Income protection insurance

Elegant_Ju

Been offered an income assured enhanced policy from Cirencester Friendly Society. Each monthl premium goes up starting at aged 50 £26.60 and by the time I’m 67 it will be £87.20 per month.
Is this usual?
Will pay me £210 per week if I cannot Work.

dunstonh

Is this usual?

it is for inflation/indexed plans. If you want the benefit to annually increase then the premium will do as well.

Weighty1

A lot of Cirencester plans are "age-banded" which means the premium will increase in line with your age. This is actually a very fair way of offering premiums as a 30yr old is likely to go off work than a 60yr old so a policyholder is only paying for the risk they present in that particular year.

The downside is they typically become very expensive as times goes by. A lot of providers will offer non-age banded premiums which are guaranteed (aside from a small increase each year to cover inflation linked increases in cover).

Did you take financial advice on this? If so, did the adviser not explain about both age banded and non-age banded options?

Cirencester do have an excellent claims history by the way, so they are very good at paying out!