[JSMC]

Many of you guys have a policy for this?

[SeanK]

Iv yet to find one worth having, they are full of get out clauses, your best putting a few quid aside for emergencies similar to what you would do for tax purposes if you can.

[Dave Willis]

Yes I have, the problem with just putting money aside is there is a risk of getting ill before you've built your pot up. or the temptation to spend it.

[Arnold Palmer]

I had one. Tried to use it, wasn't worth the paper it was written on. Like all insurances it's just a con.

[G Griffin]

We have something that covers the mortgage payments should either of us get ill, supposedly.
I'm sure they'll do what they can to renage on it but as we were getting older we thought it'd be worth taking.
But it's something we hope we never have to use. Don't think about the payments and it won't bother you.
A bit like a window cleaning bill.

[SeanK]

We have something that covers the mortgage payments should either of us get ill, supposedly.
I'm sure they'll do what they can to renage on it but as we were getting older we thought it'd be worth taking.
But it's something we hope we never have to use. Don't think about the payments and it won't bother you.
A bit like a window cleaning bill.

I used to have the same until I found out it wasn't worth the paper it was written on, watch out for things like yearly income (what you have earned so far) including partners, how long it will cover you for and how long you need to be sick until to you get the first payment, how many payments you will actually get, limits what it doesn't include and so on.
When I was mortgaged I made 6 months worth of over payments to cover for a six month emergency period, give some piece of
mind and saves you a small amount in interest payments.

[G Griffin]

Ok, Sean; ta.
I might look into it more should we change the mortgage (but probably won't   ). We're on a fixed rate on at the moment and might change it when it's up.
It seemed ok when we took it out but I'm no expert.
Cheers.

[cgh window cleaning]

I have it.
Payment cover use to be dodgy but after the ppi scandal no company wants to sell you a worthless policy in case it comes back like ppi did.

There are various policy's  out there and you can have them start paying straight away or start paying after a month or two.

Mine kicks in after a month in the event of any accident or illness which stops me doing my job.

[Cookie]

I consider all insurance to be a mild form of gambling where ironically you pay in but at the same time hope that you won't have to make a claim. Some insurance you have to have by law (eg; car/van insurance) and some it's just sensible to have (eg: public liability, house insurance etc..). In the vast majority of cases the insurance companies always win....

As far as income protection/illness cover is concerned I just try to put a little by each month.

[duncan h]

They all try worming out of payment. You have to send in earnings etc. It should be, if you can prove your sick PAY!
A new law came out a few months ago, to stop them doing just that. Cant remember what though

[KS Cleaning]

It's not so much the insurance companies worming out of paying out, what you have to watch out for is the agents who mis sell these policies. They will gladly give you a policy telling you it will pay out X amount of pounds per month, the reality is you need to have a really good taxable income from the previous tax year to have any chance of receiving the X amount of pounds in the event of a claim.