What are the main things I need to ask when buying personal protection insurance?
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I need the cover to protect my mortgage and personal loan repayments. What are the main points I need to raise with the insurer?
garethp
2 years ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
i personally think you would be better off using an IFA to help with this. i know it might seem like an answer with a vested interest as i am an IFA but you need to consider that you dont deal with this type of research everyday and might easily overlook a crucial difference between policies.
from your perspective now, i would suggest that the first thing you need to work out is how much you need to receive as a benefit, how soon after the "event" ie the accident/illness/redundancy etc you want to be able to claim and how long you would want the payments to be able to pay for.
generally the sooner the plan pays out and the longer it could pay out for will increase the cost but what an IFA can do is assess any other types of cover or benefit that you might already have in place that could be used to fill a gap as insurers will not pay multiple claims even if you have paid for multiple cover, they will all usually have a maximum amount of income that they will protect - and this is from an aggregate of all your possible income sources/insurance policies.
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from your perspective now, i would suggest that the first thing you need to work out is how much you need to receive as a benefit, how soon after the "event" ie the accident/illness/redundancy etc you want to be able to claim and how long you would want the payments to be able to pay for.
generally the sooner the plan pays out and the longer it could pay out for will increase the cost but what an IFA can do is assess any other types of cover or benefit that you might already have in place that could be used to fill a gap as insurers will not pay multiple claims even if you have paid for multiple cover, they will all usually have a maximum amount of income that they will protect - and this is from an aggregate of all your possible income sources/insurance policies.