Income protection insurance

finerj

Can anyone tell me if it is possible to get income protection insurance, without linking it to a loan or a mortgage?

I earn about £4K per month and would like a policy that will pay approx £1k per month for one year if I am made redundant. This will cover expenses and out goings while I look for another job.

I have no debts, no mortgage and no loans.

Can anyone advise if such a policy exists? And if so which are good.

dunstonh

Can anyone tell me if it is possible to get income protection insurance, without linking it to a loan or a mortgage?

yes it is.

Can anyone advise if such a policy exists? And if so which are good.

You have a choice of PPI style payment protection income or PHI (permanent health insurance) which comes in budget and comprehensive forms but quality varies with the providers.

would like a policy that will pay approx £1k per month for one year if I am made redundant.

That isnt income protection but unemployment protection. You can get standalone unemployment cover plans although often they are not much cheaper than payment protection versions which include accident and sickness. PHI versions do not include unemployment cover as they are proper income protection plans rather than unemployment plans.

allsmiles

If you search for "unemployment insurance" or "income payment protection insurance" you will find links to independent providers. Make sure that it says that you can cover any outgoings, such as the incompe payment protection product from British Insurance

zppp

Have a look at this website:

http://www.moneymadeclear.org.uk/tables/model/model_ppi.jsp

efunc

Following on from the original query, does anyone here have any experience about the nature of these unemployment protection policies? I am in a situation in which there may be redundancies at my work in the next three months and my role is one which may be on the chopping block. It is not official yet and is just at a consultation stage. I may remain here for another 6 years, it's just not determined yet. Would I be eligible for a policy to protect me in the event of redundancy or would these circumstances, no matter how vague, usually disqualify me?

dunstonh

Once redundancies/restructuring has been announced its usually too late to apply for it and be covered for that particular event.