Health Insurance, which one???

ralphy

Hi

I started a new job over a month ago, unfortunately i only receive SSP if i'm off work for any length of time due to illness which i think is about £50 a week. I would never be able to survive on £50 a week if i broke my leg or something and couldn't work for a couple of months for example.

So i'm looking to get some sort of Health Insurance which would pay me compensation or some type of payout if i couldn't work due to illness. What is the best company to go for as this is the first time i've ever had to do this, i've normally been paid as normal in previous jobs if i was off sick, so as you can imagine i'm quite worried if anything should happen to me in the future!

I'm a single healthy 30 year old male, non smoker.

Any advice would be great.........

dunstonh

Permanent health insurance is job, age, sex, term, deferment and health rated. Then you have different levels of cover available including some very dire dirt cheap plans which are best avoided.

PHI should never be bought on premium alone.

rossbenn

I think what you need is Income Protection. Like most things in life quality costs money. This is so very true as far as this product is concerned.
I think it would be folly to try and research this yourself as I.P. products can differ quite a lot. Without knowing your situation I would recommend that you go for the max allowance and index link the benefit. This is a time you really should consult an I.F.A.

ralphy

i've spoken to PruHealth and they say that the cover i need is Accident and Sickness cover, not Health Insurance, which they do not do.

Now my question is where do i get Accident and Sickness cover from???

dunstonh

Permanent Health Insurance is what you need not Private Medical Insurance.

ralphy

thanks, do you know any good well established company's that can provide me with a quote?

dunstonh

Any IFA can do that. Most of the companies will only quote through an FSA authorised distribution channel. With PHI being so different in so many areas from company to company, the quote portals dont have sufficient companies to quote from and an IFA would have to manually obtain quotes and research the one that fits your needs.

Internet sites cherry pick the easy business to quote on, such as buildings and contents, level term assurance etc. PHI is not easy business and is also low profit so they tend to ignore it of just offer a tiny handful of companies as a token gesture.

This is certainly one area of protection that you cannot just do it yourself and get it right.