Income protection insurance - when to get?

Lu_Lu

My husband is starting a new job at the beginning of December and we would like to get an income/ mortgage payment protection policy but not sure how long to wait. Do we get on day 1 of him starting work, or wait until after his probation (3 months) has been passed? Do these policies generally have some sort of minimum working clause?

Thanks in advance.

csgohan4

Every policy may be different and may have a minimum period of working at current employer.


Have a look at the different providers Terms and condition and make an informed decision

dunstonh

What type of income protection are you looking to buy?
The higher quality permanent Health insurance (PHI) or the budget option, payment protection insurance (PPI)?

Lu_Lu

I want a policy to protect against unemployment primarily to cover mortgage or his salary in the event of him being made redundant. I understand that these also cover sickness most of the time and that's fine too as I am not sure if his new employer has a high level of sickness cover.

dunstonh

I want a policy to protect against unemployment primarily to cover mortgage or his salary in the event of him being made redundant.

This would be the budget PPI version.

I understand that these also cover sickness most of the time and that's fine too as I am not sure if his new employer has a high level of sickness cover.

To a basic level yes. Not as good as the PHI version but PHI doesnt include redundancy.

When he changes job, he would have a new qualification period. Typically being out of probation period with that employer or upto 6 months with that employer depending on the provider selected.

Lu_Lu

Thank you. Will have a look at some policies and check the fine print.