Income Protection Insurance.....

[seamusuk]

Hey Guys

Id never even thought about what Id do if I was off work through an accident or illness for any length of time, however we currently have 3 people off on sick leave 2 of which are over 6 months and I was thinking how the hell are they paying their bills etc. Statutory Sick pay is only £80 odd a week and Id be totally screwed if I found myself in that situation!!!.

How many of you have insurance against this? think im gonna book an appointment to sort some!!

Seamus

http://www.nationwide.co.uk/insurance/protection/income_protection/default.htm

 

[ronhic]

Seamus

I worked at Natwest in Victoria Street London for a number of years. One of our customers and her partner bought a house and took out a policy on his income.

Six months later he was diagnosed with cancer and was off work for months at a time....

It paid a high percentage of his wages, which due to no transport costs to get to and from work, actually worked out slightly higher than what he would have gotten monthly....it saved their house, both their healths from worry and possibly their relationship.....

At least investigate it....

 

[yogitunes]

I paid into it......ended up on Permanent Disability......and it continues my regular salary.......

the only downside......if you are able to do some basic work, or parttime employment of any sort...the income from that place will be subtracted from the LTD check/funds per month.....so you are stuck with that exact income, and no more!

this is Third Party Sick pay, and you don't pay taxes on this as income.....certain laws per state may apply

 

[mixfinder]

Conversion

When I forced to leave my job my disability insurance paid 2/3 of my original salary.  When the settlement with social seciruty came I had to pay back every cent I recieved from "insurance".  Sounds more like a garaunteed loan policy.  It continues to pay the difference from my monthly social security award and the difference to make 2/3 of my original salary.  Should I go back to work for even 5 minutes the coverage is gone.  If I recieve an inheritance, subsequent insurance settlement,  win a jackpot or lottery I must repay every cent I recieved.  It ends in 2 years when I turn 65.  Social Security considers any person over the age of 50 not worth rehabilitating so there are no funds or programs for more education to work another field that may fit your disability.  The word invalid is one the best kept secrets.  It means, in valid!

 

[ronhic]

Just for noting...

....experiences in other country's are always valuable, however, the differences between the US and almost any country are quite marked when it comes to social security, health services and pension arrangements....

Please investigate what is relevant and correct for your circumstances based on the policy wording, professional advice and relevant exclusions that pertain ONLY to you AND your country of residence....