Should I get insurance in case builder injures himself?

But. Bodd, that is the point - no insurance would have you covered in the circs that you outlined. You have to be totally unable to work for one complete month then you will be subject to THEIR criteria to prove inability to work.


I realise this.... At first I was beating myself up for not having the right cover...
But in all honesty I'm no worse off as I've just changed the way I work. Just getting the work in and managing the trades and organising. No manual work.
 
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But. Bodd, that is the point - no insurance would have you covered in the circs that you outlined. You have to be totally unable to work for one complete month then you will be subject to THEIR criteria to prove inability to work. A doctors line will not necessarily suffice. Then you can claim for 12 months, sometime 24. I am not sure of you have to pay premiums while claiming, but you do pay tax.

Has anyone here actually succesfully claimed against IPP?

When I stopped being an employee and set up in business on my own, I took out Permanent Health Insurance, with cover for being unable to do my Own Job. This is important, because if you are, say, a lumberjack who loses an arm, or a pilot who loses his sight, you might still be capable of doing something, but suffer a terrible drop in earnings. I took one policy that paid out after three months (enough to pay the bills) and one that paid out after six months (enough to live decently) because most people who are severely ill or badly injured get better (or die) so this reduces the cost to the insurers. The longer the waiting period, the cheaper the premium.

The monthly premium cost is calculated as a percentage of the monthly benefit, varying with your age and the risks of your occupation.

If you are unlucky enough to need to claim, the money rolls in monthly like a salary, until IIRC, retirement age, or you get better, or die.

In my case I went for index linking of benefit and premium. Premiums not charged during period of disability.

I chose that rather than Critical Illness because my thinking was that if I was insured against 99 diseases, I'd be unlucky enough to catch the hundredth.

Some people say that the cost of this cover is too expensive.
 
I found this old article
https://www.thisismoney.co.uk/money/bills/article-1583955/Permanent-health-insurance.html


I suspect the intermediaries make a fat wedge of commission.

I got some trade magazine for IFAs which had tables of costs

If you haven't got a rich wife, you need to have enough savings tucked away to see you through short illness or accident. Remember you may be unlucky and unable to do paperwork, or even to speak, so unable to sort things out yourself.
 
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I found this old article
https://www.thisismoney.co.uk/money/bills/article-1583955/Permanent-health-insurance.html


I suspect the intermediaries make a fat wedge of commission.

I got some trade magazine for IFAs which had tables of costs

If you haven't got a rich wife, you need to have enough savings tucked away to see you through short illness or accident. Remember you may be unlucky and unable to do paperwork, or even to speak, so unable to sort things out yourself.


Thanks John I'll look at that this week.
 
When I stopped being an employee and set up in business on my own, I took out Permanent Health Insurance, with cover for being unable to do my Own Job. This is important, because if you are, say, a lumberjack who loses an arm, or a pilot who loses his sight, you might still be capable of doing something, but suffer a terrible drop in earnings. I took one policy that paid out after three months (enough to pay the bills) and one that paid out after six months (enough to live decently) because most people who are severely ill or badly injured get better (or die) so this reduces the cost to the insurers. The longer the waiting period, the cheaper the premium.

The monthly premium cost is calculated as a percentage of the monthly benefit, varying with your age and the risks of your occupation.

If you are unlucky enough to need to claim, the money rolls in monthly like a salary, until IIRC, retirement age, or you get better, or die.

In my case I went for index linking of benefit and premium. Premiums not charged during period of disability.

I chose that rather than Critical Illness because my thinking was that if I was insured against 99 diseases, I'd be unlucky enough to catch the hundredth.

Some people say that the cost of this cover is too expensive.

Have you ever actually claimed on the policy, John?



Everything you said I agree with (I KNOW! :). ). Except for the payment until retirement - I have never seen that, although, obviously, I may be wrong.
 
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