Career Break - Income Protection Plan

Matteas

Hi Guys I need some advice.

I am currently on a 6 month career break and need some advice about whether I should cancel my income protection plan for the 6 months to save the £20 fee or continue paying it for the 6 months when I am not earning any money.

I am not sure if I will be going back to my old career and I am not sure if I start a new policy in 6 months time whether it will be more expensive.

any advice would be great.

Mathew

ArchieB_2

Depends what kind of product it is. If it is a PHI or true, long term IPI policy then there would be little point in cancelling it. Also the product may revert to 'Housepersons' benefit - this means you may still get some cover if you were to fall ill. If it is an IFA sold policy then speak to your IFA.

I am not an IFA, so I imagine somebody else like DunstonH may be able to add more when they see this post.