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Salary Protection
xxsue35xx
Posts: 2 Newbie
Hi I work in a company that will only pay 5 days sick leave in all the time you work for them. So I am looking for the best salary protection cover I can find. I have had a quick look but I'm a little over whelmed by all the different products then offer and as to what I actually need.
Thanks in advance
Thanks in advance
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Comments
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So I am looking for the best salary protection cover I can find.
Best overall or best based on budget?I have had a quick look but I'm a little over whelmed by all the different products then offer and as to what I actually need.
Income protection (or permanent health insurance to give it the old generic name) comes in a number of forms that could see you classify plans under budget, standard and comprehensive.
Budget plans should be considered an option of last resort if you can. The limitations can bite hard just when you need the policy the most.
Comparison sites mainly only sell PPI version of income protection. This is budget budget plan territory and should be avoided. A few comparison sites may also retail a couple of PHI plans. But comparison sites are not the best place to buy PHI. PHI is still mostly retailed via IFAs and whole of market protection advisers.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you want a policy that pays out up to 12 months or less, then you can easily find lots of policies on price comparision websites. Make sure you read the terms and conditions to know what's covered. It doesn't cover any condition you've already got and it doesn't cover some conditions at all. Things like Back pain and whiplash etc are only covered if there is proof of the condition, ie X-rays, MRI, and in many cases there is no proof as the scans can't show anything.
If you want a long term policy that pays out for the rest of your life, you need Permanent Health Insurance which is more expensive and more complicated to buy, often requiring a medical.Changing the world, one sarcastic comment at a time.0 -
It is only a short term one I want, thanks for the advice:T0
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It is only a short term one I want, thanks for the advice:T
In which case you are after PPI. Pretty much available on most comparison sites.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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