Multiple Income protection policies

Monty_Zoomer

I have been reading up on the terms and conditions of a couple of income protection policies. These seem like a really good idea in such troubled times.

Only problem is that they pay a percentage of your salary and not it all. Is there a problem with running two policies from different insurer to make up for the shortfall?

I was reading on one that I must declare if there is more than one income protection policy active - came with a stern warning along the lines of - "We will talk to other insurers"

getmore4less

It is usual that you cannot insure the same risk twice.

So for example you can get problems with double cover for posestions with travel and house insurance.

I expect the same applies for income protection for the same cause eg redundancy.

Income protection and mortgage protection might be possible but again check carefully.

TEDDYRUKSPIN

Just to the above. You should post this on the life insurance section. You will get a better response.

As for getmore4less. This is not always the case.

You will find that some companies do not like you to take the same cover twice. Some like to take your money but some won't pay out. It's strange but true.

i.e. what might pay out depending on the policy documents. eg. shortfall!

i.e. what might not pay out depending on the policy documents. eg. over coverage.

My thoughts would be for the above, to phone up the company or talk to the insurance person direct. Many companies will be happy to take your money and when it comes to the day, might not pay out but just refund the insurance monies.

So always ask the company direct.