Originally posted by contractor79
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Reply to: Payment protection and life cover
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Previously on "Payment protection and life cover"
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I paid £500 for annual cover which pays out £250/week after the first week off. It's with caunce o'hara.
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Hi
thanks for all replies.
Just to clarify i am not married "single parent", hence no wife to worry about if i die in my inheritance.
I was considering the nationwide "family life insurance plan" by L&G, but this only pays out if i die.
Does the Friends Prov policy need a medical?
years ago i tried taking out a policy with LV i think but they refused to cover as more than 10 years ago i took some anti-depressants for a few months!
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I should maybe add that those policies I have cease when I'm 60 as I get a company pension then, in 9 years time.
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Originally posted by Lewis View PostHow much do these cost very very roughly (say for a healthy 36 year old). I phoned Friends Provident but they insist on a full quote by a financial advisor that should take no longer than 15 minutes .... bit to much hassle at this stage.
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Originally posted by Fred Bloggs View PostI found the best/most cost effective option was a "Family Income Benefit" life policy from Liverpool Victoria. I also found an income replacement policy from Friends Provident was the best/most cost effective option. It pays £1500 a month (tax free as it is insurance policy payment) after 6 months inability to work due to ill health. HTH.
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Originally posted by glashIFA@Paramount View PostIf you're worried about trusts and life cover then do it on Life of Another basis. Wife takes out the policy in her name with you as life assured. You die she gets the money as policyholder - never part of your estate.
However, given the current fashion for the government to scream foul about anything then insurance in trust is probably on the list as are deeds of variation.
As ever of course there is no generic answer.
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Originally posted by Fred Bloggs View PostI found the best/most cost effective option was a "Family Income Benefit" life policy from Liverpool Victoria. I also found an income replacement policy from Friends Provident was the best/most cost effective option. It pays £1500 a month (tax free as it is insurance policy payment) after 6 months inability to work due to ill health. HTH.
Wouldn't disagree with Friends Provident - income protection is pretty much their core market and the policues are good. They're very familiar with the way IT Contractors operate and remunerate too.
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I found the best/most cost effective option was a "Family Income Benefit" life policy from Liverpool Victoria. I also found an income replacement policy from Friends Provident was the best/most cost effective option. It pays £1500 a month (tax free as it is insurance policy payment) after 6 months inability to work due to ill health. HTH.
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Originally posted by diesel View PostAs a single parent with my own LTD..i really should consider this.
I was interested in a getting some cover in the event of serious illness or disability to cover my basic bills, dont think i would be eligible for unemployment cover (correct me i am wrong).
Plus any recommendations on where to go for life cover and critical illness cover to pay me estate when i knock off.....
if you write a life policy with integrated Critical Illness in it (ie pays out on first event) then make sure its a carve out trust. That way, life cover to estate and Critical Illness payment to you in event of claim.
If you're worried about trusts and life cover then do it on Life of Another basis. Wife takes out the policy in her name with you as life assured. You die she gets the money as policyholder - never part of your estate.
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Originally posted by Sockpuppet View PostIMHO most of the "illness" covers for self employed people are not worth it. Only pay out after x weeks etc. Better off saving the premium money and having that as a seperate "rainy day fund".
In my opinion, a rainy day fund is necessary anyway to cover a spell out of work for whatever reason. You can then opt for a policy with a long deferment period (i.e. doesn't pay out anything until after six months or even longer) since this will reduce the premiums considerably.
Usual disclaimer, I am not qualified and not authorised to charge for giving financial advice. The value of your investment and the income from it can go up as well as down.
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Originally posted by diesel View PostAs a single parent with my own LTD..i really should consider this.
I was interested in a getting some cover in the event of serious illness or disability to cover my basic bills, dont think i would be eligible for unemployment cover (correct me i am wrong).
Plus any recommendations on where to go for life cover and critical illness cover to pay me estate when i knock off.....
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IMHO most of the "illness" covers for self employed people are not worth it. Only pay out after x weeks etc. Better off saving the premium money and having that as a seperate "rainy day fund".
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Payment protection and life cover
As a single parent with my own LTD..i really should consider this.
I was interested in a getting some cover in the event of serious illness or disability to cover my basic bills, dont think i would be eligible for unemployment cover (correct me i am wrong).
Plus any recommendations on where to go for life cover and critical illness cover to pay me estate when i knock off.....Tags: None
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