Re: FN-FORUM: Can anyone recommend an Income Protection Plan?

date posted 11th April 2008 10:40

> Who do you guys get your protection plan from?

I did have one, then I read the small print.

> Any recommendations?

Read the small print. On my plan I would have had to have lost an arm, and
a leg, and have something else seriously wrong (you needed 3 things out of
the list of disabilities) before they'd pay out. Since the likelihood of
being so incapacitated and not actually being dead seemed so small, I
ditched the policy.

How about providing your own plan? Open an internet savings account/cash
ISA or similar, and pay into it, say, £20/month. Be strict and keep the
cash for emergencies that cause your income to drop. You'll quite quickly
build up a nice amount of savings, which is yours to spend when you retire
if nothing goes wrong :)

Of course if you do something that makes breaking a wrist likely, that
won't work. But an honest application for insurance will also result in
very expensive premiums for the same reason.

Anthony
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