Best value Income Protection Insurance

Barr

Hi All

Could anyone recommend the above ? Which comapany is offering the best value at the moment

Thanks

ferga_com

I presume you mean Income Protection that protects your income against your being unable to work due to illness or accident and not Payment Protection which also covers redundancy.

There are really only two providers of Income Protection cover in Ireland on a standalone basis - Irish Life and Friends First. Canada Life also offer cover but their definition of disability is far more stringent than the other two.

Irish Life tends to be cheaper, but their premium is reviewable - they could review the cost. Friends First offer cover at a fixed cost which cannot be increased in the future.

Barr

ferga_com wrote: »

I presume you mean Income Protection that protects your income against your being unable to work due to illness or accident and not Payment Protection which also covers redundancy.

There are really only two providers of Income Protection cover in Ireland on a standalone basis - Irish Life and Friends First. Canada Life also offer cover but their definition of disability is far more stringent than the other two.

Irish Life tends to be cheaper, but their premium is reviewable - they could review the cost. Friends First offer cover at a fixed cost which cannot be increased in the future.

Thanks for the reply - exactly what I was looking for. Which is generally better option for premium ? fixed or reviewable .

Is the scope of cover better with Friends First or Irish Life ?

ferga_com

Fixed is generally considered to be better as you know what you'll be paying for the cover for the rest of your working life.

The reviewable premium, while cheaper, could be increased in the future if Irish Life's claims history is poor, though to be fair they haven't done this to date.

Fundamental scope of cover is pretty similar - both offer cover on an "own occupation" basis, i.e. if you cannot perform your own occupation due to illness or accident, that should be a claim. Friends First have a few detail extras, e.g. if you change occupation the future, Friends First continue covering you at the same price and you don't even have to notify them.

Regards, Liam

Barr

Sweet ... Friends First seems to be the way to go . Got a reasonable premium which Im happy with . Thanks again ferga_com

AARRRGH

I thought it was near impossible to get one of these insurance policies to pay out? For example, if your partner works they won't pay out, or if you have savings, etc.

ferga_com

I think you may be mixing Income Protection up with Repayment Protection.

If you are unable to carry out your own job due to illness or accident, an Income Protection policy will pay out after the waiting period. Your savings or your partner's income are irrelevant.