Income protection insurance

perhaps im gettin old but the more i think about it the more i worry about it, what would i do if i had an accident atr work or on the bike, i have a fair few financial commitments and after having a rough few years financially and now back on my feet i’d hate to go back down that route and was wondering if anyone has or has had to use this insurance what companies and there experiences :slight_smile:

Get some independent advice. Remember this type of insurance is sold to make money out of you, and not the other way round. If you do need to make a claim, expect to wait months whilst you convince the insurer that you have lost your job, you didn’t know you were going to lose it when you took the policy out. The various exclusions don’t apply, and that you are looking for work but can’t find any. It is a bit like signing on you will have to send regular proof of job applications etc. They will use any excuse not to pay. Also bear in mind this sort of insurance is much cheaper if you buy it before a recession rather than in a recession.

Ive had this for a while now , you can get cover for part of your wages , not the whole lot ( think its 30% )

The good thing is you can claim more than once , I got this instead of critical illness cover etc on my mortgage as you can keep claiming ( as long as its valid ) unlike the one of payout with the mortgage.

I use Zurich for mine

After I broke my tib and fib, and was on crutches for 6 months was when I decided to get this type of insurance. Used to be with Zurich, but they just kept putting the premiums up every year, so I think that I went on to, got some quotes from there.

Yep it is about 30%, and you can chose when you want it to start paying out, 1 month, 2 months, 3 months etc…but that will reflect in the premium.

Best value for money choice I ever made. I took out a policy, the premium was approximately 1/64 th of the monthly amount I was insured for. I got money for 6 months although for a little more you can insure for 12 months. I paid premiums for ~ 18 months which worked out at less than 1/2 of one of the payments I got. In my view to know that you have 6 - 12 months breathing space with money takes a big weight off the shoulders. My claim was slightly tricky, but as long as you satisfy the requirements of signing on and applying for jobs there was no problem.

Get independant advice bud, id say it depends on ya work, if you’re self employed, get cover in a heartbeat, if you work for a large company they have a fair comitment to you if you’re unwell, have an accident etc…

I offer it at work with car finance policies, its very good cover but has had a bad press with the banks miss selling it…

You’d be amazed whats in the small print though, it doesnt cover some types of cancer under sickness, basically you have to die, and then you’re life cover kicks in anyway! horrible reading lol …