Income Protection Insurance

[dailyconniptions]

I'm 55 and have recently spent HOURS trying to sort this out, for cover until my 67th birthday when the pension kicks in.

I've finally gone with Royal London and the premium is £64 per month, but this doesn't increase over the term, apart from in line with the usual RPI

Is this ultra expensive or pretty average would people say? Yes I know it depends on many factors but I'm just hoping for a bit of reassurance! I'm on NMW in my job. Thanks in advance. 🙂

You are on NMW??? No not worth it at all

Why not? If I can't work due to illness, then what? Surely it's worth it. I live alone and can afford everything on my wages plus also save some too. I could manage on the monthly amount the insurance pays, if that's what you meant.

Put the money towards your pension as I’m guessing on NMW you don’t contribute much if at all

Does your employer not pay sick leave? I'm have income protection insurance because I'm self employed.

Employer pays 12 weeks. This is about if I'm off work long term, for example if I can never work again and have years to go until retirement.

I think you'd be better off paying it into a private pension.

What do you think universal credit is for?

Then you’d get state support
put the money in to your pension. Please!
how much is in your private pension if you have one?

Is that I cover your mortgage, benefits wouldn’t cover that, rent would be covered.

I don't have a mortgage or rent. Flat is paid off. I can't see how putting it into a pension would help, as pps have suggested. I only have a small private pension but a couple of reasonable workplace ones.

Have you pretty much always been on NMW?

Workplace pension is a private pension

Always in low paying jobs, yes. Ah OK, re pension.

Anyway, I really wanted to find out the kind of monthly figure others might be paying for Income Protection Insurance?

If they own there own property no kids you will literally get nothing cover your council tax water and a bit to energy but certainly not enough to live off plus there’s a qualifying period