No Protection in place: where to start?

planteria

i am planning to do some work on this in the next few days, get some quotes, and speak to an IFA.

i am thinking along the lines of £200k LI/CIC.

as an employee of a company i own, i'm not sure what IP i can/should arrange. perhaps £2k/m.

i am looking at some of the mutual insurers, as per this thread:
https://forums.moneysavingexpert.com/discussion/comment/67315077#Comment_67315077

for IP, i have Dentist & General and PG Mutual in the frame.
for CIC and LI i have Royal London (Bright Grey) as a potential.
and Forester Life could provide all three.
LV, NFU Mutual and Teachers are mutuals that i am already a member of, that also provide insurance.

planteria

i have an employed role nowadays (employed by someone else's company) with my own company alongside.
it's a relatively small business.. is there a standard sick pay length?
i want to get some things sorted, and not sure what i ought to expect from them:undecided

ACG

https://www.gov.uk/statutory-sick-pay/overview
£88.45 per week. for 6 months is the minimum. Your employer is free to offer more however. It should be in your contract of employment.

Weighty1

Haven't you been wanting to get something sorted for nearly 2-years now???????

I had a client who took out income protection and life cover just under 2-years ago. A fortnight after the plan started there he ended up in hospital in a medically induced coma for 3-weeks and I'd be surprised if he ever returns to his managerial role. Imagine yourself in this scenario and that this has happened back in 2013. What's your long term plan in that situation?.....................

planteria

thank you Weighty
as mentioned in another thread, i still haven't arranged Income Protection, which i think it my most important protection priority.
i'm 41, non-smoker, light drinker, no health problems.
i have a couple of quotes which each have some options to tweak.
to cover £1,500/m until 65 i am being quoted c£60/m. does that seem reasonable to those in the know?

planteria

just been reading some other threads here re. LA/CIC/IP..
where to start is not easy:o but i do think i ought to have some plans in place, as have a baby on the way now too:eek:
i'm 41, non-smoker, light drinker, no health problems. what other factors would i need to share here for some feedback?:think:

planteria

i am assessing options,
part of me thinks i ought to just get IP in place and then channel as much of the rest into various investments.
one of the companies that are of interest are Vitality. anyone any experience of them?
i could set up IP and CIC+LA with Vitality, or perhaps just CIC+LA (cheaper than just CIC) with Vitality and IP elsewhere.
one of the things that Vitality do is give you a small discount if you are taking a certain number of steps/week, with a monitor to wear on your wrist. a gimmick perhaps, but i quite like the way that they are linking insurance which relates to health with a healthy lifestyle.

planteria

thank you for finding this for me Muskey... and Aretnap:T. i couldn't find this thread.

planteria

having had an addition to the family last November, and a further one this month, i am finally getting round to putting (hopefully adequate) protections in place. i am 43 now.

i spoke to a broker over the phone that is connected with our union, on the basis that i would be seeing an IFA two days later. i had spoken to the broker before, and he was keen that i agree some protection straight away, on the basis that I have 30 days in which i can change my mind - and perhaps thinking that i might not get round to making changes:D. i double stressed that I was still going to meet the other chap, but he was fine with that..

so, what I have agreed is that i have £1k/m Income Protection, £100k Critical Illness Cover - that would then go on to pay out £100k if i were to pass away as a result of the illness, and £100k Life Assurance. if i were to die in an accident, for example, then my estate would receive £200k. all 3 policies are linked together with one £2.60/m fee, with a single payment each month, to cover all 3 elements, of £116.90.

having sat down with the IFA, the above seems to be decent 'value' in comparison with similar terms from other providers, taking into account that CIC varies in terms of the number of illnesses covered etc.

however, the main thing that the IFA has made me think about is the proportions of the vaious types of cover: i am now thinking that i could look to increase the IP element to £2k/m (at the moment i am on a lower salary, which could make this difficult). i could also look at increasing the CIC to £200k.. on the basis that i might really need this to be able to straighten finances out properly. and potentially remove the 'straight' LA element altogether. if i were to pass away my estate would then include £100k from the CIC/LA, £100k from an investment plan with a friendly society, c£300k from other investments.

i am also thinking about a Will/Trust, as per this thread: https://forums.moneysavingexpert.com/discussion/5763786

any thoughts?

planteria

planteria wrote: »

..£1k/m Income Protection, £100k Critical Illness Cover - that would then go on to pay out £100k if i were to pass away as a result of the illness, and £100k Life Assurance. if i were to die in an accident, for example, then my estate would receive £200k. all 3 policies are linked together with one £2.60/m fee, with a single payment each month, to cover all 3 elements, of £116.90.

does this seem decent value?