Income Protection Plan

JonathanB

I've been going through some old paperwork and came across a plan which my parents opened for me many years ago with TWEFS (now Children's Mutual). It's an Income Protection Plus (or sickness) plan. I called them up to update my address from the last statement I had in 2004(!).

It has a surplus in the account of £298.37 which has been being used over the past probably at least 10 years, to pay the £4.51/month premium (since my Dad stopped paying it I suppose). Apparently I'm entitled to £14.70/week payout, deferred by 1 week, if I'm taken ill from work.

That doesn't sound like very much at all, so I'm wondering if the plan is worth keeping, or if I should just cash it in (and lose £50 of the surplus). I guess I'd have to be ill for at least 17 weeks to make it worthwhile not cashing in? (although if I were ill I'd keep the surplus and the payouts I suppose...)

Is there anything about this I'm missing?

phill99

I would be inclined to cancel it. It's worth such a low amount, you would be better off having the £200 in your hand ow.