34% increase on income protection renewal - bye!
Discussion
Exeter (un)friendly whacked my premiums up by 34% for a Nov renewal. Outrageous. It covered me for £1500 a month for 2 years if I broke a leg/couldn't work. Never claimed - ever - fit as a fiddle!
Anyone any idea of a decent firm for similar cover - just something to pay the mortgage and Aldi bills if I cant graft for a few months.
Lots on MoneySupermarket but that means lots to research - how good are the cheaper ones come claim time...
Cheers
Anyone any idea of a decent firm for similar cover - just something to pay the mortgage and Aldi bills if I cant graft for a few months.
Lots on MoneySupermarket but that means lots to research - how good are the cheaper ones come claim time...
Cheers
Hmm...everything except 'get a quote' on that website or am I being dumb?
Its such a simple requirement (and I really use an IFA for complex stuff like my SASS!) I just want the best cover/premium for £1500 a month cover.
I like the word 'friendly' big time though (well not that it did me much good with Exeter) but can you tell me why do you like these guys?
Appreciate it - or its CCCP Meerkats for me!
KF
Its such a simple requirement (and I really use an IFA for complex stuff like my SASS!) I just want the best cover/premium for £1500 a month cover.
I like the word 'friendly' big time though (well not that it did me much good with Exeter) but can you tell me why do you like these guys?
Appreciate it - or its CCCP Meerkats for me!
KF
Ken,
If you want to go down the friendly route, consider giving these boys a punt. They all have subtle nuances which can serve to help and annoy in equal measure. For more mainstream cover, most major insurers should be able to help as well mind.
http://www.wiltshirefriendly.com
If you want to go down the friendly route, consider giving these boys a punt. They all have subtle nuances which can serve to help and annoy in equal measure. For more mainstream cover, most major insurers should be able to help as well mind.
http://www.wiltshirefriendly.com
Ken,
You posted just as I did. Friendlies are great for niche service, and can be far more flexible when it comes to underwriting. I'm transacting an arrangement on behalf of some close protection clients in Afghan at the moment and there's no way I would get the same level of service as I'm getting with them, as I'd get from a major.
If you have an IFA but tell them you want to do it yourself, I'm sure he/she would be happy to help even if there was nothing in it for them.
You posted just as I did. Friendlies are great for niche service, and can be far more flexible when it comes to underwriting. I'm transacting an arrangement on behalf of some close protection clients in Afghan at the moment and there's no way I would get the same level of service as I'm getting with them, as I'd get from a major.
If you have an IFA but tell them you want to do it yourself, I'm sure he/she would be happy to help even if there was nothing in it for them.
Dale - welcome to drop me a quick quote as you can see what I'm trying to replace and what my budget is like.
Also getting a quote of Wiltshire - thanks for the tip Ginge.
Just in case its of interest to anyone I'm also reviewing my use of British Benefit Soc for another element of sickness cover I had in place (may now be best to have all eggs in one basket?). The key thing here is they ALSO annually give you a slice of their profits (or surplus as they call it). This then accumulates over the years tax free with compound interest on top. Its currently a pot worth about half of what you paid in over the years. Nice!
E.g for a fortysomething, pay in £140pm get £480pw sickness cover for 6m then half that for 6m then £120pw forever....and get about half your £140pw stashed up with interest back at age 60. PM me if anyone wants the name of the plan etc
Cheers
Also getting a quote of Wiltshire - thanks for the tip Ginge.
Just in case its of interest to anyone I'm also reviewing my use of British Benefit Soc for another element of sickness cover I had in place (may now be best to have all eggs in one basket?). The key thing here is they ALSO annually give you a slice of their profits (or surplus as they call it). This then accumulates over the years tax free with compound interest on top. Its currently a pot worth about half of what you paid in over the years. Nice!
E.g for a fortysomething, pay in £140pm get £480pw sickness cover for 6m then half that for 6m then £120pw forever....and get about half your £140pw stashed up with interest back at age 60. PM me if anyone wants the name of the plan etc
Cheers
The type of policy you're talking about there is known as a 'Holloway' policy so named after George Holloway the MP for Stroud and local industrialist (in 1878). He wrote an essay in that year for the HoC and whilst he didn't win he founded the first 'Holloway' Society based on the principles contained.
By taking out that policy not only are you receiving the sickness benefits/protection you are becoming a 'with profits' member, you receive a share of the excess/surplus premiums (Profits) and potentially a final bonus if held for term.
However traditional Holloway policies have been classified as investment products rather than protection and with the recent regulation changes under RDR have fallen out of favour. Most of the remaining Holloway Societies now sell 'Non-Profit' versions of the policy along side the traditional.
Exeters most recent increases have been widely publisised due to higher than expected level of claims, if you want to protect against this then go for a policy that offers guaranteed premiums. With these the society can not increase existing customers premiums if claims or costs go against expectations.
The four main remaining Holloway societies are:
Holloway Friendly
Cirencester Friendly
British Friendly
Exeter Family Friendly (Merger between Pioneer & Exeter Friendly so more of a PMI provider now)
If you want to know more about the working of this type of policy give me a shout, if you want to know if it's right for you talk to your financial adviser.
Disclosure: I work for one of the above!
By taking out that policy not only are you receiving the sickness benefits/protection you are becoming a 'with profits' member, you receive a share of the excess/surplus premiums (Profits) and potentially a final bonus if held for term.
However traditional Holloway policies have been classified as investment products rather than protection and with the recent regulation changes under RDR have fallen out of favour. Most of the remaining Holloway Societies now sell 'Non-Profit' versions of the policy along side the traditional.
Exeters most recent increases have been widely publisised due to higher than expected level of claims, if you want to protect against this then go for a policy that offers guaranteed premiums. With these the society can not increase existing customers premiums if claims or costs go against expectations.
The four main remaining Holloway societies are:
Holloway Friendly
Cirencester Friendly
British Friendly
Exeter Family Friendly (Merger between Pioneer & Exeter Friendly so more of a PMI provider now)
If you want to know more about the working of this type of policy give me a shout, if you want to know if it's right for you talk to your financial adviser.
Disclosure: I work for one of the above!
Dale - didn't get a PM mate - have checked any unfair spam folder too :-) TBH BFS looks best as the lump sum tax free at 60 blows others into the weeds and may get me a jetski and a big fast bike ;-) Very predictable, transparent(and affordable) premium escalations to age 60 too.
Tallboy thanks for the info - really appreciated to have it all confirmed.
Cheers
Tallboy thanks for the info - really appreciated to have it all confirmed.
Cheers
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