Permanent health insurance/ income protection

[Metalgoddess]

Hi, has anyone got these and if so, how much do you pay per month? We want to insure based on my DH income of 24k per year, just wanted to get an approximate idea of cost. He would get his normal wage for 13 weeks if off sick before SSP.

What does he do? It varies (greatly) depending on job. Also how much would you need per month to survive? You can choose an amount up to roughly 75% of a persons income, the lower you go the cheaper it is. Furthermore, what benefits would you be forgoing by having this income - worth thinking of that too.

TBH it is relatively expensive, say compared to life insurance for example, so if you can extend the period that you have before a claim is valid this keeps the cost down - this is the deferment period. I recommend 'self insuring' i.e savings in the bank that you access ONLY if the worst happens. Sometimes this and a critical illness policy are a better option.

Are you covering mortgage payments?
Do you work?

Sorry rather a rushed stream of consciousness!

I was young when I started mine, but have scarily risky occupation (I have have been to minor injuries 9 times in 14years!). I pay £170 per month, but every year people in my occupation are injured sufficiently badly to not be able to work again so for me worth it.

Wow £170 a month!! I was expecting about 20-30 lol my dh is a graphic designer employed by a national retailer. We have savings and a mortgage to pay so was wondering which form of insurance would be best.

Have you thought of life insurance with terminal illness benefit also have that which is much cheaper dual lid policy with decreasing term originally linked to £280k mortgage £35 per month.

Ok thanks, that sounds more like it! It's all so confusing which one to get, which is worth it etc

Hey Metalgoddess, I PMed you, do you fancy a chat about this?