Income Protection

Joey2020

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

System

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.

payless

Many companies offer this type to mortgage holders only- but some will also have a less advertised and higher priced loan or rent cover

System

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.

payless

I will look into it

dont have a mortgage, i dont have a loan or pay rent

lucky !!

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do you really need income protection then ?

mutley74

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

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"

System

I will look into it


lucky !!

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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!!

payless

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

System