PHI with Scottish Provident, Bright Grey or Friends Provident? Any positive/negative

alexnznz

Has anyone got any positive or negative experience with the companies above when it comes to paying out a claim on Income Protection policy?

I am looking at getting Permanent Health Insurance scheme (income protection) and need to choose one of the below.

The Brand/Costs ratio is:
£267.04 per year Scottish Provident
£279.56 per year Bright Grey
£296.21 per year Friends Provident

This insurance is more for pace of mind. I am in a good health, but just passed 40, so sometime feel my back, etc.
I am still trying to work out how these policies pay out. For example, will this pay if for example I can’t sit at my desk (due to my sore back) and therefore cannot do my job?

alexnznz

Can anyone please advise. Got to make decision this week. Many thanks.

silverfoxuk

Hi

For PHI I'd (politely) suggest you speak to an IFA who should have some experience of dealing with these Companies and can give you any positive/negative experiences. Whilst he (or she) is at it, they can advise which policy is suitable for your needs, and explain to you how the policies pay out. Policies can differ for example do you want the pay out period to be deferred for 6 months, 12 months, longer? (cheaper premiums), should the policy pay out if you can't do your own job, or just if you can't do any job? How long should the policy pay out for (for 5 years or until you are 55, 60?), what %age of your normal earnings do you want covered (50%, 60%, more?).

An good IFA will be able to advise you, worthwhile checking they are qualified to Advanced Certificate in Financial Planning (AFPC) level.