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Income protection
downsizer3
Posts: 683 Forumite
I have income protection against illness/acident as sole provider for my child.
I'm about to become unemployed - and I'm wondering what happens to it then?
Should I continue with the policy or does it become void when I'm out of work? If I became ill and couldn't look for work I guess I'd need it then?
I appreciate that they are all different and I'll dig it out to check the conditions- just wondering what people's experiences /thoughts are?
Thanks.
I'm about to become unemployed - and I'm wondering what happens to it then?
Should I continue with the policy or does it become void when I'm out of work? If I became ill and couldn't look for work I guess I'd need it then?
I appreciate that they are all different and I'll dig it out to check the conditions- just wondering what people's experiences /thoughts are?
Thanks.
May 2018 - £159k + £3.5K CC - let the countdown begin! 
March 2019 - CC gone and bye bye M2 on 31st! £140k to go.:j
March 2019 - CC gone and bye bye M2 on 31st! £140k to go.:j
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Comments
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Income Protection covers both ASU/ AS and PHI policy types.... which do you have (the former is budget and typically pays out for up to a year or maybe two where as the former is full fat and pays out to the specified age)0
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Full fat variety - till 65!May 2018 - £159k + £3.5K CC - let the countdown begin!
March 2019 - CC gone and bye bye M2 on 31st! £140k to go.:j0 -
Certainly looking at my policy they restrict the payout if sickness occurs during a period of unemployment but it does still pay out.0
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Ah - good to know - I'll check mine - guess something would be good in that case!May 2018 - £159k + £3.5K CC - let the countdown begin!
March 2019 - CC gone and bye bye M2 on 31st! £140k to go.:j0 -
My policy also includes a seperate part whereby the premiums for the accident/illness protection are paid in the event of unemployment - think it cost £1 a month extra and was highly recommended - so check your documents to see if yu have something like this.Weight loss challenge, lose 15lb in 6 weeks before Christmas.0
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