Answered by Tom Conner
You may benefit from a review of your current policies
I think your current cover needs to be reviewed properly as there is the potential to be over-insured. Different insurers have different limits as to how much you are able to cover, which ranges from 50% to 70% of gross earnings.
The value of advice
I think it would be best to run through properly with an adviser. The adviser would need to know which insurer(s) you are currently with so they can calculate the maximum you could cover. As you have 6 months full sick pay and 6 months half pay the adviser would also need to calculate how much can be covered under the first policy, which again would depend on the insurers income limit.
Reviewable or Guaranteed premiums
Whether the premiums can increase over time will depend on whether you have reviewable premiums (where the insurer has the right to alter the premiums) or guaranteed premiums (where the insurer does not). Your policy document should state which method is used.
Given the new EU law stating that both women and men have to pay the same insurance premiums, it is worth reviewing your cover now anyway because the PHI pricing women has fallen by around 25%.
Please feel free to call us to run through with an adviser.
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