This is like asking a Maserati salesman what kind of car you need!An advisor has advised them to go for a 100k policy.
Don’t forget illness benefit of about €13k a year as well. Relative should choose a level of cover that won’t result in a huge decrease in lifestyle.They currently have cover for around 30 k pa after 6 months off sick.
The older you are the more medical questions there are. I took out a policy soon after turning forty and a nurse had to come to my house to check weight and blood pressure. I imagine it gets stricter with age.Policy owner is 52 years old.
Relative should choose a level of cover that won’t result in a huge decrease in lifestyle.
And an increase in medical costs and ancillary requirements.But if they are ill, there is going to be a reduction in travelling and socialising.
I took mine til 62 on the basis that kids would be raised, mortgage likely paid off, and retirement imminent in any case.How long should they keep the policy in place ? They intend to retire by age 62 if not before.
I found the complete opposite!Also worth checking with some of the Unions / Staff Associations - there's often good deals to be had.
They are still about ten times more common than life insurance claims. On lots of money makeovers I’ve seen people hugely over insured on life but never for income protection.Most people who have this cover, are grossly overinsured and claims are rare.
They are still about ten times more common than life insurance claims.
Long term illness can take so many different forms. And most people have mortgage protection to pay off their mortgage on death. What do you do if you are too ill to work and the bills keep on coming in?They are still about ten times more common than life insurance claims. On lots of money makeovers I’ve seen people hugely over insured on life but never for income protection.
How many conditions are itemised ?
The majority of claims are from stress and back pain AFAIK.
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