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Self Employed, Income protection or Life Insurance?

  • 16-06-2011 1:33pm
    #1
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,696 ✭✭✭✭


    Anybody got any opinions on these products. I need to protect myself and the business some way if I got seriously sick. What's the best option?


Comments

  • #2
    Shelflife
    Registered Users, Registered Users 2 Posts: 3,077 ✭✭✭Shelflife


    You need to read the fine print of those serious illness packages, its amazing how far they will go to avoid a payout and its also amazing how many serious illnesses are not covered.


  • #3
    PCPhoto
    Registered Users, Registered Users 2 Posts: 6,584 ✭✭✭PCPhoto


    Not all income protection packages are applicable to self-employed people (ask the QFA - Qualified Financial Advisor - in whatever branch you are thinking of getting the cover) - they will advise you on what you should get.

    Actually if you have the time visit 2/3 different institutions and speak with the QFA's to get advise on what would suit you best.

    Also - just to note, most income protection packages* (for a loan/credit card) it states that you must still make payments on your loan/credit card and then claim the money back, which is a bit pointless, if you are in financial difficulty you are more than likely unable to make the repayment so how can you make the payment then claim it back (claim process will take approx 3months - so they have your payments for 3 months before they decide if you are eligible to get the money back)

    * based on AIB/BOI Loans/credit cards.

    check out the differences between life insurance and life assurance, also depending on the area you work in your own insurance company might be able to cover you in event of accident/injury at work.

    VHI/BUPA and those places cover injury/loss of limb/death etc - so could be what you are looking for.


  • #4
    TheAnswer
    Closed Accounts Posts: 235 ✭✭TheAnswer


    Income protection policies are not worth the paper they're written on. Practically impossible to get cover for a self employed person and the T&C's will make sure the stress of getting a payout will probably far outweigh any benefits, I'm beginning to believe all "protection" policies are a massive con job by the insurance industry. If I was locked in a room with a rabid dog and an insurance exec, I'd make friends with Fido.


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