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Income Protection and PHI
Cazzywazzywoo
Posts: 66 Forumite
I have had IP for about 5 years -I am now 37. I am the main wage earner and earn twice what my husband earns.
It is with Unum and I pay about £42 a month.
My employer has just changed my terms and conditions -and I now get free PHI with very similar terms to my own IP.
The problem I have is -do I cancel my own IP and save myself about £500 per year?
The bit that concerns me is that if I leave my employer (which is probable in the next 5 years -but no immediate plans) and have to restart IP at a later stage I assume it will cost me quite a bit more as I will be older.
Would you suggest that I cancel my IP, be better off and worry about it when/if I move employers?
Or should I keep mine running?
Thanks lots
Cazzy
It is with Unum and I pay about £42 a month.
My employer has just changed my terms and conditions -and I now get free PHI with very similar terms to my own IP.
The problem I have is -do I cancel my own IP and save myself about £500 per year?
The bit that concerns me is that if I leave my employer (which is probable in the next 5 years -but no immediate plans) and have to restart IP at a later stage I assume it will cost me quite a bit more as I will be older.
Would you suggest that I cancel my IP, be better off and worry about it when/if I move employers?
Or should I keep mine running?
Thanks lots
Cazzy
0
Comments
-
Unum policies are often quite poor quality and some are not worth paying a penny for.
Go with your employer's scheme and if you leave, the insurance companies will often allow a transfer into their individual version with no medical information required. Obviously that is something that should be checked as it isnt a 100% rule.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks a lot for your reply.
I guess I can see it as a £500 payrise!
:rotfl:
Cazzy0 -
To Which you will be taxed on..be careful0
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