# Most Competitive Income Protection Insurance Provider?



## apple1 (3 Jan 2008)

Folks,
As the thread title suggests, I'd appreciate any feedback on who other posters think provides the most competitive income protection insurance?  Currently have no sick pay scheme at work & beginning to get more conscious of these things as the years roll by!!Thanks in advance, apple1


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## moneyminder (3 Jan 2008)

Have limited experience of this but canada life's rates are cheaper than friends first

HTH


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## ClubMan (3 Jan 2008)

Does it not depend on the individual's specific circumstances as to who offers best value?


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## moneyminder (3 Jan 2008)

That's just my experience from running up the odd quote, the rates are cheaper with CL

If you have income over 1k a week you'll have  to go to FF as Cl only quote up to 900 or thereabouts

FF is popular with doctors and the 'professions', Cl with other occupations.


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## F. Kruger (4 Jan 2008)

Hi apple1,

If it was my decision, I would only look at the FF product. The CL product is cheaper for a reason, it's inferior.


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## moneyminder (4 Jan 2008)

No  particular loyalty to either company here. Would be interested to hear what the main differences are if you have the time F. Kruger.
FWIW apple1 the FF rep claims they have strict medical underwriting acceptance criteria but a payout rate in the region of 90% i.e. most claims are paid.


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## Sylvester3 (4 Jan 2008)

I got a fairly cheap quote for income protection through FF when I told a tied broker that I was interested at the same time as I was looking for a quote on life insurance for a mortgage. When the quotes came through I decided to go with the life insurance (which had been price matched with an on-line company) but not with the income protection. I was surprised when the broker asked me several times if "I was sure".

I then found I had been signed up for IP anyway! I cancelled it immediately, mentioning in my letter that I had told the broker 2 months previously that I was no longer interested. I don't know if this is a sign that they are a bit underhanded - trying to get me to take their product through an assumption on my part that I wouldn't bother to cancel it, or if it was just an overzealous broker chasing his commission, but I would steer clear of it myself.


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## ClubMan (4 Jan 2008)

ClubMan said:


> Does it not depend on the individual's specific circumstances as to who offers best value?





F. Kruger said:


> Hi apple1,
> 
> If it was my decision, I would only look at the FF product. The CL product is cheaper for a reason, it's inferior.


Ah - I should have also said that in my post above - don't shop around for insurance products on price alone but also check the terms & conditions as different policies offer different levels of cover etc.


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## F. Kruger (4 Jan 2008)

Hi moneyminder,

If you are 





moneyminder said:


> ..running up the odd quote..


 you must have access to the brochures for both products?


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## moneyminder (4 Jan 2008)

well I'll certainly read them but if you are claiming a product to be inferior to another I'd have thought you'd know why off the top of your head

Thanks


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## MONTANA (16 Jan 2008)

combined insurance co. of europe specialize in income protection.. many of their products have little restrictions and costring is very competitive .. all sports are covered and even jockeys can get ...


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## ClubMan (16 Jan 2008)

MONTANA said:


> combined insurance co. of europe specialize in income protection.. many of their products have little restrictions and costring is very competitive .. all sports are covered and even jockeys can get ...


Do you have any interest to declare?


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## HAPPYGIRL (17 Jan 2008)

I would recommend that you steer clear of FF - I had a PHI policy with them & they wouldnt pay up despite numerous tests/ doctors' reports. They will whatever they can not to pay you.


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## RS2K (25 Jan 2008)

Folks this thread is terrible. A lot of well intentioned stuff, but most of it based on incomplete knowledge.

The market for I.P. or P.H.I. is limited. Policies vary.

The only way to get the best quote, *together with appropriate advice*, is to consult a professional.

Business & claims wise F.F. are pretty dominant. I've found them totally fair too. I have 2 customers that would be in severe financial trouble, but for this cover.

p.s. Combined Ins. Co? - I doubt anyone would be silly enough to believe that.


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## ClubMan (25 Jan 2008)

RS2K said:


> Folks this thread is terrible. A lot of well intentioned stuff, but most of it based on incomplete knowledge.


Perhaps if you pointed out the specific posts/points which you disagree with and rebutted them it would help? Instead of just dismissing the whole thread to date lock, stock and barrel?


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## oopsbuddy (25 Jan 2008)

To try and get back to the original question, as far as I know, FF are the dominant provider for PHI cover because they are the only ones to provide an option of a guaranteed premium level, ie, unless indexation is chosen, the premiums WILL NOT increase for the duration of the policy. This is a very popular option with many customers looking for certainty of cost. FF also offer a 'reviewable' premium option whereby FF will review it every 5 years, and if they deem it necessary (depending on their claims experience etc) MAY increase the premium rates. This option therefore starts out at a lower premium than the guaranteed option, because there is an option to increase it over time. 

Irish Life will only offer a 5 year or 10 year reviewable option, ie, no guaranteed option. 

Horses for courses....don't just decide on price, etc!


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## RS2K (25 Jan 2008)

moneyminder said:


> Have limited experience of this but canada life's rates are cheaper than friends first
> 
> HTH



...and so is the width of the cover. They are not comparable.


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## RS2K (25 Jan 2008)

ClubMan said:


> Perhaps if you pointed out the specific posts/points which you disagree with and rebutted them it would help? Instead of just dismissing the whole thread to date lock, stock and barrel?



I did mention the area was not straightforward and suggested to get proper advice.

The competing policies should not for example be compared purely on a cost basis.


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## ClubMan (25 Jan 2008)

RS2K said:


> The competing policies should not for example be compared purely on a cost basis.


Which I also said above. And yet you seemed to dismiss the whole thread as "terrible"!


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## RS2K (26 Jan 2008)

I still think it is terribly misleading. What would someone reading this site think based on the replies?


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## czechmate (2 Feb 2008)

oopsbuddy said:


> To try and get back to the original question, as far as I know, FF are the dominant provider for PHI cover because they are the only ones to provide an option of a guaranteed premium level, ie, unless indexation is chosen, the premiums WILL NOT increase for the duration of the policy. This is a very popular option with many customers looking for certainty of cost. FF also offer a 'reviewable' premium option whereby FF will review it every 5 years, and if they deem it necessary (depending on their claims experience etc) MAY increase the premium rates. This option therefore starts out at a lower premium than the guaranteed option, because there is an option to increase it over time.
> 
> Irish Life will only offer a 5 year or 10 year reviewable option, ie, no guaranteed option.  Horses for courses....don't just decide on price, etc!


 
But do you not get what you pay for.  Generally if you want guarantees then you pay for them.  Often guarantees are not worth it.  I think of them as an extra payment for an insurance policy that my premiums won't go up.  How much cheaper is the reviewable product from Friends First or Irish Life?  Then you can decide if you want to pay the extra for the guarantee.  Remember you are paying extra from the start and in every year.  You would want to weigh that up against the extent to which your premiums MAY increase to if the companies decided to review them.  You say that Friends First or Irish Life MAY review their premium rates - interesting to know how often they have done this and by how much the rates changed?


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## Rico (3 Feb 2008)

RS2K said:


> Folks this thread is terrible. A lot of well intentioned stuff, but most of it based on incomplete knowledge.
> 
> The market for I.P. or P.H.I. is limited. Policies vary.
> 
> ...


 

Could you please clarify the above statement.


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## RS2K (4 Feb 2008)

It's a specialised area. There's more to the cover than the premiums. It's worth paying for appropriate professional advice.


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## G123 (4 Feb 2008)

If you take the definition of Income Protection as a polcy to protect your income in the event of ANY accident or ANY illness claim then there are only two companies offering stand-alone policies - Frinds First or Irish Life. In addition, Friends First are the only company with the option of a Guaranteed Premium Level at an extra cost.

Other Serious Illness Policies and Disability Policies are not comparable. 

I'd advise you to seek Independent Advice form a suitably Authorised Adviser.


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