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Income protection - Not sure whether to get it?
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I’ve got IBD too!0
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Can you terminate the policy in a few years time if you find a better one?
PHI runs on a month to month proposition, so you can cancel at any time in most cases. However, it's worth considering that the older you get the more expensive cover will become due to the risk of illness increasing. So even if you think you've found a better deal elsewhere, being underwritten from scratch at an older age is likely to see a hike in premium. If you guarantee premiums at the outset of an initial policy, it will stay the same for the life of the policy. Also, if you suffer any illnesses while you had the first plan in place, these would likely be excluded going forward on a second policy so the coverage wouldn't be as broad.
Personally, I'd probably go to an independent insurance adviser who'll look at the entire UK market in the first place. That way, you can be sure you've got the best/cheapest cover from the outset rather than looking later on.This post provides guidance only. It does not constitute financial advice0
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