Life+Critical+Income protection insurance

Milk_bottle

Hi all,

we have now sorted our building and contents insurance to a price I'm very happy with

But now we're casting our eyes on the mortgage insurance to ensure the mortgage gets covered, we've had quotes for around £43.60 a month for life+critical+ income, we both are healthy people have no aliments on either side of the family, I know these quotes are sort of tailored to the person but £43.60 a month does that sound like an "ok" price to pay?

this price includes the premium to be waived put in a trust adding children etc etc

income protection covers myself for £900 - my partner does not need it as her family would support her untill she gets another job etc so its not needed

the life + critical + income is with LV so that covers 65 condtions ,

is there anything I could be missing????

Thanks

dunstonh

we both are healthy people have no aliments on either side of the family

Everyone is healthy until they are not.

I know these quotes are sort of tailored to the person but £43.60 a month does that sound like an "ok" price to pay?

Not possible to say. Depends on the term, amount, type of CI cover (they are not all equal), whether it is reviewable, renewable or guaranteed etc. income protection effectively comes in multi-standard levels as well ranging from very basic to very comprehensive.

Milk_bottle

dunstonh wrote: »

Everyone is healthy until they are not.



Not possible to say. Depends on the term, amount, type of CI cover (they are not all equal), whether it is reviewable, renewable or guaranteed etc. income protection effectively comes in multi-standard levels as well ranging from very basic to very comprehensive.

can you recommend any companies who seem to offer the best all around cover

InsideInsurance

Milk_bottle wrote: »

can you recommend any companies who seem to offer the best all around cover

PHI, the full fat version of IP is almost exclusively sold via intermediaries and so you are best speaking to an IFA or a Protection Broker who will give you and advised sales quote.

You would need to check that your existing quote is for PHI rather than ASU as there is a big cover and price difference between the two and you need to ensure you are comparing apples and apples

dunstonh

can you recommend any companies who seem to offer the best all around cover

Yes I can. However, I would then be breaching FCA guidelines. The same goes for any FCA regulated individual that posts on this board.

Income protection and CI cover is not like picking car or household insurance. There is more to it than that as it is effectively finding the best for your budget and your personal circumstances (which includes employment details). There is more filtering involved to get to the end result and different providers focus on different types of people. So, there is no one best option.

Niv

I had income protection once. It wasn't worth the paper it was written on in my case. I believe if you have a stable long term job that will pay you redundancy if it comes to it and you are qualified in an industry that is reasonably in demand then this sort of insurance is fairly pointless as it takes so long to pay out, you are very likely to have found another job before you receive a payment - this is of course my opinion.

I do have life insurance to cover the mortgage though and it costs me £5pm.

dunstonh

I had income protection once. It wasn't worth the paper it was written on in my case. I believe if you have a stable long term job that will pay you redundancy if it comes to it and you are qualified in an industry that is reasonably in demand then this sort of insurance is fairly pointless as it takes so long to pay out, you are very likely to have found another job before you receive a payment - this is of course my opinion.

That is not income protection. That is payment protection.

ACG

It really is impossible to say whether what you have is cheap/expensive/about right.

As we do not know ages/cover amoutn/term etc.

But assuming you are in or around your 20s/early 30s, cover is around £100k life possibly a little less CI it doesnt sound a million miles out.

It actually sounds like your broker has done a pretty thorough job and if your financially protected for £43 a month - personally I see that as pretty good value for money.

PeacefulWaters

income protection covers myself for £900

I took out a policy 28 years ago with £550 a month of cover.

It still has the same level of cover today but is a much tinier fraction of my current salary.

Make sure you index the cover.

Niv

dunstonh wrote: »

That is not income protection. That is payment protection.

oops sorry, my mistake.

InsideInsurance

dunstonh wrote: »

That is not income protection. That is payment protection.

ASU/PPI is also sold under the banner of Income Protection