working full time/ young family/ 40+ - income support insurance or medical insurance?

[schooling123]

I am a breadwinner in the family. i am 40+, working FT and have a young family. I have life insurance and wonder whether to purchase medical insurance or income support. Please share your experience with this. Thank you.

I think you need to speak to a financial advisor.

Personally I think it is income support but I am not an expert by any stretch.

I would go for income support insurance. Not sure about medical insurance when we have the NHS.

What sick pay or other healthcare benefits do you get from your employer? Do they offer membership of BUPA or similar? And do they offer early retirement on the grounds of ill-health?

Medical insurance (so BUPA or similar) would potentially help you to get attended to faster than NHS if you were ill, which is good if you can then return to work and minimise your time off. An income replacement policy won't replace your whole salary and you would have a deferral period so can't claim straight away, but in the event that you couldn't work due to illness you would have an income of sorts until you either recover, return to work or reach retirement.

If you could afford it then a mixture of both would be ideal, but if not then I would personally prioritise income because you have at least got the NHS as an option.

what about insurance when they offer payout in case of diagnosis of serious illnesses?

I have life insurance, critical illness cover (payout on certain diagnosis) and income protection (75% salary for 2 years).

Basically should be covered as long as I don’t get fired or made redundant!

I have life insurance and critical illness.