Income protection

hebridean

I currently have cover for redundancy and illness which pays out £2000 per month for a year in either case. I had cause to use it last year being of work for eight months with a physical health problem.

This illness has made consider my potential future health failings and i'm pretty sure the same problem will return with extras within the next couple of years, and if it does i'm not going to be able to continue working and will be disabled.

I'm in a well paid job, and fortunate in that i would be paid two thirds of my wage for a year by my employer which i can just get by on covering my mortgage, loans etc.

So my concern is what should i put in place by way of insurance that will cover me to retirement in eleven year time.

Thanks

dunstonh

That type of insurance is known as permanent health insurance (PHI). Unlike the PPI you hold at present.

It is largely made available via IFAs and whole of market protection advisers. Comparison sites have very little coverage of PHI. Whilst there are no official classifications of the differences in PHI, you can easily place plan types into budget (barely worth it), standard and comprehensive.

csgohan4

bare in mind because you have had an illness which has made you be off work for that amount of time, be prepared to be paying above market premiums depending on the illness. You are higher risk unfortunately than someone without a claim history

haras_nosirrah

It is unlikely an insurer would cover you for a pre existing condition. If you have been off work with it for 8 months and know it will come back then you are highly unlikely to be able to get cover.