Mortgage Protection

hulahoop09

We are taking out the life insurance and income protection (accident and sickness)

Not sure if that is the same?

daviecol

hulahoop09 wrote: »

So would you say to maybe not take out the redundancy with a seperate company and just try to save what we can?

Personally that's what I've done now and I feel a lot more secure knowing I have savings I can rely on if I lose my job, rather than an insurance policy I will never claim on.

It's up to each individual to make their own choice though. Obviously if you don't take out cover you HAVE to save an emergency fund to cover yourself, you can't decide one month to spend it on a holiday or something. lol

hulahoop09

Lol. Yeah I know. At the minute we dont have much to be saving as trying to get some debts paid off so our disposable income each month next year will go up quite a bit to approx £400 so I will probably fork out that £10 each monthat the minute just for the security!

hulahoop09

Well have been refused income protection by LV. They will cover for everything else mentioned (life cover and terminal (not critical) for both and income protection for my partner) but not income protection for me. The medical underwriters wanted more info on mild fibrolmyalgia, IBS and vitamin d deficiency. They didnt seem too fussed by history of depression. Apparantly more than 1 medical reason. I get 6 months full and 6 months half pay from my work if I am off sick so not a major issue but I feel deflated.

Also found out that I am meant to tell halifax (my current provider) of my diagnosis (by GP) of fibromylagia and vitamin d deficiency but I never knew this. So what are the chances they are gonna put my premium up when I tell them if I have been refused by LV for more than 1 of those reasons! I was hoping to be able to call and cancel as I had got elsewhere!!!

hulahoop09

Also I have life insurance (not inc critical illness) with LV so I need to also update them on the fibromyalgia etc also and I am guessing the £7.40 premium on that will go up if they have rejected me elsewhere?

kingstreet

You do not normally have to disclose medical conditions on an existing policy. Once the contract is underwritten and in force your disclosure responsibilities cease.

On a new policy, disclosure should continue to be made from the application, through to the point you put the plan in force.

hulahoop09

Ah ok thanks. I have found out the cover they will offer us isnt inc critical illness but terminal illness. Although if my husband was critically ill and couldnt perform a certain number of tasks (he is a warehouseman) then apparantly that would be claimable on the income protection.

Just so many little clauses in these insurances!!