Income protection insurance
Discussion
I got it when I went contracting. My financial advisor sorted it out for me can't remember who the provider is off the top of my head.
Worth the peace of mind to me. To keep premiums down we selected an amount that would allow us to pay our bills and have very little disposable. It also only kicks in after 8 weeks. Idea being if I am injured we can use some savings straight off then at least we know the house is safe and we can feed ourselves
Worth the peace of mind to me. To keep premiums down we selected an amount that would allow us to pay our bills and have very little disposable. It also only kicks in after 8 weeks. Idea being if I am injured we can use some savings straight off then at least we know the house is safe and we can feed ourselves
If you do buy, it's important to know what it actually covers. The policy will only pay out after a certain delay period (typically three months) and only pays out for 12 months. It's also pretty expensive - in a lot of cases you'd be better to use the premiums to make up your own rainy day fund.
otherman said:
If you do buy, it's important to know what it actually covers. The policy will only pay out after a certain delay period (typically three months) and only pays out for 12 months. It's also pretty expensive - in a lot of cases you'd be better to use the premiums to make up your own rainy day fund.
Lots of mis-information there..................................Sarnie said:
otherman said:
If you do buy, it's important to know what it actually covers. The policy will only pay out after a certain delay period (typically three months) and only pays out for 12 months. It's also pretty expensive - in a lot of cases you'd be better to use the premiums to make up your own rainy day fund.
Lots of mis-information there..................................As regards a rainy day fund, what if something happens shortly after you would have taken the policy out?
TwigtheWonderkid said:
Exactly. The deferment period can be as long or as short as you wish and it can continue to pay out for whatever period you want. Of course the shorter the deferment period and the longer the payment period, the higher the premium.
As regards a rainy day fund, what if something happens shortly after you would have taken the policy out?
.....or when the rainy day fund runs out?As regards a rainy day fund, what if something happens shortly after you would have taken the policy out?
Also the premiums are largely assessed on your occupation type and risk.......if you work on an oil rig, be prepared to pay more than someone who sits at a desk.....
I have IPI. Read the T&C's very carefully. Then read them again.
Made use of my IPI when made redundant but it was hard work during the claim, they wanted forms completed in triplicate, forms completed by ex employer which I had to get sorted not them (luckily I left on good terms) and then my left testicle! Even then they refused my claim. Had to threaten them with solicitors and large bill before they authorised.
Made use of my IPI when made redundant but it was hard work during the claim, they wanted forms completed in triplicate, forms completed by ex employer which I had to get sorted not them (luckily I left on good terms) and then my left testicle! Even then they refused my claim. Had to threaten them with solicitors and large bill before they authorised.
Sir Bagalot said:
I have IPI. Read the T&C's very carefully. Then read them again.
Made use of my IPI when made redundant but it was hard work during the claim, they wanted forms completed in triplicate, forms completed by ex employer which I had to get sorted not them (luckily I left on good terms) and then my left testicle! Even then they refused my claim. Had to threaten them with solicitors and large bill before they authorised.
This is what puts me off - it really defeats the purpose if they drag it out. Probably less hassle finding another job. Made use of my IPI when made redundant but it was hard work during the claim, they wanted forms completed in triplicate, forms completed by ex employer which I had to get sorted not them (luckily I left on good terms) and then my left testicle! Even then they refused my claim. Had to threaten them with solicitors and large bill before they authorised.
Sir Bagalot said:
I have IPI. Read the T&C's very carefully. Then read them again.
Made use of my IPI when made redundant but it was hard work during the claim, they wanted forms completed in triplicate, forms completed by ex employer which I had to get sorted not them (luckily I left on good terms) and then my left testicle! Even then they refused my claim. Had to threaten them with solicitors and large bill before they authorised.
That's not likely to be an Income Protection (PHI) although a lot of lessor policies use the name, usually with 'Short term' tagged on. With Unemployment cover it's likely that policy was an ASU (Accident, sickness & unemployment) or MPPI (Mortgage PPI).Made use of my IPI when made redundant but it was hard work during the claim, they wanted forms completed in triplicate, forms completed by ex employer which I had to get sorted not them (luckily I left on good terms) and then my left testicle! Even then they refused my claim. Had to threaten them with solicitors and large bill before they authorised.
No disagreement to reading what you're buying, make sure it's what you want and/or need and price is not a useful comparison in IP.
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