Income protection

[JKramer]

Income protection policy.

How many of you have taken out this policy?
I already have life and critical illness cover on my life insurance but I am wondering whether income protection is worth taking out, or this is another derivation of PPI to cover your more day to day living costs should you become out of work?
What plans do you have if you don?t have this cover and you have an illness that is not covered by the critical illness or have become redundant?

I'm self employed and looked into income replacement insurance (which I think is the same). The problem I found was that the policies I could afford had so many exclusions I found it difficult to think of something that would keep me off work that was not excluded. The more comprehensive policies were very pricey. My solution is to have some savings in premium bonds to act as a cushion for if I'm off for any extend period. I had 3 months off due to a broken arm, and overall, it still worked out cheaper than if I'd been insured.

I've just looked at this too. The policy I was looking at will pay out for all illnesses if they prevent me from working in my job. My OH broke his leg last year and it made me think what I would do if the same thing happened to me. I'm self employed so don't get sick pay and would struggle.
The price for mine is fixed until retirement age if I want to keep it that long. If I get something really serious (hope not) it will pay out until retirement too.
I have some savings too but don't think they would last that long really.
I looked online quite a lot but got confused so phoned an insurance place called drewberry insurance. www.drewberryincomeprotection.co.uk. Good luck getting it sorted.

My husband did this. Took it out in 1986. Became unwell in 2000, stopped work (self employed lawyer) in 2002. We had a good quality of life for 10 years on this until he died last year. And if you pay the contributions out of taxed income the benefits are tax free. Make sure it covers unfit to do your job rather than any job.