PHI and MPPI and CI ???? order of importance,?

evosy1978

Hello all

Basically im 31 self employed and am about to buy an house with partner and baby,.

From the research ive done. Is it a good idea to have PHI and ONLY the uneployemnt side of MPPI,? As this only lass 12months anyway.

Definateley life assurance for the both of us? and only CI cover if i can afford it?

So in ordr of importance

LA
PHI
Unemployent ins
CI

thanks for any advice

VIGILANT22

redundancy is pretty useless for s/e
you should be taking the advice of an adviser as insurance policies are very complex....many cic policies dont cover all conditions....all the hype you see in the media about claims not being paid out are 9 times out of 10..policies where people have not taken advice and gone online and arranged their own........

OshayAway

VIGILANT22 wrote: »

....all the hype you see in the media about claims not being paid out are 9 times out of 10..policies where people have not taken advice and gone online and arranged their own........

That is a very interesting statistic, where is that from?

pedro123456

Oh contraire,

Originally Posted by VIGILANT22
.... all the hype you see in the media about claims not being paid out are 9 times out of 10..policies where people have not taken advice and gone online and arranged their own........

Quote: by OshayAway 19-2-2010 “Actually, latest figures show that over 90% of critical illness claims pay out successfully”


Seeing that you ask where VIGILANT22 gets his interesting statistics from, maybe you ought top do the same ay?

dunstonh

Payment protection (PPI) has an 86% rejection rate according to recent stats. Whatever source you use or when its typically around that number.

Critical illness cover pays out in over 90% of claims. I havent looked up PHI stats for a while but its going to be similar to CI as the whole point of PHI is that it is underwritten at point of sale and not point of claim. They know all about you before they take you.

lisyloo

unemployment insurance is not applicable to you unfortunately.

Personally I would put the order as
LA/PHI (same)
CI

But don't forget you can also have other forms of contingency.
e.g. you can hacve savings to protect you from perids of unemployment.
An emergency fund should be in place for car crash, boiler repair, temporary unemployement etc. You can put this in ISAs and get a good return on it.

OshayAway

pedro123456 wrote: »

Oh contraire,

Originally Posted by VIGILANT22
.... all the hype you see in the media about claims not being paid out are 9 times out of 10..policies where people have not taken advice and gone online and arranged their own........

Quote: by OshayAway 19-2-2010 “Actually, latest figures show that over 90% of critical illness claims pay out successfully”


Seeing that you ask where VIGILANT22 gets his interesting statistics from, maybe you ought top do the same ay?

Gladly, the statistics are now published every year by the ABI and the 2009 stats should be out shortly. Just type 'critical illness claim statistics' into google. They are summarised here http://www.hi-mag.com/healthinsurance/article.do?articleid=20001793940
You're not going to make me regret taking you off my ignore list are you pedro?

OshayAway

VIGILANT22 wrote: »

....all the hype you see in the media about claims not being paid out are 9 times out of 10..policies where people have not taken advice and gone online and arranged their own........

OshayAway wrote: »

That is a very interesting statistic, where is that from?

I take it that this assertion can't be substantiated then Vigilant?

pedro123456

OshayAway wrote: »

Gladly, the statistics are now published every year by the ABI and the 2009 stats should be out shortly. Just type 'critical illness claim statistics' into google. They are summarised here http://www.hi-mag.com/healthinsurance/article.do?articleid=20001793940
You're not going to make me regret taking you off my ignore list are you pedro?

I see, your statistics are from an insurance company who sell insurance, they quote ABI statistics, the ABI are insurance companies spin doctors and protectors, well they must be right then :rotfl:,

As for the ignore list, I can only wish :rotfl:

OshayAway

pedro123456 wrote: »

I see, your statistics are from an insurance company who sell insurance, they quote ABI statistics, the ABI are insurance companies spin doctors and protectors, well they must be right then :rotfl:,

As for the ignore list, I can only wish :rotfl:

Pedro, we've been down this road before. You asked for the source, I've provided it. You yourself have refered to ABI documnts in other posts. You can't just pick and chose which bits fit your own views. Unless you have evidence that the figures are inaccurate?

Nicko67

In general, I'd say you should strongly consider CI cover, particularly with a young family. Not all companies selling CI cover pay out on 90% of their claims, although a good reputable adviser should know the figures for the companies they recommend. But an insurance company will always pay valid claims - most invalid claims occur due to incorrect completion of applications, leading to missing out important facts. For that reason I'd always recommend getting advice - the adviser should help complete the paperwork.