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Critical illness cover/insurance

Discussion in 'Supply teaching' started by giddyG2001, Dec 1, 2015.

  1. giddyG2001

    giddyG2001 New commenter

    Does anyone on the forum have critical illness cover or something similar? I'm just thinking if I got sick over the next few years on supply, I'd kinda be screwed for money.

    Haven't looked into it massively, but thought I'd ask on here first
  2. pepper5

    pepper5 Star commenter

    Hi giddy

    I don't have critical illness cover, but I think it is a good idea. You could ask your union for the names of some insurance providers, but when you choose a provider, ensure you read the terms carefully to ensure you understand exactly what you are covered and not covered for.

    If you do find something suitable, could you let us know the approximate costs or anything else you find out. I may also look into it and will let you know.
  3. jubilee

    jubilee Star commenter

    Check out policies that will pay your mortgage every month if you are unable to work. If there is a choice about how any payouts are made, choose for payment to go directly to your mortgage provider without going into your bank account first.

    The reason for the above advice is that if you end up claim Income Based, (Means Tested ) State benefits, they add up all your income, which would include a monthly payment from an insurance company, and they then deduct that from what the state says that you need to live on. Tat could wipe out an entitlement to the Personal allowance of benefits!

    The same applies to any maintenance payments that you receive for children. Have them paid to an account in the child's name and it won't be your income for the calculating what the State will add on.

    Some critical illness policies pay out a lump sum on particular diagnoses; others pay a weekly or monthly sum until you are fit for work. Read the small print as some only pay out after you have been unemployed for 3 months or more.

    There is, of course, access to Statutory Sick Pay/Incapacity benefit.
    Anyone who rents and also qualifies for an Income Based benefit would also be eligible for Housing Benefit and Council Tax relief.
    Those with a mortgage who are eligible for INCOME based benefits will eventually get some or all of their mortgage INTEREST paid by the state. It used to happen after 40 weeks of signing on but Gordon Brown reduced it to about 13 weeks at the height of the economic crisis in a bid to lessen the number of repossessions. I don't know if Cameron has since increased the waiting period.

    When being MEANS-TESTED FOR BENEFITS YOU ARE ALWAYS ASKED about all your income streams (savings interest etc). I once knew a recent graduate whose father decided to carry on giving her a monthly allowance of £250 (in 2004) until she found work. She signed on and informed them about her £250 income. That wiped out her entitlement to Jobseekers Allowance of about £50 per week. Her father was thus supporting her when the State would have done so.
    She could have received JSA had her father simply given her a gift of £1,500 for her birthday and the same for Xmas. Money gifts for such occasions are not taken into account when calculating JSA unless they tip your savings above the allowed amount when banked.
  4. snowyhead

    snowyhead Lead commenter

    Critical illness policies are quite expensive because the insurer will increase the premium for any medical history and they are notoriously good at wriggling out of paying out for claims. A cheaper option is accident, sickness and unemployment cover (ASU) - you choose the amount of monthly benefit you require. Look on insurance comparison sites for the different options and price plans.
  5. nearmiss

    nearmiss Lead commenter

    However, being a casual worker, as supply teachers are classified, will mean that all premiums are higher as you don't have a fixed place or work or a fixed income so you are much higher risk. You might find that you don't qualify for a lot of schemes as you won't have a job to go back to if you are ill for any length of time.

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