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Best Place to Buy Income Protection/Redundancy Protection
FIRSTTIMER
Posts: 637 Forumite
Hi,
Any advice on cheapest/best place to buy this. My current income is approx. 2000 per month.
Thanks
Any advice on cheapest/best place to buy this. My current income is approx. 2000 per month.
Thanks
0
Comments
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Are you looking for income protection (long term) and redundancy cover or PPI (short term)?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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To be honest, I get 6 months full sick pay and 6 months half sick pay so I am thinking is it really worth it....0
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Permanent health insurance (PHI) is worth it as it can be set up to kick in as your employer sick pay reduces.
Accident, Sickness and Unemployment cover (PPI) is probably not worth it unless you feel your job is at risk. you can get standalone unemployment cover without accident and sickness.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
FIRSTTIMER wrote: »To be honest, I get 6 months full sick pay and 6 months half sick pay so I am thinking is it really worth it....
I had a client aged early 30's who took out long term income protection and then had a brain haemorrhage literally 3-weeks later and may never work again. One of my partner's work colleagues wive's has just had a life changing stroke and will again almost certainly never work again. She was 38.
In situations like this then long term income protection is worth every single penny paid. If you get through to retirement having never suffered a long term illness, then no, it won't have been worth it.
On this basis, you need to ask yourself "are you willing to take the risk?"......0 -
Six months full, six months half and your IP can have a twelve month deferred period which reduces the cost.
30 next birthday, non-smoker, £1,000 per month to age 68, guaranteed rates, assumed white-collar admin job;-
01 months deferred = £31 per month
03 months deferred = £20 per month
06 months deferred = £17 per month
12 months deferred = £16 per month.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi,
Can I ask where these figures came from.
The cheapest I have been quoted from LifeSearch and Cavendish is from £28 to £36 for £1250 to £1500 premium guaranteed and level cover.....0 -
Remember that IFAs and whole of market advisers have a greater range of providers available. Websites tend to limit.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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We use a broker system called the Exchange to source life, critical illness and income protection.FIRSTTIMER wrote: »Hi,
Can I ask where these figures came from.
The cheapest I have been quoted from LifeSearch and Cavendish is from £28 to £36 for £1250 to £1500 premium guaranteed and level cover.....
I wasn't quoting the lowest premiums, just what I'd expect for decent quality cover.
Don't forget occupation can make a difference to the cost.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Can anyone let me know if I can do better than quoted?
Income Protection - Guaranteed Premiums until 60 - £1500 a month - Own Occupation
£33.84 - Legal and General0 -
We don't know how old you are or what your occupation is so whilst we could get a cheaper quote it would probably be because something is significantly different.
LifeSearch advisers are normally pretty good at their jobs (I know, I used to be one!) so I'd expect they are coming up with a solution that matches your needs.0
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