any of you got income protection cover?

[Fabby]

have any of you got this kind of cover in place for if you were not able to work? just wondering weather i should take it out?

[babs]

i dont have but hubby does......

[Carol M]

I recently bought a new car for minding so took out a policy with nursery plan to cover my repayments if I am sick and unable to work.
Cost depends on your age, how much benefit you want and there are exclusions as to health if you have had illness in the past.
i would imagine as an insurance policy , making a claim may be a pain in the backside but for a few pounds a month( mine is £13 for £260 cover a mth) I think it's worth it.
Carol x

[Zoomie]

I have something on these lines, it was part of the assurances we bought when we bought our house.

However, when I called them up to inform them that my job had changed, I was basically hold that they would only honor any claims if I de-registered as a childminder.

Don't know why I keep the policy ?

[fun house]

I keep meaning to look into this as last month i hurt my back so i hardly worked as i could not lift the children and do simple tasks. As i had only the after school children my income was down by a lot. It did make me realise that i should have some insurance.

[TheBTeam]

I had a phone call a few months ago from a company offering to cover me as a self employed childminder for lack of work/illness etc, saying that they would even pay for a reduction in income.

I queried this quite a lot with them and they genuinely seemed like they would pay if your income suddenly dropped through loss of childminding contracts, the issue I had was they would give me absolutely no idea of the cost per month/amount of cover etc without actually coming to my house to discuss.

I wanted an approximate idea, before I invited them into my home, but they would not budge to give me any type of estimate, so I didnt bother.

[Straws]

I looked into this, you would have to de-register as a childminder and also as a self employed person to be able to claim a penny, always read the small print, was the same with mortagae protection they wont pay out unless you are claiming jobseekers allowance or incapacity payments.

Straws xx

[LisaMcNally09]

I looked into this, you would have to de-register as a childminder and also as a self employed person to be able to claim a penny, always read the small print, was the same with mortagae protection they wont pay out unless you are claiming jobseekers allowance or incapacity payments.

Straws xx

Surely the nursery plan insurance wouldnt require you to de-register??? Its for childminders isnt it???

Sorry if im completely wrong, i was thinknig about this a while ago but found it abit expensive.

Lisa

[Straws]

Just had a quick look at nursery plan policy ............. here is part of their policy I copied

What if I am self-employed, or I have or a family member has, control of the company that
employs me?
You are still eligible for cover. To claim for unemployment benefit you must provide proof that you:
• have involuntarily ceased trading and declared this to HM Revenue & Customs, and
• are registered as unemployed, available and actively looking for employment.

So you would need to have ceased trading as self employed to be able to make a claim on the income protection

Straws xx

[sillysausage]

Do you mean critical illness cover? such as this (http://www.bupa.co.uk/individuals/health-life-cover/critical-illness)

A childminding friend had this type of cover (don't know who with though) and when she was diagnosed with breast cancer 2 years ago it paid off her mortgage (so it was probably through the bank/building soc that she had her mortgage with)

[LisaMcNally09]

Just had a quick look at nursery plan policy ............. here is part of their policy I copied

What if I am self-employed, or I have or a family member has, control of the company that
employs me?
You are still eligible for cover. To claim for unemployment benefit you must provide proof that you:
• have involuntarily ceased trading and declared this to HM Revenue & Customs, and
• are registered as unemployed, available and actively looking for employment.

So you would need to have ceased trading as self employed to be able to make a claim on the income protection

Straws xx

Is that just the loss of business part though?? If you are ill you wouldnt need to cease trading would you?

[Straws]

It just loss of income you need to cease trading for all other claims such as sickness you dont need to cease trading.

Straws

[dlissaman]

I do not have any income protection. My husband does, he is self-employed and is in partnership with our son. Last July he was taken seriously ill and could not work for 3 months. In total the insurance policy paid out £1,000.00Luckly for us our son was able to keep the businees afloat and earn an income for me.

Realisticaly, £1,000.00 over a three month period was not really enough but better than nothing.

I have a self-employed friend who has recently been diagnosed with colon cancer, he has critical illness cover and his insurance company have offered him a payout of £22,000.

He has not had to sign on as unemployed, he had an opperation in Jan. returned to work after 3 weeks and starts chemo. today, he thinks he will be working between he chemo. sessions.