Accident and sickness tends to be one of those squalid little policies that are flogged by banks to make their money back on a cheap mortgage. When selecting protection such as this, you should always ask for it to be quoted on an "Own Occupation" basis. I have seen far too many "Any Occupation" policies sold by banks. With own occupation - if you can not do your job due to sickness or ill health, it should pay out. With any occupation, it will only pay out if you can not do any job which means you are going to have to be in a very bad way.
In my opinion, Income Protection (PHI) is a far superior policy as it pays out until retirement. As it has already been pointed out, the problem with a 2 year policy is that it finishes after 2 years. If you are ill long term, this will leave you high and dry and unlikley to be able to seek cover elsewhere.
Finally, make sure the premiums are guaranteed (reviewable may be cheaper in the short term but will go up every year), Link the policy to RPI so the benefit cover is not eroded by inflation and choose a reputable provider that will still be around in the event that you need to claim.
In my opinion, Income Protection (PHI) is a far superior policy as it pays out until retirement. As it has already been pointed out, the problem with a 2 year policy is that it finishes after 2 years. If you are ill long term, this will leave you high and dry and unlikley to be able to seek cover elsewhere.
Finally, make sure the premiums are guaranteed (reviewable may be cheaper in the short term but will go up every year), Link the policy to RPI so the benefit cover is not eroded by inflation and choose a reputable provider that will still be around in the event that you need to claim.
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