MattW

Anyone know any on line quote systems which don't require name/address/contact details. Don't want to put stuff in as I don't want spam, just want an idea of cost for the following.

First life Joint CI cover. 20-25 years both 35 years old at inception (non smokers). Level term cover for 100k.

The Hoff

iTrader: (5)

Try Cheap loans | mortgages | credit cards | home & car insurance - moneysupermarket UK

MattW

Thanks - just what I was after.

john banks

As a doctor and someone who likes to insure himself well I've looked at critical illness policies before and been quite disappointed with the range of conditions they pay out for, so I've chosen income protection due to being unable to work instead. This pays out for almost any reason for sickness, whereas it looked like you could get illnesses where you might benefit from a payment or income but be denied them on a critical illness policy. Worth considering if you haven't already.

LG John

LOL, I bet your worth more dead John. Tell me........do you trust your wife

jaytc2003

iTrader: (1)

I have just recently changed my mortgage and was going to get critical cover, however my advisor told me not to bother as they will always try to get out of paying a claim. Like John says the income protection ones are better, Im going to try to sort one out next week.

gaz-cole

income protection without a doubt best bit of advice i was ever given, as you dont where you will be health wise a year down the line

***Nemesis***

Be careful with DIY CI. Get proper advice then at least you have some protection if it turns out to be unsuitable.

The Hoff

iTrader: (5)

I thought with critical illness it was a lump sum pay out but with income protection they pay your income for up to a year. So if you have £75000 CI cover then the income protection is not going to come anywhere neat that?

john banks

My income protection pays until 65.

fast bloke

I hope you have that on record so you can sue him when you get the big C and get your house reposessed. - If you are honest on the application and give them a proper medical history then they will more than likely pay the claim - A good advisor will make you aware of what you are covered for and the likely outcome of a non disclosure before they start the policy. They would share the responsibility of a non disclosure - If you decide to get it at Tesco they do not offer advice - You need to understand all the types of insurance available and then make sure that insurance is written appropriately - To do this you need to have an awareness of MTA, MDTA, MCICTA, MCICDTA, TA, TCICA, FPIP, MPI, MPIU, MPPI, MPPIU, AS, ASU, IPB FIB........ That covers the main ones - you also need to know about trusts and split trusts and how to position your contracts within the trusts to ensure that the right person benefits.

There is no single 'best' type of insurance. Usually a combination of two or three of the above will cover most eventualities.

Jay - Average payout rate for CIC claims for the top 5 S&P rated insurance companies last year was around 90%. The claims that were turned down were generally for non disclosure (You forget to tell the insurers that you have been treated for hypertension for 5 years) or claims made for illnesses that are not covered by the policy. These illnesses are clearly defined before application and in the policy documents, so there should be no questions - If your advisor is telling you rubbish like you say, then I would be worried what sort of rubbish he is telling you about your mortgage

fast bloke

It will pay until 65 or until your doctor decides you are fit to return to work. Say you earn 25k a year and have a 100k mortgage which you pay £600.00 per month. You get £1600.00 per month after tax etc. You have £1600.00 per month IPB - You have a heart attack but make a decent recovery. Your doctor (or more likely the insurance company CMO deems you fit to go back to work after 6 months. Do you have a choice? NO

Same scenario, but you have critical illness cover for 100k, and £1000.00 per month IPB. You recieve 100k from the CIC payout, which you can use to pay your mrotgage, or pay 80k of your mortgage and keep 20k. You get IPB for 6 months and the doctor decides you are fit to return to work - Do you have a choice? - You have no mortgage and 20k in the bank - your IPB payments stop, but you can take an extra 2 years off to recuperate if you want to.

Ideally you would have IPB and CIC to cover your mortgage and income - That way you have every angle covered and all your options are open.

john banks

That is an impressive payout ratio, I may look at this cover again.

MattW

My employer is good, I have no douby if I was seriously ill they would not stop paying me, income protection only pays for a short time and generally has a period of wait.

CI cover is really for a nice lump sum, in case I have to go part time or reduce the stress.

***Nemesis***

Please see an adviser. There are two types of income protection, one that pays out for 12/24 months and one that will pay out until your selected retirement age if necessary. You need to know which is more suitable for you.

With the best will in the world your employer will not continue to pay you indefinitely. What if you never go back to work?

The Snug Rhino

"I have just recently changed my mortgage and was going to get critical cover, however my advisor told me not to bother as they will always try to get out of paying a claim."

was a financial adviser or just someone who gives tips on things he knows nothing about?

Mr Scoob

Get a new advisor, this one does not know what he is talking about. If you tell the truth at application stage and later suffer an illness covered under the policy during the term the insurer will pay.

john banks

Critical illness cover: Firms make progress but still need to do more to treat their customers fairly

Critical points about sickness cover | Insurance_ | Guardian Unlimited Money

fast bloke

John - some very valid points in both links - To me the main message is to be careful what you buy and where you buy it. I know that every policy or protection solution that I recommend (or sell if you prefer) is exactly what I would buy if I knew all the available policies and contracts and were in that persons set of circumstances. It doesn't always get me the biggest commission, but it certainly get the referral business coming through the door.

I bet you get really pi55ed off when a patient comes into your surgery after having done a bit of self diagnosis using Google, and tells you that you don't know what you are talking about when you disagree?.......Yep - me too

john banks

Yes and no, I don't have a monopoly over medical knowledge and you don't about finances.

I prefer my patients to take an interest in their condition, part of my aim is always to try to increase understanding, and most patients appreciate a critique of their internet information, weighing up sources, considering bias etc. Sometimes time limits this, but if they are already up to speed from reading and I'm on my toes it usually doesn't take too long. Part of the challenge of the job really, if I saw it negatively then there would be many other things to view more negatively.