Income protection insurance

happylad

Hi ya. I am considering getting income protection insurance. I have had slight back problems nothing that has kept me of work. Obviously I will mention this on the form. Just wondering will this automatically disqualify me from claiming anything should my back every cause me problems.

If they do is it disqualified for life or is there a review period on it.

Thanks for your help on this

coylemj

happylad wrote: »

Hi ya. I am considering getting income protection insurance. I have had slight back problems nothing that has kept me of work. Obviously I will mention this on the form. Just wondering will this automatically disqualify me from claiming anything should my back every cause me problems.

If they do is it disqualified for life or is there a review period on it.

Thanks for your help on this

I would expect any insurance company to run a mile from quoting you for cover if you wanted any future time off work due to problems with your back to be covered. The problem with back trouble is that it's virtually impossible to disprove so someone with a mind to it can go to a doctor and get a cert. for back trouble without any bother.

Most income protection insurance is about covering you for unexpected and serious illnesses like cancer, MS, MND etc., it typically doesn't cover stuff like back trouble.

But as with all insurance, you need to read the terms and conditions, they will vary from company to company.

NeilMcG15

coylemj wrote: »

I would expect any insurance company to run a mile from quoting you for cover if you wanted any future time off work due to problems with your back to be covered. The problem with back trouble is that it's virtually impossible to disprove so someone with a mind to it can go to a doctor and get a cert. for back trouble without any bother.

Most income protection insurance is about covering you for unexpected and serious illnesses like cancer, MS, MND etc., it typically doesn't cover stuff like back trouble.

But as with all insurance, you need to read the terms and conditions, they will vary from company to company.

Hi, in relation to the last comment that is not true what was posted. I'm a financial advisor and there is 4 responses that an insurance company can give in relation to an income protection applixation.

What is not true is, income protection is extremely comprehensive cover that provides an income for the time your off work after a specific differed period( min 4 weeks ) and it doesn't need to be a serious illness as to why your off. It doesn't cover self harm / drug or alcohol abuse. That's really about it. The most reasons that I've seen people who are in receipt of income protection over the last few years is stress leave or back trouble.

Serious illness or specified illness cover as it is sometimes called is where a once off lump sum is paid out once you have been diagnosed with a serious illness. I think that is what the last comment was talking about and that is something completely different.

The 4 answers that an insurance company could come back with are :
1. Accepeet at standard rates ( so whatever you were initially quoted at )
2. Accepted with a loading ( accept you but will increase the quote as they feel you are more of a risk.
3. Accepted with an exclusion ( accept you but exclude a certain thing wrong Eg back trouble, so if your off cause of your back they won't pay out.
4. A straight decline.

Finally, I'm not too sure if people are aware but there is tax relief available on income protection plans.

So if you pay 20% tax and a premium was costing you €100p/month you would be entitled to a €20 rebate every month.

Same if 40% tax payer. So €100 premium is really only €60 as tax relief is €40 p/month. Just contact reverue to arrange this once your in the plan.

[SNIP]

Hope this helps.
Neil

happylad

Neil,

Thanks very much for this. I would hope to never be out of work with it as to be honest I would craic up if I had to stay at home.

I have a financial advisor on this already for me but thanks for offer.

Just if they did completely excluded the back is there ever any hope of it being but back on the policy or is it when it's off its off.

Thanks again for your help on this

NeilMcG15

happylad wrote: »

Neil,

Thanks very much for this. I would hope to never be out of work with it as to be honest I would craic up if I had to stay at home.

I have a financial advisor on this already for me but thanks for offer.

Just if they did completely excluded the back is there ever any hope of it being but back on the policy or is it when it's off its off.

Thanks again for your help on this

Ok, no problem.

Tbh, Each differant insurance company treat every case differently so depends on the severity of your injury.

You'd have to wait and see what each company came back with after you applied then, if they did have an exclusion for a certain injury, you'd then ask them how long the exclusion will be for and is it possible to be reviewed.

Thanks
Neil

Toots

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