What if you couldn't work? Advise please.

[bellacat]

Do any of you lovely ladies (and gents) out there in Childminding land, have an insurance policy or something similar that covers you if you are unable to work, either through illness or accident? I cant afford to spend a fortune each month on this but I am beginning to feel that it might be wise to have one.

[cathtee]

To be honest I have never thought about it, and I suppose I really should as both me and dh are self employed either one of us would have a problem if we couldn't work we notice it when we are on holiday as neither of us earn for those weeks, hope someone will be able to help

[The Juggler]

i have an income protection policy but its more for long term inability to work than for short periods of sickness. It doesn't even pay out til I've been off work for 6 months (then it's backdated). Even that costs me £35/month.

I figure me and hubs will just have to pull our purse strings in for the first 6 months.

[sarah707]

My friend had an illness protection insurance policy - she broke her leg and was off for 3 months - she wasn't covered for accidents - she nearly lost her house

It is something to think about definitely but you have to be careful to make sure the costs don't outweigh the benefits of the policy.

You'll need really good independent advice I think to get the right policy in place for exactly what you need.

Hope this helps

[The Juggler]

My friend had an illness protection insurance policy - she broke her leg and was off for 3 months - she wasn't covered for accidents - she nearly lost her house

It is something to think about definitely but you have to be careful to make sure the costs don't outweigh the benefits of the policy.

You'll need really good independent advice I think to get the right policy in place for exactly what you need.

Hope this helps

i agree with that Sarah, I might have been as well saving the money I've paid in premiums this last 8 1/2 years, would be a nice little amount now and I could access it straight away.

[Becci26]

My friend had an illness protection insurance policy - she broke her leg and was off for 3 months - she wasn't covered for accidents - she nearly lost her house

It is something to think about definitely but you have to be careful to make sure the costs don't outweigh the benefits of the policy.

You'll need really good independent advice I think to get the right policy in place for exactly what you need.

Hope this helps

Yes I agree with Sarah,

I have life insurance but no illness protection, I did look into a policy (think it was combined with my life insurance) a while ago and they refused to insure me due to a history of depression....

I think DH has it and from what I remember he could choose how quickly it paid out ie 3months/ 6months etc it just gets reflected in the premiums, definitely seek independent advice