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. 🙂

Surely that’s pretty much the same or even less than what you’d receive from income protection on a NMW wage(and you’d receive a max of 75%)

No, your payment is whatever you have agreed it will be.

But a MAXIMUM of the salary
and the OP’s is NMW

The payment is 1200 per month on my plan. I can live on that especially as i wouldn't be running a car. I just started this thread to get an idea of what people were paying for theirs as I felt £65 was a bit steep but it seems not fortunately.

Yes, which she's living on now.

Indeed

my point is.. that can’t be much more than the £240 a week a pp mentioned that the Op said would be tight for her to live on.

For how long?

Until 67 years of age if I'm unable to work again.