No Protection in place: where to start?

planteria

kingstreet wrote: »

Stick your quote details here and let one of us run it to see the difference. I'm curious.

do you have all you need kingstreet:question:

planteria

thank you for help in this thread.

i am making some changes to things at the moment, so am going to revisit this when i have done so.

anyone any other thoughts though:question:

my_names_dave

Do you have business insurance by the way? Public and Employers liability etc.

Dimey

bgeeers wrote: »

Hi can anybody recommend an insurance company that will insure a tourist on an international licence for three months here in the UK

Best you start a new thread so people pick up your question.

Select the board you want from the drop down menu on right of forum home page. Then press NEW THREAD button at top left.
And re-post your question.

planteria

i don't my_names_dave.

the main business i run doesn't really need it. another business i have a stake in does have it, i think. you have prompted me to check:D

i have been sorting out Banking, Savings, Credit Cards and now Investments...moving ISA and SIPP to iii. now back to addressing Insurance, and getting these things in place...kind of intertwined with sorting a new Home and Mortgage too.

planteria

i still haven't got round to sorting any insurance..have just been working and investing.

i have a Regular Savings Plan that is providing c£100k Life Insurance, but i never got round to arranging any Critical Illness Cover or Income Protection Insurance.

i have updated quotes from HSBC, Scottish Widows (via Halifax) and Friends Life (via WBBS). not sure whether to try to nail something down. as a fan of mutuals, and with their office only a 5 min walk from where i live, i am tempted to look at Dentists & General.. http://www.dengen.co.uk/about-us/

kingstreet

planteria wrote: »

ok kingstreet....all based on £15k/yr Income Protection, £200k Life Insurance and £200k Critical Illness Cover. 38. no medical conditions. non-smoker. all to age 65.

Income Protection
HSBC (HSBC Life): £47.46/month.
Halifax (Scottish Widows): £30.00/month (with a 13 week deferred period)
Friends Life (via WBBS): £26.62/month.

Life Insurance
HSBC (HSBC Life): £18.28/month.
Halifax (Scottish Widows): £123.00/month "Critical Illness and Life Cover".
Friends Life (via WBBS): £165.64/month. "Critical Illness with Life".

Critical Illness Cover
HSBC (HSBC Life): £62.64/month.
Halifax (Scottish Widows): £123.00/month "Critical Illness and Life Cover".
Friends Life (via WBBS): £165.64/month. "Critical Illness with Life"

I didn't see this at the time. Age now updated to 40 next.

Income Protection - own occupation, guaranteed rates - £31 to £33 per month.

Friends Life premium for own occupation and guaranteed rates is £37.92, so I suspect West Brom has used cheaper cover options which may make a claim more difficult.

Level death or earlier critical illness cover (pays out on whichever happens first and then plan ceases) £200,000 level 26 year term - £80 to £85 per month.

The difference in cost between this and stand alone CI is minimal/none, but stand alone CI won't pay out if you die within 28 days.

As the differences in cover can be dramatic, such as the definition of own occupation v work tasks on IP in terms of making a claim, I strongly suggest you get proper professional advice from a specialist, rather than the stream of tied agents selling only one product and now an insurer - mutual or not. BTW Royal London, which owns Bright Grey and Scottish Provident both of which have five star rated critical illness and four star rated income protection, is a mutual.

http://www.defaqto.com/advisers/ratings/star-ratings/ViewStarRatings/

Finally, if you want stand alone level life cover, the premium is £18 per month.

planteria

i've already turned the big 4 O kingstreet...not sure whether to or :sad:..

i don't think i need any more Life Cover. currently own a property which is less than 50%ltv..and just a stoozed credit card balance, so no major debt. i have the Life Cover because i wanted the investment, and it is just an added benefit of that.

...i think that links to my prevarrication: i am all for the '+' of investing, but paying for insurance, where you hope you don't need it, feels like 'dead money'. i know that isn't the way i should look at it. as it happens, the DenGen policies pay out a 'return' too.

but, i tend to think i should have IP/CIC in place. i am thinking of getting married next year, too..so that would put things in a different light. i do not, strictly speaking, have any dependents, but have kind of acquired an 11 year old girl:eek:

planteria

i have just been reading this thread with interest:

https://forums.moneysavingexpert.com/discussion/5104142

happy with the Life Insurance i have.

i'm really unsure what to do re. Income Protection / Health Insurance / Critical Illness Cover. i understand that IP and CIC are separate, but i am surprised there aren't more policies that lump them together.. what i do know is that i would be disappointed to pay insurance long-term to then find that i didn't qualify for a payment. therefore, i think i'm inclined to go for a 'quality' policy if i am going to do it. maybe just not bothering is actually the best solution:think:

i own the company i work for, and also am an equal shareholder of another company. i'm 40. in good health. non-smoker. mom passed away at 56. my Dad is going strong at 79...despite smoking, drinking and eating fry ups for at least 60 of those years:undecided

anyone got a clear idea of what they would do in my circumstances?

kingstreet

You can have PHI and CI in the same plan. "Menu" plans allow you to have life cover, PHI, critical illness and sometimes unemployment cover in one.

This gives a saving as there's only one policy fee, but can still be more expensive than separate plans if you pick a provider which is cheapest on one item, but most expensive on an other.

If I were you I would get professional advice from an IFA or a protection specialist not tied to one insurer. They will analyse and prioritise your needs and establish how best to meet them within a budget which is acceptable to you.

You may also be able to take advantage of things like Relevant Life cover and Executive PHI where the premiums are paid by the firm, not you. I'm not going into detail on these as you will certainly need professional advice on finding and setting up the right cover.