Personal insurance

[monnigblower]

Hi,

At work my boss told me that I ought to take out some form of insurance as my job doesn't provide any. I am 34, married with one infant child and work as a software engineer so it is the risk about catching some debilitating illness that would be the main worry. Any ideas of what are the options? I'm not too sure where to start, so all suggestions are more than appreciated. I suppose I would like to make sure all bases are covered even if only the payout is not that large. We already have morgage protection for our house so I'm not too worried on that particular front.

-Monnigblower

 

[monnigblower]

From further looking I think it just might be a PHI I am looking for. I see if I can tag on life insurance at the same time.

-Monnigblower.

 

[ClubMan]

Presumably you are looking for something like PHI (Permanent Health Insurance), Critical Illness insurance, salary protection and/or general life assurance (which pays out on death and might be purchased separate from any mortgage protection life assurance assigned to the mortgage lender) in order to ensure that loss of your job through illness or disability does not leave you and your dependents in dire straits? When looking at these policies pay careful attention to the charges/premiums and to the detailed terms & conditions governing in what circumstances, for how long and how much these policies will pay out. If in doubt get independent, professional advice at least by going through a decent multi-agency intermediary/broker.

Post crossed with previous one.

 

[Vanilla]

Is there a difference between critical illness and PHI in that one attracts a tax relief and one doesnt?

Have you considered asking your employer to contribute or indeed pay for your premium? Albeit that this might be considered a benefit in kind.