Halifax TMPP vs AntInsurance Income Income Protection

ICanDoIt_2

Hi!

(My apologies if this is in the wrong thread, I couldn't find anything similar, and it is a kind of insurance.)

I read a thread on Mmortagage protection, and went off to do a qoute:

Current Total Mortgage Protection Plan (Halifax): £63/pm

New Income Protection Insurance (AntInsurance.co.uk) £10/pm

I haven't actually done this yet, as I need to check any charges/fees for cancellation with those great people at the Halifax. So, I'm just checking to see if anyone else has used AntInsurance, and how they got on. It seems a much better way to do things, and gives a nice £53/pm saving!!


As a side point, before anyone asks - I don't have enough savings to cover outgoings for a year, as I'm blitzing some debts at the moment

Thanks in advance!

dunstonh

Is the halifax plan an accident, sickness and unemployment plan or a permanent health insurance?

£63 seems an awful lot for an ASU but is in the area you would expect a PHI policy to be

ICanDoIt_2

Its for the life of my mortgage, and gives:
Life cover - £70,000
Unemployment cover - £375
critical illness cover - £70,000

It worries me that unemployment cover is just my mortgage pament......and nothing more! Admittidly, I bought the TMPP when I got my mortgage with the Halifax, and didn't know what was what. Brings me back to the point that is the income insurance better than the TMPP? the income insurance will pay for 12 months, the TMPP pays for 24. But the Income insurance is £50/m less and per month will pay £625 moe than the TMPP in the event of unemployment.

ArchieB_2

How much cover does the ASU cover from Ant pay? Won't you need to replace the life cover? Don't you want CI cover?

It sounds like you need to speak to an IFA. If you are paying £63/month already, I would be loathe to effectively cut your cover. You may be better spending the £63/month on some life cover and real IPI. You could also have the Ant cover Unemployment policy so you can cover your real outgoings (rather than just the £375 mortgage).

dunstonh

No wonder there is such a difference. Life cover (the thing that is most likely to be claimed on) is being removed along with CI cover.

ICanDoIt_2

thanks for your respones! I'll take these on board and have a search around. As you say, I need to go to an IFA and sort it out. I think that a combo of Unemployment cover and CI would be a good idea. I don't have any dependants, and at 23 I'm hoping to have a few years left in me!

Thanks again for the advice, you've been a great help!

Dave

dunstonh

Probably a combination of PHI and ASU would be better. PHI is generally considered to be above CI in the pecking order.

regularsaver1

ICanDoIt wrote:

Its for the life of my mortgage, and gives:
Life cover - £70,000
Unemployment cover - £375
critical illness cover - £70,000

It worries me that unemployment cover is just my mortgage pament......and nothing more! Admittidly, I bought the TMPP when I got my mortgage with the Halifax, and didn't know what was what. Brings me back to the point that is the income insurance better than the TMPP? the income insurance will pay for 12 months, the TMPP pays for 24. But the Income insurance is £50/m less and per month will pay £625 moe than the TMPP in the event of unemployment.

Halifax TMPP Life cover is level term cover, so does not reduce , the critical illness is level term also.

The Mortgage Repayments cover is for - accident, sickness, unemployment - pays 125% of the mortgage payment and pays out for 24 months. Does cover pre-existing conditions. New customers only get 12 months now and pre-existing conditions are not covered.