I am a 64 year old female and working.
Can I take out an income protection policy to cover my outgoings if I am off sick.
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anklebreak48
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
Hello anklebreak48
unfortunately i am not currently aware of a company that would offer cover as you have reached 64 already, many companies stop from age 60 due to the higher rate of claims for this age group. the providers that did come to mind have a requirement of less than 64! its just a pity that you only just fall outside of that.
have you checked if your employer offers a scheme, some will offer a group income protection policy and as the terms are bespoke to the employer, they might have the facility of adding you in and then you would have the cost deducted from payroll.
i didnt want to assume that your request on here meant that you had discounted this option as employers are only compelled to provide statutory sick pay and many employees think that is where things stop.
it might be worth a quick call to your personnel department.
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unfortunately i am not currently aware of a company that would offer cover as you have reached 64 already, many companies stop from age 60 due to the higher rate of claims for this age group. the providers that did come to mind have a requirement of less than 64! its just a pity that you only just fall outside of that.
have you checked if your employer offers a scheme, some will offer a group income protection policy and as the terms are bespoke to the employer, they might have the facility of adding you in and then you would have the cost deducted from payroll.
i didnt want to assume that your request on here meant that you had discounted this option as employers are only compelled to provide statutory sick pay and many employees think that is where things stop.
it might be worth a quick call to your personnel department.