Life Income Protection

L

linn

Registered User
Messages
11
Has any one being benefit from Income Protection?

I googled it online, and many people seemed to have positive opinion about it, however, I found many people who recommended it were not actually making any claim or ever made a claim, I would like to hear from those who have made claims and being benefit from it?

Thanks!
 
It depends on the type of income protection;

- if its for redundancy then its the opinion of many that post here that these products are terrible

- if its for illness however, then yes the product is good. I know people who have had to make claims due to illness and it was a huge benefit knowing that their mortgage/day to day expenses would be covered. One individual I know was unable to work for 20 years due to a back injury, the policy paid out until he retired when he received his pension. Without the income protection I dont know how his family could have survived as it paid off his mortgage and helped him put his daughters through college.
 
Hi linn
I luckily or unluckily depending on how you see it have benefitted from PHI - Permanent Health Insurance - that i had inked to my pension fund at work.
Always thought it a little expensive but was on a good salary and liked the assurance it gave me as i have a family. In late 2007 i got the first symptoms of my illness and in 2009 had to stop work because of this and made a claim on my PHI which after much time wasting and bad management was accepted by the insurance company. Never thought i would need to use it but this has been a great help to know i had some cover, this looks like it may be long term and this will continue to pay me until i reach retirement age another 20 years approx - a fraction of my wage it may be but it has proved to be a wise investment and i dont know how we would have managed without it. I think PHI is the best type to get as it pays till you retire

Hope this helps.............and that you nerver need it but its nice to know you are covered
 
Personally, I have enough bills.
My contract at work gives a limited PHI - 26 weeks on full pay and 26 weeks on half pay. Any longer and I'd have to rely on state sick pay or disability.

A cheap alternative might be a term cover policy which ( in addition to life cover) pays a lumpsum on heart attacks, cancer and certain other illnesses. It's no good for bad backs and some chronic illnesses.

PHI policies might exclude depression and stress-related illnesses (sorry, i'm not sure about this!)
 
tenchi-fan said:
Personally, I have enough bills.
My contract at work gives a limited PHI - 26 weeks on full pay and 26 weeks on half pay. Any longer and I'd have to rely on state sick pay or disability.

A cheap alternative might be a term cover policy which ( in addition to life cover) pays a lumpsum on heart attacks, cancer and certain other illnesses. It's no good for bad backs and some chronic illnesses.

PHI policies might exclude depression and stress-related illnesses (sorry, i'm not sure about this!)
Click to expand...

Specified Illness cover isnt a cheap alternative. Specified illness cover is actually quite expensive and offers less cover than an income protection plan. Like for like, once tax relief on the income protection plan is taken into account, income protection isnt much more expensive than specified illness cover and it covers more.

Depression and other stress related illnesses are covered by an income protection policy and on average make up about 20% of all claims.

If you have limited income protection through your employer like 6 months pay, 6 months half pay then you can set up an income protection policy to commence paying after 52 weeks, this reduces the price significantly.




www.CheaperLifeAssurance.ie
 
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