Advice

[OnNaturesCourse]

Hey

Looking for advice on getting income protection for the event whereby my partners work shuts down due to weather etc (he doesn't get paid when this happens)

Last year he lost 4-6 weeks, but none the year before, and we're hoping to get some sort of cover in place incase it happens again.

No idea why this is in the TV section... Can it be moved to money?

We've done that for you.

Thank you!!

I’m not sure that exists, as income protection covers things like redundancy and sickness.

The best protection is to assume your Nicole is 6 weeks less than your annual salary, and budget accordingly. If unused, carry the savings to the next year. Once you’ve built up a contingency fund, you can go back to living on normal salary.

Insurers aren’t going to cover a risk that has a reasonable certainty of occurring.

That said, contact an insurance broker - they’ll have the specialist knowledge to help.

He's paid weekly so budgeting that way doesn't really work, but definitely worth looking into but unfortunately we literally live week to week.

I'd say there is a chance of him losing weeks each year but that said out of 10 years I think there's actually been about 3 years when it's happened. Just unfortunately when it happens it tends to be for a lond period of time.

I'm going to call some insurers tomorrow but felt like putting the feelers out to see if anyone else had experience with this.

Thank you for helping, this sort of insurance totally loses me.

I wouldn’t call insurers, but a broker. That sort of policy - if it even exists - is going to be quite specialist, so you could end up calling 5 big mainstream insurers and getting nowhere and wasting your time - when it could be only one you’ve never heard of can do it. That’s what brokers do - know where to go for specific needs.

If it’s happened 3 in 10 years, the cost of insurance could be higher than the payout, even if the insurance exists.

I understand that but we still need something in place.

We have started putting money aside each week as our own little back up for this but until we can cover a few months income we'd really like something else to fall back on.

Brokers - can I just google them and give them a call, do you think?

It’s quicker to google than to ask if you can google
Just type “insurance broker ” and you’ll get a selection.

You might find that this sort of insurance, if it is available, is so expensive that it's not worth buying it and it would be cheaper to just try to save some money from each week's wage, to build a cushion as others have said, if his work is seasonal, you have to expect to not be able to work every week. Can he work extra in times of good weather?

Also review your income and expenses to see if you can increase your income, or reduce your expenses as that can have a significant difference in the amount of money you have spare. Eg if you increase your income by £5 a week and cut £5 a week off your expenses, that's £10 a week you can save.

Look at the Moneysavingexpert money makeover for a systematic guide to maximising income, cutting essential costs and making bits of extra money here and there?

Ellis I did mean if I could call up without pre appointment etc but thanks.

It's not seasonal at all, most of the time he works all the time but intense weather can impact it.

We are trying to get a cushion but it's going to take us a while and in that time we run the risk of being without should his work close.

I'm hoping to take out insurance, and have that in place until we have the cushion set aside.

If you buy insurance check the exclusions and waiting period because these are often very much in the insurance company favour.