conmankiller:Bit like insuring your motor for more than it's worth, put simply. !! Not allowed.

Exactly that! These days, what with market value and 'agreed' values, it's not in the best interests for the insured to suggest a vehicle being more expensive as they would only get it's worth immediately before the loss. Same principle here.

With this type of Sickness/PA cover etc, it's always worth spending the money wisely to get a lesser deferment period so that one can start getting paid quicker. The units of cover usually extend the £value of the 104 week payouts, in addition to the other benefits - ie. more lump some or annuities for loss of sight, permanent/temporary total disability, death etc. I have known people to simply buy more units for the value of the weekly payout and not concerned with the other increased benefits. What a lot of people fail to realise is that it doesn't make a difference as it will always be based on the income of the individual. Of course, back in the day of trying to sell this 'benefit', the customer knew best and would always say "Oh well, this other cheapo company don't do that, they pay me exactly what I pay for". After further trying to explain that it will not cover what they are saying, they'd insist they were correct and I'd lose the will to live consequently I would then just politely replace the receiver. If they were too blinded with fiction and placing trust in an advisor that didn't explain the policy properly, I was simply not interested in their business anyway! More to the point, I really didn't feel comfortable placing cover for a party that was unwilling to listen as this shows lack of tolerance and would probably trip over a policy exclusion they didn't understand; highlighting the importance of competency within the industry and companies employing 'the right people' not just in it for the quick buck. The 'Underwriter' in me, fighting to get out there lol!

As always, with insurance, there are measures to prevent people using it as a money maker and to come out better off after an event.

Bit like insuring your motor for more than it's worth, put simply. !! Not allowed.

They are able to cover it but bear in mind this type of insurance is usually bought in units, and they do talk to one another. You will only be entitled to the equivalent rate to your take home after the deferment period. Ie. you can't claim sickness and get paid more than what you would usually. It applies to PA/Personal Accident cover too. There's a long explanation and more technical side to this, but I don't have the energy. Although, if you wanted more information, let me know and I'll get round to it! It basically boils down to that though :)

Insurance companies usually exclude cover for anything covered by another company, be careful and obviously read the small print on existing policy before you insure elsewhere.

Our company rely on the housing market for 40% of our workload and due to the current housing climate we have obviously noticed a slowdown.

My colleague just informed me today that he hs taken out additional insurance on his mortgage incase of unemployment, if I were to do the same would I have to apporach the same insurer or can I take out a new Sickness & Unemployment cover policy with another company?

thanks.