Permanent Health Insurance

lowis

Just been looking for some PHI / Long Term income Proptestion and found a company called Income Cover / ISMA

link: http://www.incomecover.co.uk/isma-insurance.asp

Has anyone heard of them? Or does anyone have any recommendations?

payless

Just remember

We only offer products from a limited number of insurers....

You will not receive advice or a recommendation from us.

dreamypuma

I'm thinking about taking cover out with a company called "Pioneer Friendly Society", their "Pure" product.

Seems to be good value and does not penalise smokers, or women, and can be index linked.

I found them through a Broker, however the price quoted on their website was exactly the same as what the broker had quoted.

Here's a link: http://www.pioneer-friendly.co.uk/index.asp

It came highly recommended by two different IFA's and Pioneer seem professional enough, had a good read of the Key facts and it seems a good product. I had a quote from Norwich union and they couldn't match it. I've been trying to get hold of BUPA but can't get through for a quote.

I've no experience of the company you are looking at, but there website could be better.

Hope this helps....;)

lowis

thanks dreamypuma

i will have a look at them...but what is exactly a friendly society? are they regulated by the FSA?

i have looked at norwich union, they seem fairly competitve so far - does anyone know if they are OK for this sort of thing?

i am also looking at taking out long term income protection/PHI - deferring it for 52 weeks to make it alot cheaper AND also taking out a short term (12month) ASU income protection policy - is this feasible? it seems to work out cheaper than taking out PHI with a short deferrment period.

EDIT: just had a look at Friendly Society - very good prices! I notice that they also offer a policy that pays out a lump sum too - any IFAs know if this is worth going for? Or am I better off adding the difference in premiums to my Equity Isa monthly paymnet?

MortgageMamma

Take advice before taking out any of these policies or you will not know if your level of cover is adequate.

dunstonh

Its not all about premium. PHI is probably the area with the most differences between policies. This is why most Internet quote sites will not offer quotes. Plus some PHI policies come under investment authorisation and some under general insurance authorisation. Quote portals tend to only issue the GI versions.

PHI is a bit of minefield if you dont know what you are looking out for. Is it a full underwritten policy? How do they measure illness? Are benefits level or increasing? Are the payouts limited for a period or go to final age? what is the definitions of incapacity? Who gets to decide the if you are ill or not (your doctor or theirs)?

There are some really naff plans in this area and they often tend to be the cheapest. Be wary.

lowis

Hi Dunston
I'm not necessarily looking for the absolute cheapest, but would like a sound policy with a reputable company at a reasonable rate. I have never heard of Friendly Societies so am a little intrigued by this recommendation....pehaps the fact I have never heard of them should tell me something? It does seem somewhat of a minefield so I guess I should take advice on this issue. I guess I could always ask an IFA to look at anything I have found myself to see how it compares...they could always sell it to me if it turns out the best policy so they could get their commission I suppose.