Insurance and payment protection (1 Viewer)

[therealjohnny]

When I was made redundant a few years ago Ii stopped paying payment protection or any other form of work related insurance.

My Irish Life guy is suggesting I should at least get payment protection. My concern is that since I lost my full time job I only work from contract to contract, in 3 -5 month periods if I'm lucky, with periods of unemployment in between.

Is payment protection something I should bother with?

 

[therealjohnny]

Is IFF on facebook?

 

[pete]

i'd have thought IFF; or nlgbbbblth; would be your man alright

also: payment protection for what?

 

[therealjohnny]

well this is it...in case I'm too sick to work I guess...assuming I am actually working if and when I get sick

 

[IFF]

the idea is if you were off work for over 8 weeks is that this covers the short fall between 75% of your income and the social welfare you recieve. the rate payable is dependent on your class of employment and how labour and travel intensive it is.
a problem in this regard would be contract basis that you work

it depends on the terms in your own situation with the contract basis as some may only cover illness

similar to health insurance, it's great to have if you need to make a claim and a waste of money if you don't but you don't know whether you need it until you need to make a claim.

 

[therealjohnny]

so....I shouldn't bother with it then?

 

[IFF]

so....I shouldn't bother with it then?

honestly i don't know.
it depends on your circumstances (including marital status) but an important question for the person from irish life for you is what if you get ill and at the time you aren't working. what is the situation there?if
another question for the irish life person, if it doesn't cover it in that situation, would there be an option to stop while not working and restart it while working without any consequences if you do need it?

 

[therealjohnny]

Thanks IFF..that's a great help..I didn't even know what to ask him

cheers