Income protection questions

marklv

I'm looking the best deal on income protection, but I'm confused.

Basically, I need insurance for redundancy (and/or dismissal) for 12 months duration minimum, but I also need accident and sickness insurance. The difference is that I need the latter to cover me until age 65 (not just 12 months) and provide me with a percentage of my salary with increases each year in case I become seriously disabled. Is there a scheme that can combine these two requirements? Thanks.

VIGILANT22

You can't protect against getting sacked...redundancy yes..

You mean income protection...not accident/sickness/unemployment...consult your mortgage adviser..as insurance products very complex......

dunstonh

You need a standalone PPI policy for unemployment only and a Permanent Health Insurance (PHI) for the sickness side.

So, yes you can do what you want.

Wutang_2

dunstonh wrote: »

So, yes you can do what you want.

Can't we all Dunstonh? Like the way you refer to it now as INsurance.
Peace

marklv

dunstonh wrote: »

You need a standalone PPI policy for unemployment only and a Permanent Health Insurance (PHI) for the sickness side.

So, yes you can do what you want.

True, but surely two separate products will be very expensive, won't they? I was wondering if any companies offered these as a package.

dunstonh

One is a product offered under by general insurance providers. The other is a product offered by the life companies. You tend to find that packaging means compromising.

Another way of doing it is to do a PPI for AS&U but have the PHI set with a 12 month deferment. That will probably be more cost effective. I still wouldnt look at the packaged all-in-one options though.

DUVET_3

i wonder if someone could help me.....

I have accident, illness and unemployment cover, i've had these for only 3 weeks as i wantt to be sure i could pay my bills if the worst happened, today my boss called me in and told me the company would be closing in the near future...

i've 2 policys, one of which i was going to cancel today as i forgot to cancel it 3 weeks ago when i got a better quote. (but i'll not be canceling it now)

1. Will i be over insured ? (will both pay out or only 1 ? )

2. one of the policy's have a 120 day period in which you can't claim for unemployment cover, if i notify them that i'm losing my job in this period will they pay out after the 120 days or not at all ?

dunstonh

1. Will i be over insured ? (will both pay out or only 1 ? )

There are limits on how much you can be paid out. Especially if both are MPPI and not PPI. Chances are the new one wont pay out as its not been running long enough (as per your point 2).

DUVET_3

dunstonh wrote: »

There are limits on how much you can be paid out. Especially if both are MPPI and not PPI. Chances are the new one wont pay out as its not been running long enough (as per your point 2).

both the policys are unemployment protection and not related to any mortgage or loans etc.....