Insurance

[neviditelny]

Good morning everyone. Not been active here for a long long time but now I'm turning to you people for some advice.

I'm looking into sorting some insurance out after being very stressed about things due to a family illness.

I'm looking to get something that will cover my wages if I have to be out of work for some time, but also something that would be able to help me clear my outstanding debts (I think Critical Illness Cover would cover that part?)

Do anyone here have recommendations for good insurance companies? Or general advice about insurance?

 

[slinxy]

Mines done via work (so it’s free for me) by work. Most banks that offer mortgages and insurance companies will be able to offer you a package. You may get a discount with your mortgage provider.

If I was buying it myself, I would read the small print in great detail. There’s all sorts of causes in them, as they want to pay you as least as possible and often not at all.

Mine covers me for 50% but it’s 50% of my salary at time of starting the policy not when you have to claim, so if I started at the bottom and worked my way up, then they would be paying me at my starting wage.

There’s also a list of qualifying illnesses.. I’m also sure they will do a personal medical check and family history check before offering a policy.

 

[neviditelny]

Mines done via work (so it’s free for me) by work. Most banks that offer mortgages and insurance companies will be able to offer you a package. You may get a discount with your mortgage provider.

If I was buying it myself, I would read the small print in great detail. There’s all sorts of causes in them, as they want to pay you as least as possible and often not at all.

Mine covers me for 50% but it’s 50% of my salary at time of starting the policy not when you have to claim, so if I started at the bottom and worked my way up, then they would be paying me at my starting wage.

There’s also a list of qualifying illnesses.. I’m also sure they will do a personal medical check and family history check before offering a policy.

I work for NHS, and got some kind of insurance in there, but I think it would only pay out after my death. I don't have a mortgage so isn't too worried about that part. I'm mainly looking for something that would cover the monthly wages (I'm checking up what the sickness pay policy is at work as well).

I'm not sure if I understand about that "Mine covers me for 50% but it’s 50% of my salary at time of starting the policy not when you have to claim, so if I started at the bottom and worked my way up, then they would be paying me at my starting wage." means.

 

[tom_e]

I'm not sure if I understand about that "Mine covers me for 50% but it’s 50% of my salary at time of starting the policy not when you have to claim, so if I started at the bottom and worked my way up, then they would be paying me at my starting wage." means.

It means that the pay out is based on your salary when the policy was taken out. So if you were earning £25k when you start the policy the maximum they will ever pay out never mind how much your salary increases is £12.5k.

 

[neviditelny]

It means that the pay out is based on your salary when the policy was taken out. So if you were earning £25k when you start the policy the maximum they will ever pay out never mind how much your salary increases is £12.5k.

Ah thank you! Then I got it. I'm currently looking at one life insurance/critical illness insurance and one income protection insurance though. Just waiting to hear back from work about how my sickpay is calculated and for how long.

 

[tom_nieto]

It depends how long you’ve been working for the NHS. If you’re on a permanent contract with five years service, you get six months full pay, then six months half pay, then statutory sick pay after that.