is income insurance a good idea?

Question

i want to be protected if i loose job or am ill to work and i still have mortgage , bills etc to cover.

Answer 1

no in most cases they are a rip off -- take the amount of money you would be paying in premiums and put aside in a rainy day fund and in the long run invested properly you will have more money!!!!

Answer 2

Make sure you get a good company and check the small print. If your needing help contact me.
Your choices are
Pay insurance incase something happens
Pay a policy that pays out if you claim and if you don't claim you get all your money back at the end of the term
Which one would you take?
The second one is a little more expensive but at least you get your money back.
Also if your self-employed you can put it against your books
Hope this helps

Answer 3

for my section earnings coverage is a undesirable concept and extremely value in-effective. maximum monetary advisors and/or brokers with securities history will steer you removed from such products as there are lots of greater efficient financial autos. the main suitable answer is to apply those top rate money dispensed to a earnings specific coverage to construct an emergency fund. The emergency fund won't undergo almost the comparable volume of regulations, will stay transportable and is additionally accessible contained in the form of an emergency or loss of interest. earnings coverage is old college and everyday concentration grow to be to be an employment incentive for severe point executives searching for employment with start up agencies. the agencies themselves used to pay for the advantages. earnings coverage isn't seen tax sheltered that's yet another substantial unfavorable.

Answer 4

Generally such insurance is very poor value ..

Often there are so many 'exclusion' clauses, that you might (correctly) assume they sell this 'insurance' mainly to people who have no reason to ever claim ...

If you know of any reason why you might have to claim, (eg. your think you might be made Redundant or some existing illness might re-occur) & they find out, they will refuse to pay out ..

.. in fact, when you try to claim, they will go looking for reasons not to pay ...

Answer 5

Definitely not this type of insurance is full of reasons for not paying and has a terrible reputation.