Income Protection or Redundancy Cover?

Intergalactic_Floozie

Can anyone recommend a company?

I did go online back in June, filled out some online forms hoping to get an idea of how much it cost but when I pressed the submit button it said 'we will pass your number onto an adviser'. A broker / adviser contacted me told me £31 for myself and DH which I thought was okay, and over a 2-3 week period I had a lot of discussion with him (mainly him ringing me to see if I had made a decision, then he was hounding me to return the forms) - the date I sent them back was 23rd July and since then I have heard nothing. I've left voicemails, texts and e-mails but he hasn't contacted me so I'm getting fed up now.

Am currently working for public sector and not only are we batting off budget cuts but our department is under review (and this has been ongoing since April so before the election).

I'm keen to get some kind of insurance in place "just in case" mainly to cover the mortgage, which is currently £386 per month.

Having had a not-so-good experience with this adviser, I'd be keen on somewhere that I can do it myself with rather than a third party.

Any recommendations?

TIA

yelf

As you are "under review" it is unlikely you will be able to get redundacy cover.

dunstonh

Having had a not-so-good experience with this adviser, I'd be keen on somewhere that I can do it myself with rather than a third party.

The best form of income protection has virtually no internet coverage. Its mainly the budget plans that are.

However, you need to decide if you want income protection or unemployment cover (or both). Noting Yelfs comments on the fact that if you are aware of potential redundancies, then its too late.

Intergalactic_Floozie

No, there's been nothing down on paper that we're at threat of redundancy. I'd rather just have something in place 'just in case' the rumours are correct. Whilst I am still paying my loan, at the very least anyway.

dunstonh

You dont need to have anything in writing. Being aware of forthcoming restructures can be enough with many providers.

ACG

I used to sell a bit of redundancy cover and there is a phrase in the contract....i forget the exact wording but it was some along the lines of being aware of any future/potential redundancies.

Even though there is no guarentee there is still a possiblity, you will be hard pushed to get cover in place.

As for income protection, the market has caught up a lot recently.
There are a few good contracts out there - Friends Provident, AXA, L&G, Aviva (although i hear they have poor admin), Scot Prov. Theyre all as good as one another so i think its down to price/preference now until one takes the initiative to take the lead again.

You can take a look at unbiased.co.uk to find a local financial advisor or you can look at a site like theidol.com.