34% increase on income protection renewal - bye!

[Ken Figenus]

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

[Ken Figenus]

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

[Ken Figenus]

I was paying £40 month for 24 months of £1500 after a month. They then whacked it up to £53 this year. Meerkats have some for 12 months cover for under £30 but I need to know the company is good...not just cheap! HTH

[Ken Figenus]

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

[Ken Figenus]

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

[Ken Figenus]

Just to close, by far the best option was increasing the British Friendly Society sub. Wiltshire were a joke with initial big chunk fees and ongoing sub's to 3d parties even when dealing direct and with little capital building up either in comparison.