Income protection
 

Hello

This maybe of some intrest, there was good artical in The Independent last Saturday, about a motorcycle courier looking for income protection insurance.

Working in a high risk job he was finding it hard to get cover for a financial cushion if he was unable to work.

I have been thinking about this as I do not have a policy in place, and with some TD's planned this year wanted to find out more, and if indeed it is possible to get cover knowing I will be taking my bike on the track.

I phoned "www.lifesearch.co.uk" on 0800 316 3166 to inquire and they quoted me £36.65 per month upto 60yrs at a payout of £1000 tax free which kicks in after two months out of work, and they are ok with the fact I do the odd track day.

This seemed a fair price although I am still looking around as I would like to put some form of insurance in place, more so to cover my mortgage.

My company has a policy regarding so many days on full pay then so many days at half pay, but need to look into it more.

Any thoughts would be most helpful, I maybe wrong but, Income protection is one insurance that gets over looked by most.


regards



TopiToo

Hi, its good to see someone looking into insuring the thing that is more likely to happen to them than dying. Most people take out life assurance for obvious reasons and that is quite right but you are more likely to have an accident or illness that will keep you off work for a period of time than having a quick death. As an ex financial adviser I always used to promote ilness/accident cover as well as critical illnees cover, but as its more likely to happen the premiums are higher and so puts people off. There will be an IFA to provide some sound advice along soon, cant remember who but I believe there are a couple of good guys on here somewhere. :sing:

Steve, what your company provides is the normal sick pay arrangement which lasts for a shorter period of time. Quoting you income protection up to age 60 will produce a lower premium because normal retiement occurs at 65, and life expectancy is now greater than it has been. If you want send me your details I'll arrange for some quotes for you to see how the quote you have stacks up. Let me know.

Hello Webbyc



That would be great, I am not bothered who I go with just want the piece if mind knowing I have something in place.

Will get this sorted and email you, thanks again.

regards

TopiToo

I have both income protection and criticall illness as the thought of being able survive if i was badly injured or disabled worries me far more than needing life insurance.

I have a good financial advisor that sorted all the deals out for me, I can give you his details if you fancy chatting to him

Hello webbyc

you have mail.


Lily thankyou for the offer, I will wait to hear from webbyc first.

regards

TopiToo