Income Insurance

McFilly

I am currently employed and have mortgage protection insurance and loan insurance, both independently arranged with separate policies, separate insurers. They cover accident, sickness and redundancy.

Heaven forbid I should ever be redundant but looking at it from the redundancy point of view, both policies say that to make a claim you do that after you have registered as unemployed, which is fair enough.

I am thinking of setting up income insurance too. I don't know much about this and wondered whether I can do that too and if I did, would I make the claim in the same way i.e. when I registered as unemployed and would having income insurance mean that I could not register as unemployed?

If this was the case, I would then not be able to claim on the mortgage protection and the loan protection so there would be no point in setting up the income insurance especially as it would not pay so much as the other two.

I am just trying to cover all angles, especially in this day and age and want to make sure I am totally protected but don't want to do anything wrong.

can anyone advise please?

thanks
McFilly

dunstonh

want to make sure I am totally protected but don't want to do anything wrong.

First thing to do then is to stop looking at payment protection versions of income protection and start looking at permanent health insurance. As you also want redundancy cover as well then you should either have a PHI policy with a standalone unemployment plan or a PPI plan (like you have) with a PHI to follow when the PPI runs out.

You can mix and match but you have a limit to how much you can protect yourself for.

StephenMarsh

I would get some proper advice face to face with a financial advisor, whilst the advice on here will im sure be sound noone is going to able to go through your existing policies and discuss any new solutions without knowing a lot more about you and your circumstances

dunstonh

helpucover only offer basic PPI versions. Not the more comprehensive PHI versions. Its also against board rules to advertise products.