Anyone got an income protectionpolicy? LV any good

FIRSTTIMER

Seriously considering taking an income protection policy out paying circa 2k a month until aged 60. Both advisers from Cavendish and life search have recommended Liverpool Victoria at a cost of £35 pounds fixed until policy end.


Anyone any experience of the two or is Liverpool Victoria a good policy? Is aged 60 about right - I just think between 60 and 70 I would be on wind down so doubt I would even be earning that a month by then.

paddyandstumpy

Is that £2k per month index linked?

£2k per month in 30 years may not be what £2k is now...

dunstonh

Permanent Health Insurance can be broken down into three categories. Budget, Standard and Comprehensive. They are not official categories but you can fit most plans into those descriptions.

So, there you have your first differentials. Then you have providers that may focus more on certain occupation classes. So, it is very difficult to know what is good without knowing your criteria.

I just think between 60 and 70 I would be on wind down so doubt I would even be earning that a month by then.

With the state pension age getting further away, are you funding that gap where you are planning to have less income (but just as much outgoings)?

FIRSTTIMER

I am currently planning to retire at 65 - I will fund the gap between 60 and 65 with some form of savings/and or LISA Savings if needs be.


I work for the government, hence 6 months full sick pay and 6 months half sick pay. I just want to make sure I am secure in terms of any eventualities that may arise (serious illnesses etc).


One part of me is saying don't both with PHI the other part is saying do it now and its sorted for life.


The three policies I have been quoted are


Legal and General
Royal London
Liverpool Victoria


Most brokers are saying go to LV as they have more benefits and they cover public sector occupations much better. However L&G are the cheapest by far.

FIRSTTIMER

It is not index linked but then my premiums are reviewable so would be a shocking value in years to come surely