Most Competitive Income Protection Insurance Provider?

[czechmate]

To try and get back to the original question, as far as I know, FF are the dominant provider for PHI cover because they are the only ones to provide an option of a guaranteed premium level, ie, unless indexation is chosen, the premiums WILL NOT increase for the duration of the policy. This is a very popular option with many customers looking for certainty of cost. FF also offer a 'reviewable' premium option whereby FF will review it every 5 years, and if they deem it necessary (depending on their claims experience etc) MAY increase the premium rates. This option therefore starts out at a lower premium than the guaranteed option, because there is an option to increase it over time.

Irish Life will only offer a 5 year or 10 year reviewable option, ie, no guaranteed option. Horses for courses....don't just decide on price, etc!

But do you not get what you pay for. Generally if you want guarantees then you pay for them. Often guarantees are not worth it. I think of them as an extra payment for an insurance policy that my premiums won't go up. How much cheaper is the reviewable product from Friends First or Irish Life? Then you can decide if you want to pay the extra for the guarantee. Remember you are paying extra from the start and in every year. You would want to weigh that up against the extent to which your premiums MAY increase to if the companies decided to review them. You say that Friends First or Irish Life MAY review their premium rates - interesting to know how often they have done this and by how much the rates changed?

 

[Rico]

Folks this thread is terrible. A lot of well intentioned stuff, but most of it based on incomplete knowledge.

The market for I.P. or P.H.I. is limited. Policies vary.

The only way to get the best quote, together with appropriate advice, is to consult a professional.

Business & claims wise F.F. are pretty dominant. I've found them totally fair too. I have 2 customers that would be in severe financial trouble, but for this cover.

p.s. Combined Ins. Co? - I doubt anyone would be silly enough to believe that.

Could you please clarify the above statement.

 

[RS2K]

It's a specialised area. There's more to the cover than the premiums. It's worth paying for appropriate professional advice.

 

[G123]

If you take the definition of Income Protection as a polcy to protect your income in the event of ANY accident or ANY illness claim then there are only two companies offering stand-alone policies - Frinds First or Irish Life. In addition, Friends First are the only company with the option of a Guaranteed Premium Level at an extra cost.

Other Serious Illness Policies and Disability Policies are not comparable.

I'd advise you to seek Independent Advice form a suitably Authorised Adviser.