% of income.

Sorry for my silly questions, but is there a particular aspect of this policy that is 'poor' eg deferrment, lack of flexibility or are they crap when you have to claim?

It would appear that FriendsProvident have won many recent accolades in the industry of their income protection product. Maybe I should suggest them to my adviser, get me a quote.....

dunstonh

That is the best of the unum plans.

My reason for not liking unum is partly image and reputation. That isnt logical in itself and I am not normally prone to being swayed by that. However, of all the PHI providers, they have the worst claims reputation. That could be partly because their essential abilities plan is truly awful yet many have it and come up with problems when they come to claim.

I would prefer to look at the Friends Prov, Liverpool Vic and Bupa options as priority over Unum.

So, call it my gut feeling, opinion and perhaps anti unum bias more than actual things wrong with that version of PHI.

silverfoxuk

Woud the Essential Ability Cover plan (UNUM) be any use to cover a shortfall for a mother working 2 days a week? My wife earns circa £10k a year working 2 days a week. Her employer includes PHI in her standard benefits package (her employer is a major life co), which will cover 50% of salary to start when her sick pay ends (after 12 months).

However what about the other 3 days of the week? If my wife is too ill to work and care for the children, either I do it (give up work hours/income) or we get in a childminder. A full time nanny would cost more than £5k a year which is probably what her PHI policy would pay out per annum.

Would taking out the UNUM Essential Ability Cover Plan be any use here?