Income Protection Insurance? Worth it?

donnaessex

Hi all,

My husband today received some "inside news" that his firm is in serious money trouble. They are due to receive a large payment from a client in late September and the word on the street is that this client isnt going to pay.

Would it be worth getting him insured for his income? I presume there would be a 30 day clause where he cant claim so if I put it in place today it should cover us if it does happen.

What would it cover? For example I have two loans in my name which we obviously pay for together. Does it just cover his half of the mortgage/utilities?

Thanks in advance.

dunstonh

Would it be worth getting him insured for his income?

Its a bit late now.

As soon as you become aware of issues or events that could lead to redundancies then it is too late to insure yourself.

I presume there would be a 30 day clause where he cant claim so if I put it in place today it should cover us if it does happen.

Typically its 90 days to 180 days for unemployment.

What would it cover? For example I have two loans in my name which we obviously pay for together. Does it just cover his half of the mortgage/utilities?

Depends on whether you get a mortgage PPI or a normal PPI.

donnaessex

OK Thanks for your input.