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Income Protection

Hi, I do hope that I am getting this right – I have never been on Money Chat Forum before.

I am looking for some insurance to protect my income, in other words, income protection.
I would like to buy such insurance in order to safeguard me should I be made unexpectedly redundant.
I do not have a mortgage as I own the house I live in outright (so no need for mortgage protection).

Does anyone know of trustworthy insurance companies that offer fair income protection plans? I have no idea where to go or who to trust and I don’t want to end up with a company that makes it difficult or tricky to pay out should the worst happen.

Can anyone help or advise me on this?

Many thanks,

Joey

Comments

  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    Joey i was just about to ask the same question. I have a form to the right of me that i picked up from the doctors surgery by a company called MedEx. But its a little pricey and i dont know whether its good value as i have nothing to compare it with.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Many companies offer this type to mortgage holders only- but some will also have a less advertised and higher priced loan or rent cover
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    Many companies offer this type to mortgage holders only- but some will also have a less advertised and higher priced loan or rent cover
    I dont have a mortgage, i dont have a loan or pay rent. :(
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I will look into it
    dont have a mortgage, i dont have a loan or pay rent

    lucky !!

    --

    do you really need income protection then ?
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • mutley74
    mutley74 Posts: 4,027 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    i dont have a mortgage or debts too, nut i have future liabilities i.e kids future tofund etc

    i took out an accident & sickeness policy. If i was long term sick or accident, then at least after a few months my basic costs/expenses would be paid.

    found liverpool victoria to be the cheapest..but its slighly cheaper to go via a broker.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    found one from one of my providers that will cover mortgage, loan or rent plus upto 100%

    but can't lay my hands on one that will cover "day to day expenses" against unemployment

    Although- whilst looking I did find another brokerage offering what seems like what you are after
    ( no promises that it does what you want/ what it implies - just sharing my research)
    http://www.goodfellows.uk.com/products/day_one_inc_protection_ins/key_features.html#

    edit
    chipz - they are talking unemployment- not "health related"
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    I will look into it


    lucky !!

    --

    do you really need income protection then ?

    If you would payless i would be ever so grateful.

    Yes i am fortunate i know, but i still have bills to pay. Last year MrJudi shattered his ankle and was off work for 7 months. He had just gone self employed too!!
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Judi

    When I implied limited providers - that was because I was talking about the original poster question
    Should I be made unexpectedly redundant

    Health related (aka PHI) is potentially easier , as you can take a policy with a longer payout ( most "mortgage payments insurance"/ ASU type are 12m payout only) whereas PHI lasts until set date ( retirement?0 or return to fitness . There's a wide range of providers who offer PHI - ( the link I gave above was to a ASU type 12m option, as thought was talking unemployment cover )

    albeit for PHI you need to answer many more health questions
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    :):):)
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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