All the insurance!

[Scratch It]

Hi all,

Met with a financial advisor recently to set up a relevant life policy and critical life cover. The guy talked about income protection, key man cover, business value insurance. Pretty sure only need rlp and critical illness cover, though do other contractors get income protection insurance? Feels a bit overkill considering the circumstances covered by critical illness cover.

[malvolio]

First question is who is paying the IFA? That might give you a clue...

[BrilloPad]

Insurance is great. Until you come to claim. For instance, key person cover is unlikely to pay out for one person companies.

[Scratch It]

First question is who is paying the IFA? That might give you a clue...

Whole of market IFA - we pay a setup fee.

Wife with 2 kids for info.

Me, not the IFA

[malvolio]

Whole of market IFA - we pay a setup fee.

Wife with 2 kids for info.

Me, not the IFA

If you're sure his income doesn't derive in part from fees paid by the insurers, then key man and relevant life cover the same business risk, income protection is never worth it and your business will never have a significant monetary value.

Might be worth getting over to the IPSE website and having a look at their guide on the subject - you are a member of course...

[Scratch It]

If you're sure his income doesn't derive in part from fees paid by the insurers, then key man and relevant life cover the same business risk, income protection is never worth it and your business will never have a significant monetary value.

Might be worth getting over to the IPSE website and having a look at their guide on the subject - you are a member of course...

How sure can you ever be really? He brought up a lot of different products which I thought were ott. Not sure he understood contractors. Not an IPSE member. The link you shared was for liability/indemnity insurances. Do IPSE recommend contractor friendly IFAs? Liked the guy but don't want to end up with a product which doesn't suit our needs.

[malvolio]

How sure can you ever be really? He brought up a lot of different products which I thought were ott. Not sure he understood contractors. Not an IPSE member. The link you shared was for liability/indemnity insurances. Do IPSE recommend contractor friendly IFAs? Liked the guy but don't want to end up with a product which doesn't suit our needs.

Apologies for the wrong link. However, you seem to have answered my question: if the IFA did not clearly and unambiguously explain how he would meet your requirement then he's not done the job you're paying him to do...

And get IPSE+ anyway: there's £5k free life cover to start with, and discounts on a host of products including life insurances...