Critical Illness Cover

melc_3

Hi -hope am on right board for this. Husband just become self employed and we would like to get some insurance cover should he not be able to work due to illness. Does anyone know of the best type to go for/who with/who to avoid? Any tips. Thanks
MelC

jasonking

Look for Income Protection cover, it pays a regular income if unable to work due to accident or illness. It carries on paying out until he returns to work, retires or dies so copuld be many years. You can also get (mortgage) payment protection insurance but this has more exclusions and only pays out for 12 momths usually

Critical Illness insurance pays out a one off lump sum on diagnosis of cancer, heart attack, stroke etc...it is not usually used to replace income

evosy1978

hello there

can i just confirm. if i had a PHI then i DONT need CIC.

also my girlfriend is PAYE employed, would you recommend her getting PHI aswell and only the unemployement part from MPPI.

thanks in advance,

dunstonh

PHI pays an income. CI pays a lump sum on diagnosis of a specified critical illness.

mixing and matching PHI and unemployment cover is a good way of doing it as PHI is better for sickness than mortgage payment protection.

evosy1978

hello dunstonh

so could you just clarify, the main benifit of PHI over MPPI is the fact that it continues to pay you until you recover apposed to MPPI which only pays out for 12 months.

I read somewhere that PHI only pays you 75% of your income,.

And also does PHI cover you on diagnosis of a specified critical illness. or is it best to have CIC as well.

sorry for so many questions, I just wana be sure.

thanks