Single Parent - What Life Ins./MPI/IPI should I have?

magpiecottage

ACG wrote: »

The problem you have is that a Teacher is seen as a highly stressful job and so because of that it has a high occupation class (meaning it can be quite expensive).

But since sick pay continues for 12 months, you can choose a waiting period that long and this will mean the premium is considerably lower.

weighty1_2

Hi Emmalife,

I'd agree with ACG on the income protection being most useful, especially since you will likely have decent death in service benefit. Unfortunately, there are 2 factors going against you for income protection. These are your job and your gender. If you can source the cover through a Friendly Society (exeter family friendly, shepherds friendly, british friendly society etc) then your gender and occupation will be irrelevant and therefore the cost is likely to be considerably less than through one of the larger better known providers. On the flip side, friendly societies tend to "age band" their premiums meaning that they go up either annually or 5-yearly, so it becomes more expensive as you become older.

My wife's a teacher and based on the pay scale your income should go up considerably as you get more years service under your belt and additional responsibilty points so the increasing cost of the cover may not be a major factor against keeping the cost as low as possible now.

I would still definitely recommend the income protection over the critical illness cover. The 2 most common reasons for claiming on income protection plans are musculo-skeletal problems such as backache and mental health issues such as stress/anxiety. Neither of these would ordinarily be covered under critical illness plans.