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Michael Said:

income protection home mortgage insurance?

We Answered:

If you have life insurance from a mortgage company, then you have what is known as "decreasing term insurance.' That means premiums remain level, but the coverage decreases over time. But as you mention earlier, you also have other financial responsibilities such as your daughter and maybe some other debts. That means this type of life insurance is not enough to cover your other financial responsibilities.

Insurance is not suppose to pay you back. Its an agreement between you and the insurance company that as long as you pay your premiums, the insurance company will be responsible for paying for claims. In life insurance, the principal still holds true. Don't be fooled by the cash value part in many of the life insurance policies. It is not a savings plan or an investment plan. Its basically an asset for the insurance company that you are paying for. When you die, all the cash value is kept by the insurance company.

If you are looking to buy life insurance, look at term insurance. Pick the right level of term insurance that fits your needs. You have to consider the situation you are now and what your situation will be in the future (such as your child becoming an independent adult and no longer need your income and your mortgage being paid off). At the same time, you want to make sure you are building wealth for your retirement. I put away $400/month into my Roth IRA that are invested in mutual funds and it is done automatically because I setup an automatic bank draft. From the time I started to invest to the time I retire (which is total of 40 years), I can have anywhere between $1.4 million (at a 8% return) to $4.7 million (at 12% return). Since its all inside a Roth IRA, I don't pay any taxes on it.

Nellie Said:

Income protection Insurance -recommendation required?

We Answered:

There's no private unemployment insurance in the USA, and you posted to the USA board.

If someone's trying to sell you some, they're trying to scam you.

Jeremy Said:

income protection insurance?

We Answered:

Your best option would be to go to a Whole of Market IFA who has the facility to use every provider. Explain to them your needs and get the deferred period reduced to 4 weeks from the 6 months you used to have. They will explain everything to you and help you get the best plan for your needs.

Franklin Said:

Do the majority of ppl out there have income protection insurance?

We Answered:

If you can afford it is probably a good idea. My wife and I are expecting our first child and it will help us while she is off work. It will give us a full 3 months to spend with our daughter. I think each person should evaluate where they are professionally and personally. If we, as a family, could only afford one and we are both young, I cover my wife for the reasons above.

Mary Said:

LGBT .... Life insurance & income protection NOT FOR GAYS?

We Answered:

It depends on the provider. I've got life insurance and I'm gay and I've also gotten it for many of my clients who are gay as well. I don't know what state you're in, but here it's illegal to ask the second part of the question that you state. Obviously any carrier is going to be concerned if any individual, gay or non-gay, is HIV positive, but in California, at least, I've never, ever seen anything that asks if you have sex with men.

I can't and won't solicit business from outside my state, but I MAY be able to refer you to someone in your own state or province that MAY be able to help you. You can contact me thru Yahoo Answers to at least see if that's a possibility if you wish. I've spent too many years of my life fighting discrimination, I don't want to give in to it now.

Philip Said:

Income protection insurance?

We Answered:

I'm sorry but I'm pretty sure you won't find a policy that covers those things. You have an investment related problem, not an insurance one. Talk to someone who can get you an investment that you can pull out of in the case of an emergency and will be sufficient enough to provide temporary income replacement for a specified time period. It is also a general rule to always have on hand at least 6 months of income replacement in a savings account somewhere for emergencies only.

Colleen Said:

Any suggestions for Income Protection Insurance?

We Answered:

i had this cover years ago and it was well worth it, but you need to be on sick for 1 month before you can start claiming, if you lose your job you can claim straght away. try British Insurance, you can get a quote on line or ask your employer if he/she can recommend one