Advise on Income protection and Critical illness cover

Reallyfedup_3

Right I am just about to move house and my husband and I are adjusting our insurance policies as the situation has changed. I'd like some advise on what may be best for us if possible. My husband is self employed and I stay at home with the children. We both have life cover and both of us currently have CI cover too, I want to have an income protection policy incase my husband is ever off work or unable to work, plus is it really needed that I am covered with a CI policy when my husband is the main earner??? I'm just getting more and more confused and don't want to be over insured and paying really high monthly payment. Gratefull for any advise thanks

olly300

Think of it this way - If you got ill who would look after you and your children?

Probably your husband which means he couldn't work full-time, which means a loss of earnings.

However I would check the small print on each policy YOU would want to take out to find out the limits for someone who is a "housewife".

dunstonh

Make sure you look at permanent health insurnace for the income protection rather than accident sickness and unemployment. Self employed and housewifes are usually much better served by PHI rather than ASU.

If your CI policy is getting on a bit, it may be worth keeping. Older plans can often cover more things than modern plans. Plus it may have guaranteed premiums from a time when guaranteed premiums were cheaper than they are today. Too many people have moved from guarnteed premiums to reviewable without realising the difference.

Reallyfedup_3

Thanks, I'm wondering now whether to maintain are current CI policy and take out a PHI policy to cover my husband. Does anyone know the 'best' PHI providers?

dunstonh

Does anyone no the 'best' PHI providers?

Depends on what options, features, health, deferment period, smoker status, age, occupation amongst other things. There is no one best provider although there are one or two that stand out above the crowd for quality but their pricing does tend to reflect that status as well.

The fact there are so many different things going on with PHI, along with it being a product that also appears in investment class and protection class authorisation, means that you usually get limited internet quotes/information. It is also fairly low profit so another reason internet sites tend to ignore it. Price is absolutely not the only consideration. Indeed, some of the cheapest options are not worth a thing.

Reallyfedup_3

Its better then to speak to an IFA who can determine best poilcy?

What would a policy for a 29 male/non smoker/no illnesses/ as an aerial & satellite installer likely to cost??

Andrew24620

Hi Reallyfedup!
In your circumstances I'd suggest speaking to an independent financial advisor to help determine your cicumstances and most suitable solution (I work for a life assurance co. and am not an IFA!!).

The IFA will be able to access a range of provider's quotations and also gain info on whether your hubbies occupation will attract any additional cost