Other Income Protection

Discussion in 'Insurance not covered in other forums' started by Cathy12, Nov 27, 2016.

  1. Cathy12

    Cathy12 New Member

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    2
    Hope I'm posting this in correct forum!
    I work in the public sector & in 2012 took out a payment protection insurance policy with deferred payment of 52 weeks as advised at the time (as sick pay at that time was 6 months full, 6 months half pay). I recently looked at my policy & have realised that this will need to be changed in line with sick pay in public sector now being 3 months full, 3 months half. My questions are: will I now have to pay extra on my policy for a reduced deferment period, will this be easy to amend & will I need to declare any health changes I have had since taking original policy out? Thank you.
     
  2. SBarrett

    SBarrett Frequent Poster

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    1,956
    Hi Cathy

    You will have to take out a new policy. It will be more expensive as the deferred period is less and you are older. You will also have to disclose any health changes since your first policy.

    Steven
    www.bluewaterfp.ie
     
  3. Cathy12

    Cathy12 New Member

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    Hi Stephen, Thanks for that... Must start looking into updating my policy then!
     
  4. Gerry Canning

    Gerry Canning Frequent Poster

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    Cathy ,

    I would also look carefully at what you believe you are covered for , eg nowadays, what we laymen call heart attacks are often NOT covered by insurer..
    So since you are reviewing, maybe look at all your policies, ie things change.
     
  5. SBarrett

    SBarrett Frequent Poster

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    That's specified illness (lump sum payment) Gerry. The query is about income protection (regular salary replacement).

    Steven
    www.bluewaterfp.ie
     
  6. cremeegg

    cremeegg Frequent Poster

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    1,318
    You think you are insured then, look at the birdie, you aren't covered for that.
     
  7. cremeegg

    cremeegg Frequent Poster

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    You might be better off saving a rainy day fund to cover your outgoings for the 6 months and keeping the existing policy.
     
    Gerry Canning, SBarrett and huskerdu like this.
  8. Gerry Canning

    Gerry Canning Frequent Poster

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    Point taken Steven.
    Given the optimistic way people view all insurances ie believe they are well covered V some poor selling practises , add on my experience of insurers, I don,t miss many chances to get people to look hard ! (non trusting arn,t I ? )