100% income protection

piddleypops

There have been rumours at work that we are due to go through a restructure in the next couple of months and there may possibly be redundancies. However, nothing official has been said yet, although we do have a meeting on 20th August to discuss the unit's future. As an added complication, my company often tries to rush through any changes but having joined a union, they may be able to drag out the process a bit longer.

I need to take out income protection on my mortgage as I'm the main breadwinner. However, I've noticed most policies only cover 75% or less of your income.

I have noticed one company which does make full salary payments but the terms state that if we have notice or any indication of redundancies within 60 days, our claim would become invalid. Considering the time scale I'm on, I'm not sure I could risk going with this one.

Can anyone offer any advice please? My salary is £1300pm and I work for a public organisation.

Many thanks.

dunstonh

The Govt doesnt allow 100% protection. That is why you see reductions to 60-75%.

cattie

If an insurance company believes you knew of possible redundacies at the time of taking out the policy, your claim will not be considered, so you could be wasting your money by trying to get protection in such a way.