Income Protection Insurance

thatsthequestion

Where would be the best place to get insurance to protect a monthly in case that i were to lose my job? I'm currently the sole earner with mortgage etc and i approached by critical illness cover supplier but they would only be able to protect the mortgage against loss of job rather than a set sum per month.

Where should i look?

thanks

lisyloo

If you want permanent health insurance then you need to talk to an IFA.
Personally I think PHI is better than CI but it depends on your needs.

thatsthequestion

i have Private Health already. What i want is income protection, in that if i lose my job then the policy will pay out X amount per month over X number of years.

This is nothing to do with health and just about protecting an income.

Maybe such a thing does not exist?

thatsthequestion

ha - not years, months or weeks or just X time

lisyloo

i have Private Health already.

Do you mean you have private medical cover for treatment and surgery?
Or you have income protection in the event of sickness & accident?

What i want is income protection, in that if i lose my job then the policy will pay out X amount per month over X number of years.

Sorry I got confused by the mention of critical illness.
So do you mean protection again redundancy?

You can either look on the web e.g. comparethemarket etc.
Or you can book an appointment with an IFA.
The problem with doing DIY is that you don't have the knowledge about which companies provide a good claims service and which have more strings than a parachute.
If you want to go for quality and have your needs properly covered then you'd best booking a free appointment with an IFA.

dunstonh

i have Private Health already.

In which case, you need to be very careful taking out more income protection as there are limits. However I suspect you are mixing permanent health insurance up with private medical insurance.

i approached by critical illness cover supplier but they would only be able to protect the mortgage against loss of job rather than a set sum per month.

That isnt how critical illness cover works either. What you describe sounds more like standalone unemployment cover.

This is nothing to do with health and just about protecting an income.

It is everything to do with your health

Maybe such a thing does not exist?

it does. It is called permanent health insurance.

ACG

PHI (Also known as income protection) - pays a monthly amount if you are unable to work due to illness.
PMI (Private Medical Insurance) - Pays for medical expenses.
Unemployment cover (this sounds like what you are after) will pay you a monthly sum if you are made redundant usually for a maximum of 12 or 24 months.

Critical Illness, this pays you a lump sum if you are diagnosed with one of the conditions listed.

If it is unemployment cover you are looking for there are a few companies who offer it. You are looking at about £6-6.50 per month for every £100 of cover.

All the rest have different premiums for everyone (depending on when you take the policy out, how old you are, your health, smoker/non smoker etc etc).

thatsthequestion

OK not sure what i have said made people think i am talking about health insurance or critical illness or anything health related. I am looking for a policy that will pay a lump sum for a number of months if i were to lose my job due to redundency.

I guess i'll look around for Unemployment cover then - thanks for the tips.

dunstonh

OK not sure what i have said made people think i am talking about health insurance or critical illness or anything health related. I am looking for a policy that will pay a lump sum for a number of months if i were to lose my job due to redundency.

The title of your thread was income protection. Income protection is called permanent health insurance.

Your mentioned you were approached by a critical illness provider. However, you say you want redundancy protection. Redundancy protection is not provided by the life assurance companies (that provide CI cover). It is provided by general insurance companies.

Hence the confusion of what you were actually after.