Income Protection

**Kyajae** · 27 June 2007, 14:14

Originally posted by Ansel

Hi People

I just had a review with my financial advisor at HSBC and he's advising me to take out income protection. As a side, I already have life and critical illness cover which covers my mortgage.

The premiums for £2k/month until I'm 60 (i.e. 28 years to go) are:
Deferred for 13 weeks premium is £56
Deferred for 26 weeks premium is £44
Deferred for 52 weeks premium is £38
Deferred for 2 years premium is £34.60

I just wanted to know if many of you protect your income??
If so, what is your deferred period?

Ask for this post to be moved to Legal/Accounting please.

**Sockpuppet** · 27 June 2007, 14:14

Depends on the personal circumstances. I don't.

**Rantor** · 27 June 2007, 14:20

Originally posted by Kyajae

Ask for this post to be moved to Legal/Accounting please.

Seconded, wouldn't want anything interfering with the pithy cut n' thrust of ContractorUK discourse would we now....

**Ardesco** · 27 June 2007, 14:24

All a complete waste of money. You do realise that the chances of them ever actually paying out is slim - none. The only way you can claim on those policies is if you fire yourself. Quitting won't cut it.
I refuse to pay into scams like this, the policy isn't worth the paper it's written on IMHO.

**thunderlizard** · 27 June 2007, 14:27

At first I had it deferred for 6 months, because that's how long I would have been able to last without income.

Currently deferred for 1 year : I could now last a lot longer without income, but after looking at options similar to yours, there wasn't much to be saved in premiums by going for the 2 year option. Plus I reckoned if I did get put out of action, it would be the kind of 'hit by a lorry' injuries where you're back at work inside 2 years anyway (if you're not dead).

**Ansel** · 27 June 2007, 14:33

Thanks Thunderlizard.

Ardesco, what would you do if you (god forbid) lost your sight, what would you do for income?

**shaunbhoy** · 27 June 2007, 14:37

Originally posted by Ansel

Ardesco, what would you do if you (god forbid) lost your sight, what would you do for income?

There is a lot to be said for converting to Islam at that point and eking out an existence as a mad mullah preaching hatred.
Mind you, you need a silly beard, and the more false limbs you have the better too......so they say!

**Ardesco** · 27 June 2007, 14:39

The same thing that other blind people do to make a living.

Just because to become disabled in one way doesn't mean that your life is over and you will never be able to work again.

**el duder** · 27 June 2007, 14:45

Originally posted by Ansel

Hi People

I just had a review with my financial advisor at HSBC and he's advising me to take out income protection. As a side, I already have life and critical illness cover which covers my mortgage.

The premiums for £2k/month until I'm 60 (i.e. 28 years to go) are:
Deferred for 13 weeks premium is £56
Deferred for 26 weeks premium is £44
Deferred for 52 weeks premium is £38
Deferred for 2 years premium is £34.60

I just wanted to know if many of you protect your income??
If so, what is your deferred period?

your financial advisor wants to screw money out of u son.

TRUST NO ONE.

Income Protection