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Income Protection Insurance
Claire5772
Posts: 2 Newbie
Hi there,
i currently have an Income Protection Plan with Scottish Widows which continues paying out until I either get better or until I retire. However, it doesn't cover me for redundancy so I am looking for a policy that covers ASU but I can't seem to find any that pay out for longer than 12 months. Can anyone help?
Claire
i currently have an Income Protection Plan with Scottish Widows which continues paying out until I either get better or until I retire. However, it doesn't cover me for redundancy so I am looking for a policy that covers ASU but I can't seem to find any that pay out for longer than 12 months. Can anyone help?
Claire
0
Comments
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Most companies restrict the time limit on redundancy policies - if they left them open ended people would buy a policy, work x amount and then leave and just claim forever.
12 months is standard and long enough to find alternative employment - even if not your ideal job.0 -
I'm fine with them not paying out for long with the redundancy but I'd like a longer period for the accident and sickness part.
Claire0 -
Currently, you have a permanent health insurance policy. It sounds like you need just the "U" part of the ASU and they are available from most general insurance providers/advisers/IFAs.
Scot Widows may not be the best PHI available for you either (especially if its an old LTSB/Black Horse or TSB life version rebranded under Scottish Widows). So, getting that reviewed and the "U" only part may be a good idea.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 -
I'm looking for an Income Protection Insurance, onw which will pay out perhaps soon after starting the policy, any suggestions or website links
. need as much % of wage coverage as possible, thanks 0
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