Insurance - Sickness Cover

[Crossroads]

I'm coming up to insurance renewal time for my Ltd and have been looking around for the best deal for the usual PI, employers & public liability etc.

I've noticed that Caunce O'Hara do a Personal Accident policy with sickness cover that pays out up to 65% of salary/benefits/dividends.

Never really considered this before - I've been working for 15 years and contracting for 8 and never had a full week off sick. Perhaps I'm due something nasty, and on the face of it the cover looks OK.

£430 pays £500/week, £825 pays £1000/week for up to 52 weeks, however I am in the fortunate position that if I didn't work for a few weeks/months it wouldn't be the end of the world.

Has anyone taken this or a similar policy out, and more importantly, successfully claimed?

[northernladuk]

I can't really comment as I don't know but this sounds highly sus to me...

65% of salary/benefits/dividends

65% of your salary is pointless for obvious reasons
65% of zero benefits is terrific!!!!
65% of divis that you control and can chop and change to suit you. How the hell do they do that?

Doesn't add up to me so would be highly sceptical of anything like this and double my efforts to investigate.

[diesel]

Kingsbridge (part of brookson i think) offer similar type of insurance for accidents, PI. EL etc

http://www.kpsol.co.uk/

rate seems reasonable for what you get, but i am sure they will find any loophole they can just to avoid paying.

[Darren@UptonAccountants]

Sickness Cover

Crossroads...drop me an email or PM, our IFA has a similar product that I know works, couple of clients that have made claims.

[northernladuk]

Darren,

I would be interested to know the general jist around one of these claims and roughly how it worked and total benefit to the incumbant. I am sure I can decide myself as to wether it is a sales pitch or not. Just not heard anything about these before and would be intrigued as to how they work and what good and the bad are.

I am not interested in buying it so won't be pm'ing you though sorry.

[Darren@UptonAccountants]

Insurances

Sure Northernlad....drop Julie an email on [email protected] and she'll be able to give you the general details on business/income protection policies, they're pretty common place.

I had a one a few years ago with Axa. Pleased to say never needed it to pay out!

[thunderlizard]

I have something a bit similar from HSBC, but yours stops after a year whereas mine only starts after a year and is designed to cover long-term (possibly permanent) incapacity, on top of incapacity benefit which you get anyway.

From my point of view it looks like you're paying a high premium for more benefits than you probably need. The Northern Lad has a point about the variable payments too. But horses for courses,
tl