X-Man said:heard on the radio last week that co's pay out only after 16weeks of time out.is this true??
demoivre said:The deferred period will typically be either 13, 26 or 52 weeks. Other things being equal the shorter the deferred period ( ie the sooner you start drawing down the replacement income) the greater will be the premium you pay.
Most insurance is a "waste of money" in that you pay for a service that you often don't need to benefit from. That's what insurance is all about - risk assessment, covering the worst case scenario, paying for peace of mind etc. It's not about paying over a sum of money in premiums on the assumption that you will eventually get it back in payouts. People considering income protection (or any insurance for that matter) need to first assess their risk profile and then make a call on whether or not they actually need it. In the case if IP individuals should take into account their welfare benefits (Jobseekers' Allowance etc.), other benefits (statutory and non-statutory redundancy payments), savings/investments etc. and consider whether or not they really need insurance to cover loss of income. In some cases PHI (Permanent Health Insurance) rather than IP might be more appropriate. In some cases no insurance might be the most appropriate choice - e.g. especially for single people with no dependents and their own house. As ever read the terms & conditions of the specific policy document in detail and assess different policies on these criteria and not just price.X-Man said:personally i think IP is a catch and a loss of money
PHI, IP, and salary continuance are buzz words for the same cover afaik.