Advice Needed for Income Protection Insurance

Ninja_Jellyfish

Hi,

I need income protection insurance and/or critical illness insurance for 2 situations. Can I please get some advice on what I need?

1) Full-time employed, with reduced pay sick leave for the first 5 days taken in the year, and unpaid leave for any taken after that.
For this situation, I need to know what sort of insurance I need in order to get paid if I take more than 5 days in a year.

2) Self-employed tutoring, around 12 hours a week. Payment for this is received in advance in a 6-week basis or so, but refunded if any missed sessions are due to the tutor missing a session.

What kind of insurance do we need for income protection in each of these situations?

csgohan4

Income protection to start paying after 5 days is going to be very expensive, most pay out after 6 months to 1 year, usually after statutory sick leave pay.

Income protection, and life insurance is a must especially if you have dependents/mortgage

Critical illness if you can afford is also reasonable but a luxury imo.

the MSE does a good article on Life assurance and the same providers do Income protection. Brokers are the way to go

FIRSTTIMER

I have all three and pay circa £710 a year for the following;

200k Life with CIC Fixed Premium until aged 70
3k IP 6 Month Deferral Fixed Premium until aged 65.

Worth it in in my opinion - both with L&G - See some quotes on money world site