[Matt Steele]

Hi all, as the topic suggests how many if any have Illness/injury insurance? what does it cost? is it tax deductible & can anyone recommend a good provider ? cheers in advance

[Ian Gourlay]

The rates vary acording to how old you are and how much cover you need  I do not think you can get cover to cover Gross Income which in our case would be good because some may have lease deals on truckmount van etc plus ongoing advertising expenses. that you cannot just turn off.  You have to prove your net income you cannot just say i want 50K cover

[davep]

I have 200k life insurance plus £800 pm sickness accident pay (kicks in after a month)

Pay £50 per month.

[Richard Cole]

I use to sell this type of cover when i was a mortgage adviser.  You can get several different kinds, accident and sickness (1 year policy), income protection and critical illness cover.  As previous posters mentioned it depends on a range of things, age, sex, health, smoker etc. 

One option is to go for accident and illness cover with a 4 week deferred period and get an income protection cover with 52 week deferred period to kick in after the accident and illness cover runs out. That way the premiums should be lower and short illnesses and accidents will be covered by the cheaper one year policy leaving the income protection insurance for long term claims from either accident or illness. I seem to remember  critical illness cover was the more expensive cover.  You should also make sure you have sufficient life cover to pay off mortgage and maybe a lump sum or family income cover if you are married or have a family. Life cover and accident and illness cover are relatively cheap.

Best to seek professional advice from an independent adviser, as i'm no longer licensed and a maybe a little bit out of date.  When i last looked at it for myself, i'm 47 non smoker and married with kids i got a quote for around £33 per month for accident and illness and £65 per month for accident and illness, but as with all things prices can fluctuate widely over time and in different circumstances. 

[Matt Steele]

Thanks guys

[Scott Blaney]

I have 200k life insurance plus £800 pm sickness accident pay (kicks in after a month)

Pay £50 per month.

Who's this with if you don't mind me askin mate?

[Richard Cole]

Should have pointed out earlier that accident and illness cover will only pay out for a maximum of 12 months but income protection typically runs till retirement age.  Also the amount paid out is based a percentage of  your income, typically 60%.

[Doctor Carpet (Ret'd)]

I fully concur with Richard's answer as that was how I set it up for myself and being the most cost efficient way of doing it.

Of course, like any insurance, if you don't claim on it then it's a waste of money!! (Whole of life assurance as opposed to term insurance is a different ball game. you will definitely win on it paying out-the only trouble is you won't be around to personally benefit from it.)

Is it tax deductible? Well, if you pay it through your business it's tax deductible but it will get caught on your P11D return as a benefit in kind. Overall if you are a one-man-band business then it's probably more cost efficient  to pay it from your own salary as it also helps keep your accountancy bill down!

Rog

[Dave_Lee]

I had a brilliant income protection policy with ALICO. It finished on my 65th birthday as you can't get cover beyond your 65th.
What was unique about my policy was that when it ran out on your 65th birthday was that you got all the premiums back. I had my policy for about 8 years and received around £4,000. Their policies no longer return premiums.
Dave.