Income Protection or critical Illnessfor 60yrs + cover

cathie1

Hi. I'm a new member and wonder if any of you can help guide me. I'm considering taking out either CIC or Income protection (both if affordable). Very little savings and have a mortgage. I've left it very late in life to worry about my finances - so please don't criticise as I know this. Just trying to do what's best from now on... I'm single and fully responsible for own finances. No dependents. I'm self employed and now 60 yrs old and seem to be in good health. Will only have state pension + v small private one. And little savings. I hope to work past 70 as I love my job and so far have enough work. I guess it'll be expensive but thinking about CIC or IP up to 75yrs. Does anyone know approx. what I'll pay for this if need £1,800 monthly earnings? Any help appreciated. Thanks in anticipation.

csgohan4

some of the life assurance brokers on the MSE article do INcome protection and CIC as well, have a look at them

But given your age, it will be very very expensive

https://www.moneysavingexpert.com/insurance/cheap-life-insurance/

PaceThePixie

Hi,

I work for an insurance broker who specialise in CIC and IP.

Income protection for self employed can be the better option at your age. It covers accident and sickness only for self employed, and can offer payments up to suggested retirement age. But age 70 is the limit. The limit of income benefit cover is up to 70% of your monthly income.

IP policy can be set up instantly, or you can complete a medical questionnaire. Be aware that if you take an IP policy, at claim stage it can be subject to a report from your GP (paid for by the insurer).

A CIC policy can require a medically underwritten application, and only pays out on defined terminal CI recognised by your insurance provider.

Hope this helps.

KR.