Hi there,
I wonder what you folks have in place regarding income protection?
The reason I am thinking about this is that I am climbing in and out of the back of a truck,
using a pallet truck and tail lift , pushing pallets over ground that is not perfect and with gradients.
If I am unable to work I don’t get sick pay from my employer and basic sick pay is peanuts.
I would think that my work situation is very similar to many others on these forums.
Hi I have my wages insured for £700 per week. for 12 months. I will dig the paperwork out and let you have the details. I think i pay about £30 a month for it
I had income protection insurance on my credit cards and mortgage etc when I lived there then got made redundant. All of the companies told me there was a 3 month grace period before the money was paid out, as you have no real income for those 3 months and no way of paying the premiums the insurance then becomes invalid and will not pay out so you have wasted all those premiums. As it happened I had a bit saved up and carried on paying the mortgage and some cards then when they eventually agree’s to take over payments they wanted me to contact my ex boss every month to write a letter to show I was still redundant FFS … How can they expect you to get letters every month from your old company saying you are still out of work ?
Forget the insurance, as with all of them the want your premiums but dont want to pay out.
lee mc67:
Hi I have my wages insured for £700 per week. for 12 months. I will dig the paperwork out and let you have the details. I think i pay about £30 a month for it
Hello sorry it’s took so long, could’nt find the blee din thing. Sorry about this but i my wages were covered, there not the policy i have is £23.53 per month and that covers my mortgage for 12 months at £700 per month. Sorry about that could have sworn it was on the wages? mmm.
Anyway the company is payment shield08456446961
Hope this helps yer out
lee mc67:
lee mc67:
Hi I have my wages insured for £700 per week. for 12 months. I will dig the paperwork out and let you have the details. I think i pay about £30 a month for itHello sorry it’s took so long, could’nt find the blee din thing. Sorry about this but i my wages were covered, there not the policy i have is £23.53 per month and that covers my mortgage for 12 months at £700 per month. Sorry about that could have sworn it was on the wages? mmm.
Anyway the company is payment shield08456446961Hope this helps yer out
Thanks for that will give them a call and get some details because I have been looking at something like that myself as we don’t get sick pay unless its work related of course, I’ve got critical illness cover but no cover for let’s say a broken ankle or something like that.
In my opinion … for what it’s worth 
you would be better off taking the monthly “premium” that the insurance Co quote you … and putting it into a savings / investment A/c of your OWN 
the money will be there if you should need it ( hopefully you wouldn’t ) … and will continue to grow. Insurance Co’s LOVE to find a way NOT to pay-out 
I know this takes a degree of “will power” ( commitment ) to save each month … all too easy to say … " I’ll just buy this … and top up next month" 
Go round the banks etc … better … go online … moneysavingexpert.com find an online saving A/c … usually better rates … set up a direct debit
I know it takes a while to start to build-up a reasonable amount that will help you to survive a spell off work.
I looked at doing income protection and also critical illness cover a few years ago … HGV Drivers are classed as “high risk” … they wanted something like £65 MONTH 
EVERY MONTH and if you don’t claim … they get to keep it
I would rather keep it in MY bank
Personally, i have a savings A/c that i keep a lump sum that will keep me … pay bills etc for 3 months.
Needed it last year as i fell and shattered my wrist … was off on sick for 13 weeks 
No way could i have survived on £79 SSP
glencarron:
Hi there,I wonder what you folks have in place regarding income protection?
The reason I am thinking about this is that I am climbing in and out of the back of a truck,
using a pallet truck and tail lift , pushing pallets over ground that is not perfect and with gradients.If I am unable to work I don’t get sick pay from my employer and basic sick pay is peanuts.
I would think that my work situation is very similar to many others on these forums.
WADR, if you feel you need income protection insurance then this industry isn’t for you. Climbing in and out of trailers, using pallet trucks, tail lifts, pushing pallets around is pretty much THE job. You can easily reduce your exposure to injuries to virtually nothing by using some basic common sense.
I had mortgage protection insurance with Halifax.
Along with many others i complained that I had been mis-sold this policy (they did not say it was optional)
Last month they sent me refund of 4500.
If you are self-employed you may find that you can claim premiums as an allowable expense on your tax return.
I agree with earlier posters about starting savings account as a substitute. You’re at risk for the first year (same as you are now) but will then see benefit
most policies I’ve seen:
wont pay out for the first thirty days
demand premiums continue while you are off sick
difficult to claim for unemployment
you have to keep pestering GP
not keen
Euro:
I had mortgage protection insurance with Halifax.
Along with many others i complained that I had been mis-sold this policy (they did not say it was optional)
Last month they sent me refund of 4500.If you are self-employed you may find that you can claim premiums as an allowable expense on your tax return.
I agree with earlier posters about starting savings account as a substitute. You’re at risk for the first year (same as you are now) but will then see benefit
most policies I’ve seen:
wont pay out for the first thirty days
demand premiums continue while you are off sick
difficult to claim for unemployment
you have to keep pestering GPnot keen[/quote
What he said
I had a stroke nearly 3 years ago and fortunately I had critical illness insurance which paid out. I would have been screwed without it, so I would definately recommend that people think about insurance for the time when they are unable to work through illness, accident.
I think its a really good idea to have some sort of protection like this if you plan on doing this sort of job for a long time.
glencarron:
Hi there,I wonder what you folks have in place regarding income protection?
The reason I am thinking about this is that I am climbing in and out of the back of a truck,
using a pallet truck and tail lift , pushing pallets over ground that is not perfect and with gradients.If I am unable to work I don’t get sick pay from my employer and basic sick pay is peanuts.
I would think that my work situation is very similar to many others on these forums.
when i changed from a endowment mortage to a repayment one i left my endowment running for a rainy day+it has 20k life cover on it[only costs 27.60 per month,i was going to cash it but thought 20k life cover +enough to keep me going for 6 ish months for 27.00 was worth not cashing,girls now grown up,g.f good job +saving/inheritance,worries are now behind me thank god.
glencarron:
Hi there,I wonder what you folks have in place regarding income protection?
The reason I am thinking about this is that I am climbing in and out of the back of a truck,
using a pallet truck and tail lift , pushing pallets over ground that is not perfect and with gradients.If I am unable to work I don’t get sick pay from my employer and basic sick pay is peanuts.
I would think that my work situation is very similar to many others on these forums.
Always, repeat ALWAYS keep £5000 in a savings account to fall back on…don’t think you cant save that much up, just look at your outgoings and see how much cash you waste on things that you don’t really need to buy!!
I know an Insurance Company that insures Motorcycle Racers. They give you a lump sum for each hospital visit, broken bone etc…
I’m not going to mention the name because if you get in touch with them they will just mither you to the ends of the Earth to sell you more products or get your mates interested.
I think Rustler had it right, just put some cash aside for a rainy day. The only thing you buy with Insurance is peace of mind. So why not sort yourself out?
W
Rob K:
glencarron:
Hi there,I wonder what you folks have in place regarding income protection?
The reason I am thinking about this is that I am climbing in and out of the back of a truck,
using a pallet truck and tail lift , pushing pallets over ground that is not perfect and with gradients.If I am unable to work I don’t get sick pay from my employer and basic sick pay is peanuts.
I would think that my work situation is very similar to many others on these forums.
WADR, if you feel you need income protection insurance then this industry isn’t for you. Climbing in and out of trailers, using pallet trucks, tail lifts, pushing pallets around is pretty much THE job. You can easily reduce your exposure to injuries to virtually nothing by using some basic common sense.
Or get on containers, tennis elbow from a twist lock anyone?
Although Frightliner could push me into an early grave with stress
waynedl:
Rob K:
glencarron:
Hi there,I wonder what you folks have in place regarding income protection?
The reason I am thinking about this is that I am climbing in and out of the back of a truck,
using a pallet truck and tail lift , pushing pallets over ground that is not perfect and with gradients.If I am unable to work I don’t get sick pay from my employer and basic sick pay is peanuts.
I would think that my work situation is very similar to many others on these forums.
WADR, if you feel you need income protection insurance then this industry isn’t for you. Climbing in and out of trailers, using pallet trucks, tail lifts, pushing pallets around is pretty much THE job. You can easily reduce your exposure to injuries to virtually nothing by using some basic common sense.
Or get on containers, tennis elbow from a twist lock anyone?
Although Frightliner could push me into an early grave with stress
No but you can do yourself an injury if the levers on the container doors are tight and you’re not careful.
In my opinion they are another insurance rip off !
They nearly all have a qualifing period of 8 to 12 weeks,thats to stop people just having a few weeks off work with a ‘bad back’.
Also i think you will find that they only pay you mortgage and bills direct to creditors direct.
In my opinion if you are off work for a long time,your mortgage companys will sometimes suspend payments.
Dont give insurance companys any more of your hard earned money.
Just look at these insurance companys big glass offices in the city,all paid for by us !
bald bloke:
lee mc67:
lee mc67:
Hi I have my wages insured for £700 per week. for 12 months. I will dig the paperwork out and let you have the details. I think i pay about £30 a month for itHello sorry it’s took so long, could’nt find the blee din thing. Sorry about this but i my wages were covered, there not the policy i have is £23.53 per month and that covers my mortgage for 12 months at £700 per month. Sorry about that could have sworn it was on the wages? mmm.
Anyway the company is payment shield08456446961Hope this helps yer out
Thanks for that will give them a call and get some details because I have been looking at something like that myself as we don’t get sick pay unless its work related of course, I’ve got critical illness cover but no cover for let’s say a broken ankle or something like that.
No probs, i get sick pay now but at the time of taking this out it sounded like a god send cos you just dont know whats gonna happen. this is also instant theres no waiting period so its quite good mate, although i have never claimed on it!
Rob K:
glencarron:
Hi there,I wonder what you folks have in place regarding income protection?
The reason I am thinking about this is that I am climbing in and out of the back of a truck,
using a pallet truck and tail lift , pushing pallets over ground that is not perfect and with gradients.If I am unable to work I don’t get sick pay from my employer and basic sick pay is peanuts.
I would think that my work situation is very similar to many others on these forums.
WADR, if you feel you need income protection insurance then this industry isn’t for you. Climbing in and out of trailers, using pallet trucks, tail lifts, pushing pallets around is pretty much THE job. You can easily reduce your exposure to injuries to virtually nothing by using some basic common sense.
SorryRob but you are naive, a friend of mine working within our company fel off the top of the trailer and broke his leg, no fault of his own. Although it is part of the job why should he suffer financially through illness because of the nature of his job. it’s not the 1800’ anymore.
I think it is possible to insure against just about every eventuality - the trouble is that the premiums would take all your income and they will certainly do their best to find a way of not paying out if you made a claim anyway.
You have to insure your car; and I believe that house and contents insurance are worthwhile. Whether or not life insurance is for you depends on individual circs - no point in a single person having it is there. If you have a mortgage then you should make sure that if you die it will be paid up.
Apart from that I believe that, as others have said above, you should build up your own fund. Find a tax free ISA, and set up a standing order to pay in as much as you can manage. This money should be seen as an emergency reserve and you have to resist the temptation to use it for a new car or whatever.
Far better for you to keep the cash than to give it to some insurance company.