Income protection/life insurance not the norm proposer

JPS29

Hi.

My situation is that I am a 30yr old male in good health, tea total and non smoker. I would like insurance that, if possible, covers me for loss of income if I am unable to work through sickness or accident, although I haven't been unfortunate enough to be in this position to date I'd just like to look after my family should the need arise.

Also if poss life cover, although I know this will be much more complicated so in all fairness think I may be better off going to a broker.

Here's the complications

1) Discharged Bankrupt (due to failed business)
2) Occupation number 1 private hire taxi driver
3) Occ no.2, Part time motor trader/salvage dealer
4) Occ 3, Ltd co. director (one of my BTL is in a ltd co)
5) occ 4, LL of another BTL (2 in total but one in personal name, one in Ltd co.)

Do I have many/any options open to me or am I urinating in the wind?

Thanks in advance

olly300

Just go to a broker that's what they are there for.

dunstonh

permanent health insurance is not dependent on your past financial history. Its based on your current and foreseen occupation and income.

magpiecottage

dunstonh wrote: »

permanent health insurance is not dependent on your past financial history. Its based on your current and foreseen occupation and income.

Quite right

So:

1) Not relevant unless fraud on your part was involved.
2) and 3) Depends on insurer's view of the risk presented. Note, though that whichever occupation is considered the riskier will determine what, if any terms will be offered for both - because if you are injured doing the riskier job you will not be able to do the safer one either.
4) and 5) are unlikely to affect the terms for 2) and 3) but you probably won't get cover for loss of personal earnings because the management of the business could be done by somebody else. On the other hand, the businesses could take out "Keyman" cover to meet the cost of employing somebody else to do the job. The premiums would count as a business expense and any payment as a business receipt for corporation tax purposes.

JPS29

Dunstoh and Magpie, thanks for your help.

The only reason I mentioned the bankruptcy was that some insurers, house, car etc do ask and refuse if you have been bankrupt. Definitely no fraud anyway was purely a failed business so looking good on that front.

Also re accident cover. Would this be possible, say if I broke my leg/arm thai boxing or at the gym. Are there policies that cover accidents jointly with health?

Thanks again