income protection insurance £66/mnth

[Treeman123]

I am with the same company as you, think I pay £58 a month, And get the £1500 pay out. I am 25. Worth having I think. The policy i have, If you cant work as a tree surgeon they pay your out till your 70. unlike a lot of policy that the minute you can flip burgers they stop paying out.

[renewablejohn]

We bought a canal boat instead so if it all goes tits up then just sell up pay off the mortgage and retire cruising the canals.

[karl]

  richy_B said:

What's the small print like on these policies? I am often worried they'll try and wriggle out of anything other that a limited preset list of serious ailments/illnesses.

 

id say this is a good point , put th emoney away yourself isa or similar , I wouldn't trust this sort of thing when self employed too many get out clauses bound to be factored in

[Billy]

£66/ month seems a bit steep for your level of cover, I have a similar policy but for about £2500 a month and a large payout if I were to die and that's £40 odd a month, I'm 28.

[Rich Rule]

Who is that with Billy?

[Billy]

  Rich Rule said:

Who is that with Billy?

 

 

Not sure off hand Rich, I'll dig out the papers and let you know. It was through an 'independent' financial advisor I know

[rovers90]

Income protection is something a lot of people over look, and yet they cover their property, contents, car, holiday, etc etc but not the one thing that provides them with the money that allows them to buy these items - themselves.

 

As for policies not paying out, be honest when you contact a company and fill out any proposal or application forms. Tell them what they want to know, mention anything you think may be relevant.

 

A lot of people say they would not have the same expenses if they were off long term. They're right - expenses tend to increase if you are off long term as you are in the house more so utility bills tend to increase. And don't forget travel to doctors/hospital appointments and car park fees. And if you had savings, would you want to use them for this purpose and how long would they last??

 

Everybody's circumstances and priorities are different and I think income protection is something we all need to consider.

[Maxnaggle]

I went with income assured, cover you if you're Ill/depressed/injured at work/out of work/and also extreme sports. They don't cover you if you complete though haha. £22 a month for a £250 a week pay out. You can opt for more expensive policies which pay out more

[Maxnaggle]

And by depressed I mean if you succumb to some sort of mental illness, if you need time off work, then you're covered

[Watercourse management]

Sitting here with broken toes iPi would have been very useful,must look into it.