Protections

Ybe

ACG said:

Some policies go up to around 60-65% of income, but it sounds like you should be looking for a policy was a 2 year deferred period. There are not too many of them around but there are a few providers. I cant recall who they are off the top of my head, but I think if you have a broker they should be able to find those insurers within 10 minutes. It’s not a big job. 

The last broker I spoke to tried to sell me everything he could think of and maximise his commission. 

ACG

Ybe said:

ACG said:

Some policies go up to around 60-65% of income, but it sounds like you should be looking for a policy was a 2 year deferred period. There are not too many of them around but there are a few providers. I cant recall who they are off the top of my head, but I think if you have a broker they should be able to find those insurers within 10 minutes. It’s not a big job. 

The last broker I spoke to tried to sell me everything he could think of and maximise his commission. 

Was it an estate agent based broker by any chance? 

I promise not all brokers are like that, it sounds like you have just copped for a sales person rather than a broker/adviser. I used to be an account manager and look after about 300-400 brokers. Most of them I would trust. 

Ybe

ACG said:

Ybe said:

ACG said:

Some policies go up to around 60-65% of income, but it sounds like you should be looking for a policy was a 2 year deferred period. There are not too many of them around but there are a few providers. I cant recall who they are off the top of my head, but I think if you have a broker they should be able to find those insurers within 10 minutes. It’s not a big job. 

The last broker I spoke to tried to sell me everything he could think of and maximise his commission. 

Was it an estate agent based broker by any chance? 

I promise not all brokers are like that, it sounds like you have just copped for a sales person rather than a broker/adviser. I used to be an account manager and look after about 300-400 brokers. Most of them I would trust. 

It was one of the online brokers. He was very persistent as well. I told him at that monthly cost (he quoted me £100 p/m worth of products), I’m not interested and he continued to ring me every other week. 

Ybe

I’m wondering if I really need lifetime income protection insurance. They seem to start at around £30 per month which if you don’t claim anything on it is alot of money down the drain. Especially given the sick pay and group income protection I have. If covering just the mortgage and bills for the duration of the mortgage, then I can find around £20 per month. Still a lot over a long time. 

ACG

You have to do what is right for you, that might be nothing or it might be covering everything or somewhere in between. 

I took out a £500 a month policy in 2017. At the time my mortgage, council tax and bills came to about £550. With my partners income on top and/or benefits that would have been plenty even if it did not cover everything. However, truth be told I actually took out the policy because it included something called Best Drs. We had a daughter in 2017 and she was in and out of hospital and they were struggling to work out what the problem was. 

Best Drs (included in the policy) allowed me to send off her medical reports to get a second opinion from another Dr. 

Earlier this year after struggling with covid and realising I am not super human, I took out an additional policy for another £500. I now have £1,000 a month cover. Realistically, thats enough to pay our mortgage and council tax. It would not cover all of our bills and food, but it would make a dent. I have other things in place that would mean we would be fine. 

The earlier policy I took out was much cheaper as they cost more the older the older you get. But after rambling on for a while, basically you can cover as much or as little as you want (within certain limits). 

Ybe

What’s more useful - lifetime income protection or critical illness cover?  

kingstreet

Ybe said:

What’s more useful - lifetime income protection or critical illness cover?  

You need to ask yourself what is more likely. A debilitating illness or disability which prevents you working, perhaps until retirement; or an illness of sufficient severity which also happens to be on the list of conditions acceptable to an insurer?