Income protection insurance

[Mrs.L.C]

Hi all. I was just wondering if anyone has income protection and if so could they give me any info, who they have theirs with and if anyone has had to claim (were there any problems etc)

Cheers

[The Juggler]

i do but it's more of a long term sickness protection.

so it doesn't pay out for 6 months (but is then backdated) as I couldn't afford the premiums for it to pay out sooner - it costs me £35/month as it is.

basically if I can't work from that 6-months to whenever (a year or retirement age it will pay me a tax free wage of around £12,000 per year.)

[sarah707]

I looked into it a few years ago and decided against it - I have put away a few months worth of money in a savings account in case of emergency instead and I keep adding to it so there's something if I need it.

The insurance didn't pay out for certain things, there were too many rules and it cost soooo much I couldn't justify the expense.

My friend broke her leg a while ago and hasn't worked for 3 months - she had medical insurance cover but because it was an accident rather than an illness they refused to pay out so she's now completely ruined financially.

It's a hard one isn't it? You want to protect yourself but sometimes it seems teh only people who win are the insurance companies :(

[Bridey]

If something happened to you physically that prevented you from working, wouldn't having this salary affect the amount of benefits you would receive? If so, then surely if you pay National Insurance you are paying twice and receiving less support?

[Mrs.L.C]

Im not sure how it all works. I compared some quotes on compare the market and had a call the next day with a quote of £6.48 per month. Waiting for the paper work to see exactly what it covers. Sounded like everything would be covered unless it was alcohol or drug related or self harm and my mild back problem wont be covered for first 24 months. It would pay out £750pm upto 12 months after the first 3 months

There was no point getting unemployment benefit

[Bridey]

I had insurance like this when I was employed (paid my mortgage when I was made redundant) but please check it covers you for self-employment. There has been a lot of bad press about these things being mis-sold to people who are not eligible to claim x

[EmmaReed84]

I wouldn't use a company like that personally. I actually have done as Sarah707 says. I have enough money put away to cover 6 months out of work. I have never looked in to it but my reasons for doing myself was I knew there would be clauses and to be fair if I need money or was out of work for whatever reason i don't want to have to justify it.