# Income protection Insurance for the construction industry



## Lydia (4 Jul 2008)

Hi,
I am looking to get income protection insurance for my boyfriend who is an electrician. Does anyone know who the best company would be to go with? Are there any companies that will give this insurance to construction workers given the current jobs market? At the moment his job is fairly secure but we don't want to take any chances.
Thanks!!!


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## LDFerguson (4 Jul 2008)

*Re: Icome protection Insurance for the construction industry*

What do you want to insure against?  Out of work due to illness or accident?  Redundancy?  Both?


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## Lydia (7 Jul 2008)

*Re: Icome protection Insurance for the construction industry*

Hi,
I want to insure against both really. Although probably more so against being out of work due to redundancy. There is a sick pay element to the construction industry pension and we all also have critical illness insurance on our mortgage so I am not as worried about the sick pay. 
Thanks.


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## LDFerguson (7 Jul 2008)

What you need is Mortgage Repayment Protection Insurance.  I know the Professional Insurance Brokers Association (PIBA) have a scheme with Cardif Pinnacle (sic) which will allow people to take out such cover as a separate transaction from their mortgage.  

Although I'm a member of PIBA, I haven't signed up to that scheme.  If you give  a call, I'm sure they will put you in touch with a broker in your area who has signed up for the Cardif Pinnacle scheme.


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## ClubMan (7 Jul 2008)

I thought that mortgage repayment protection insurance policies were generally bad value for money and one might be better off with more general income protection/_PHI_?


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## Jimbobp (8 Jul 2008)

income protection/PHI does not cover redundancy. As a PIBA broker I have access to this scheme but try at pains to point out the conditions attached (which they're are a fair amount) to a client and the fact that the company will only generally pay 12 months of a mortgage if a claim is made, before a client takes this cover. I much prefer clients to build up a redundancy emmergency fund and take out income protection instead. Does the OP know exactly what type of cover the builder provides for sickness? What % of wage they will pay if her partner is out of work? Worth finding this out before deciding on what cover to take.


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## ClubMan (8 Jul 2008)

Thanks _Jimbobp_.


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## RossieGooner (10 Jul 2008)

Jimbobp said:


> income protection/PHI does not cover redundancy. As a PIBA broker I have access to this scheme but try at pains to point out the conditions attached (which they're are a fair amount) to a client and the fact that the company will only generally pay 12 months of a mortgage if a claim is made, before a client takes this cover. I much prefer clients to build up a redundancy emmergency fund and take out income protection instead. Does the OP know exactly what type of cover the builder provides for sickness? What % of wage they will pay if her partner is out of work? Worth finding this out before deciding on what cover to take.


 

Insurety do a Business Failure / Unemplyment Benefit add on to their income protection policy.


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## Jimbobp (10 Jul 2008)

Don't deal with insurety, so open to correction, but AFAIK there policies are a type of personal accident or MRPP policy. They only cover a certain amount for 12 months, so you can't really compare them to an Income protection policy.


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## RossieGooner (29 Aug 2008)

Jimbobp said:


> Don't deal with insurety, so open to correction, but AFAIK there policies are a type of personal accident or MRPP policy. They only cover a certain amount for 12 months, so you can't really compare them to an Income protection policy.


 
I have just taken one out myself from them, its called income protection.

What they do is pay you 60% of your gross income or €3000, whichever the greater, each month for up to 2 years if unable to work due to accident, sickness or business failue / unemployment. You get all your premiums back if you remain claim free for 12 years. Theres also hospital cash and a lump sum for serious accident or death.

Seems good cover to me.


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## LDFerguson (1 Sep 2008)

RossieGooner said:


> I have just taken one out myself from them, its called income protection.
> 
> What they do is pay you 60% of your gross income or €3000, whichever the greater, each month for up to 2 years if unable to work due to accident, sickness or business failue / unemployment. You get all your premiums back if you remain claim free for 12 years. Theres also hospital cash and a lump sum for serious accident or death.
> 
> Seems good cover to me.


 
Paying a claim for only two years is very poor compared with most Income Protection policies which pay you until you are able to go back to work, or your chosen retirement age.  

How do they define disability?  Is it "unable to carry out your own job" or is it something far more restrictive?


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## Mortbro (22 Oct 2008)

you might find some usefull information @ <blatant spam removed>


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## apprentice (19 Nov 2008)

Just wondering if anyone has ever heard of 'IBA' or 'Assurant Solutions'? I recently took out their income protection policy, which will cover me for sickness, critical illness and unemployment. The latter being my biggest concern at the moment as im in the construction industry  I have to be paying the premium for at least 90 days before I could make a claim so hopefully I can 'hang in there'. Do you reckon they have any grounds for not paying out if I loose my job?


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## EMG (19 Feb 2010)

I agree dont take out Insurety... they are always changing their rules, and since they sell the risk on to another reinsurer they dont really care.... I would advise as a QFA since you can cover up to 75% of your income by law why you dont take out a portion of Income protection PHI cover and a portion of repayment protection, therefore you have the best of both worlds if something happens in either accident sickness or indeed unemployment.  
The Assurant Plan as someone mentioned above seems ok, however the claims process has not been tested as yet so i cannot comment, they do state they back date until day one, AND that you can transfer to them from another Insurer offering repayment protection type plan and they will waive the 90 day waiting period once in the event of a claim you can prove you had cover before you joined them and you sat your 90 days.  What i would say if you plan to move to them get your letter from Insurety BEFORE you cancel confirming your start date and paid to date and once you have it cancel... INSURETY are known to be difficult to get such info from when you cancel!


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## Robin01 (29 Jun 2011)

There are a variety of insurance service providers available in the market that may help you to secure the future construction work. I think if you would like to opt for insurance then you can get it when you search for it online and thereby you can help safeguarding yourself from the future uncertainties.[FONT=&quot][/FONT]


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