Critical Illness or Income Protection Cover

[Butcheroo]

Critical Illness or Income Protection Cover

Critical illness covers me for major issues but I don't have the income protection for a broken leg or similar.

Hence why I don't do skiing

[ZARDOZ]

I'd go for critical illness insurance caveat insurance cover.

[Halo Jones]

Whatever you do if you take out some form of insurance get a complete medical history print out from your doctor & attach it to the sign up form.

If you are unlucky & get some nasty the insurance company will try & claim that the headache you had 3 years ago was a symptom of your <insert disease here> & as such it is a pre-existing condition not pay up.

Believe me they are that nasty, the print out may cost you a couple of quid but then the insurance company know your history & you have a better leg to stand on.

[Fandango]

They are kind of similar in what they cover ie something bad that is going to stop you working but Critical Illness will give you a lump sum, where as income protection will give you a monthly income for the remaining duration of the policy.

[Pondlife]

Numpty question.... The difference between Critical Illness and Income Protection is what?

Critical Illness pays out in the event that you're signed off as sick due to that long overdue heart attack in the form of a monthly amount? Or is that income protection?

[northernladuk]

I couldn't think of an option for AndyW's mum!

Claiming ignorance would have been better than admitting you knew but couldn't be bothered! It's the most important option!!!

[Fandango]

I couldn't think of an option for AndyW's mum!

[northernladuk]

Fail poll...

A quick one days ban for messing up the poll should teach these upstarts how to create proper polls in general....

[wurzel]

I've got critical illness and income protection.

With the critical illness, I get some kind of lump sum.

Income protection pays out £2k per month for a period of 1 year after 3 months. Paying about £70 per month for this.

[Old Hack]

We both have life cover, and critical illness cover. You'd think income protection would only be needed if you were pretty ill, and most of those are covered by the Critical illnesses. Someone at client site had critical illness cover which paid out on a triple bypass to the tune of £500k. Now currently retired.

Income protection is pretty expensive as well.

[DodgyAgent]

Critical illness cover is arguably more important than life cover.

[Fandango]

Having just taken on a rather large mortgage and being the main earner in the household i decided it was finally time to get get some sort of Life Cover/Protection in place.

So i've been getting various quotes for Life Insurance (Relevant Life Policies) for myself and my wife through the business as its a bit of a tax efficient no brainer.

However in addition to that I've been looking at Critical Illness and Income Protection insurance as obvioulsy if somethign bad happens but doesn't completely finish me off then as the main bread winner in the house we'd be pretty screwed!

I'm just wondering what the masses have opted for and their reasons for doing so? i appreciate everyone's different but would be interested to hear what people have opted for and why and what sort of cover they are getting and for how much.

Tbh the necessary critical illness cover is a bit too expensive for my monthly outgoings at present (2nd child on way, wife shortly going onto maternity pay, big mortgage) but it obviously gives an adequet lump some payout in the event of something happening meaning the ongoing mortgage payments could be covered as well has having money to live off (£110 /month for joint policy paying out £340k)

Where as an income protection policy is more affordable at ~£35/month for £1700/month but that will only pay out ~50% of your income from the quotes i've seen so far but that would probabaly only just cover the mortgage (but it guess its better than having no cover at all!!)


hmm decisions decisions