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#1605937 - 11/08/2017 14:45 Income Protection Insurance
Jim_Clennell Offline
Club member 105
Forum veteran

Registered: 16/12/2005
Posts: 16223
Loc: Corridor of Uncertainty
Does anyone know anything about this?

As MrsC and I are now both working in our business - which demands a relatively high level of fitness (compared with, say, translating), we thought it might make sense to take out some kind of protection insurance in case one of us can't work through injury or sickness.

As a lifelong cynic, I assume all such policies will be littered with clauses and small print that mean you'll never see a penny, but are any of them worth looking at?
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#1605938 - 11/08/2017 15:12 Re: Income Protection Insurance [Re: Jim_Clennell]
sugerbear Offline
Je suis un Coupé

Registered: 17/12/2005
Posts: 7669
Loc: Harpenden
Maybe private healthcare, life insurance and some kind of illness / accident protections or key person insurance are really what you want for a business.

I have only ever had IPI for very short periods of time when working in full time roles it was really an insurance policy to protect against redundancy / illness.
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#1605942 - 11/08/2017 17:29 Re: Income Protection Insurance [Re: Jim_Clennell]
magooagain Offline
Club member 259
Forum is my life

Registered: 22/10/2008
Posts: 6410
Loc: ked
I looked into it years ago Jim when I was running my business in the uk.

The payments were very high for just 50% wage.

I just couldn't afford it.

I opted for investment instead.
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#1605946 - 11/08/2017 18:28 Re: Income Protection Insurance [Re: Jim_Clennell]
Nigel Offline
Club member 123
Forum veteran

Registered: 16/12/2005
Posts: 16870
Loc: Staffordshire
Yes, I know a fair bit about income protection

As with all insurances, there's a balance between whether you can afford the premiums, versus whether you can afford to be without the benefit if you have to claim

There are several factors that will affect the premium

1) The benefit (obviously)
2) Your age
3) Your occupation
4) Your health
5) The deferred period (ie how long you need to be off work before the benefit starts to be paid)

Beware though, the cheapest policies probably work on "any occupation" definition - ie it doesn't matter if you can't perform YOUR occupation, it will only pay out if you cannot perform ANY occupation.

Next would be "suited occupation" - ie if you can't perform an occupation for which you are reasonably qualified, it would pay out.

The best (and thus most expensive) is "own occupation" - this will pay out if you can't perform the occupation you stated when you applied.

Beware of end ages too - the best plans will run to your chosen end age (usually age 65) but some keep their premiums lower by having an earlier termination age (and thus a shorter potential payment period in the event of a long-term claim)

I guess the way to look at it is if you can't afford the (say) £100pm premium while you're working, how on earth will you afford your basic living expenses if you can't work?

Note that if you're self employed, you may be able to offset the premiums against your gross profit - check with your accountant though, as this may have tax implications in the event of a claim.

Hope this helps - let me know if you need anything else
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#1605987 - 13/08/2017 00:24 Re: Income Protection Insurance [Re: Nigel]
Possum Offline
My life on the forum

Registered: 19/12/2005
Posts: 1539
Loc: Brisbane, Australia
Having been a life insurance agent for 30 years, here in Australia, and now retired for 5 years, I also know a bit about Income Protection Insurance.
Please note that my comments relate to Australia and my not be applicable to UK policies.

Agree with all that Nigel has written and add the following:-
Policies can be either "annual renewable" or "guaranteed renewable". Annual renewable is like your home or car insurance in that the insurer can refuse renewal or change the terms of the policy because of claims history or change of occupation or pastimes. Guaranteed renewable is that irrespective of claims history or change of occupation or pastimes, as long as you keep paying the premiums, you are covered.

Waiting period and benefit period also affects the premium, ie the longer you have to wait from first receiving medical care following an injury or sickeness to when you start receiving a benefit payment reduces the premium. Conversely, the longer the benefit period, be it 2 years, 5 years, to age 60 or 65, will increase the premium. Some policies also have a specified injuries/sickness benefit where you are paid a minimum benefit irrespective of the time you are off work. For example, 5 years ago when I had a prostatectomy due to cancer, I received a 6 month benefit (with no waiting period) even though I was only off for 1 month. smile

Some policies may also have a "new in business" clause which may restrict your initial benefit.

Some policies also have a "stepped premium" which means that each year, your premium increases with age.
You may also be offered a "level premium" to a specific age which means, other than for increases in sums insured, the premium will remain level. This is dearer in the short term but cheaper over the long term life of a policy.

You may also be able to obtain a "guaranteed sum insured" policy whereby you give proof on income upfront and, then at time of claim, no income proof is required. This is good for self employed professionals whose income may fluctuate due to various outside market influences such as a downturn in the building industry could affect architects. At time of claim, when you are infirm, would you want to be getting your financial records together or prefer it to be done? An employee would not require this as a pay slip etc would suffice which family would be able to attend to for you.

Beware of exclusions! Some policies may have pastime exclusions such as motor racing, skydiving, ocean yacht racing, scuba diving, private flying etc. In a "guaranteed renewable" policy, should you commence a risky pastime after taking out a policy, you should be covered for that pastime.

And remember, full disclosure is required at time application, be it health or pastimes, as one does not want a claim rejected because of non-disclosure.

Hope this sheds some light on the "mysteries of Income Protection Insurance".



Edited by Possum (13/08/2017 00:26)
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#1605993 - 13/08/2017 06:54 Re: Income Protection Insurance [Re: Jim_Clennell]
Jim_Clennell Offline
Club member 105
Forum veteran

Registered: 16/12/2005
Posts: 16223
Loc: Corridor of Uncertainty
Many thanks, gents. It sounds as though you thought it was worthwhile having protection yourself, Possum, which is a point in favour. Bearing in mind the comments above, I'll take a careful look at what's on offer at what price...


Edited by Jim_Clennell (13/08/2017 06:55)
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#1605999 - 13/08/2017 07:56 Re: Income Protection Insurance [Re: Jim_Clennell]
Possum Offline
My life on the forum

Registered: 19/12/2005
Posts: 1539
Loc: Brisbane, Australia
Jim, as I was self-employed, it was essential that I had cover and, after 30 years, my only claim was less than 12 months before I retired.

The benefit I received more that covered the lost work time, and the "out of pocket" expenses that my private health fund did not cover. Yes, I made money by having cancer, but I would not recommend this as a "money making exercise"!
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#1606007 - 13/08/2017 13:30 Re: Income Protection Insurance [Re: Jim_Clennell]
Jim_Clennell Offline
Club member 105
Forum veteran

Registered: 16/12/2005
Posts: 16223
Loc: Corridor of Uncertainty
The self-employment thing is key - especially as we are in the same business, so if one of us is ill, it could easily knock on to the other (caring/taking to hospital, etc.)
I'll definitely be looking for cover that specifies ability to do the job, as it requires quite high levels of dexterity and physical movement.
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#1606053 - 14/08/2017 13:28 Re: Income Protection Insurance [Re: Jim_Clennell]
adder58 Offline
I need some sleep

Registered: 16/12/2005
Posts: 3295
Loc: Paddock Wood, Kent
hi Jim as an IFA for many years, I'm more than happy to chat this through with you. Send me a PM if you want, cheers smile
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