Life Insurance and illness cover advice.

[Ben Jammin]

Hi folks, I was wondering if I could ask for advice please in relation to Life Insurance and illness cover. I am currently working my notice after 21 years in the Police, and I'll be starting as a trainee driver with LNER in January.
Life Insurance policies are pretty good with the Police, but once you've left the cover becomes pretty bog standard and there is no critical illness element. Due to the sickness pay entitlements as a trainee I would probably look for additional cover for this as well.

I'm looking at various private options and also trying to find out what policies might be available through ASLEF, if anything. I've emailed them directly but have yet to hear back and their phone lines are closed at the moment due to Covid.

Typical that I never had a day off sick in 21 years, but i just want to make sure I have provisions in place for my family.

Any advice gratefully received, thanks in advance.

 

[Crazyb]

I'm not sure with newbies, so apologies. I'm an oldie.

Normally death in service is 4 x your basic pay, you will see this on your railway pension, and your spouse will also receive a small pension.

When I had a mortgage, I still got life cover to cover it, but normally your pension death in benefits "COULD" cover this.

Because your a newbie, they normally stick you in another pension scheme for a year or 2, which is not worth a rub.....so look into this when you start.
Normally you will get some info on your induction week.
Or talk to your pay bills.

I'm not sure if you get 6 months full pay and 6 months half pay if you go sick. Sometimes you have to be with a company for a few years to get this.......You need to look at your contract which would show this.

Some drivers get a sickness package from a outside broker, which will cover you for accident or illness. So if you go down to zero pay, you can have a ex amount of money to cover your mortgage, bills and also some spend money, each month, I think up to 2 years.

I've seen a few times lately, that drivers look for financial help through the union/depot branches when they go onto zero pay, so that might be something to look into.

Aslef do not deal with Insurance.

Good luck with your new Job......Though we all moan, you won't get a better job!!!!

 

[High Dyke]

I can't advise specifically for ASLEF, any other trade union or employer. However, the 6 months full / 6 months half sick pay seems to be a standard across many companies.

Personally I have a life cover and critical illness policy through my bank. Other specialist firms may provide the sort of cover you want. Equally my own trade union can put me in touch with a financial provider who may be able to offer me cover. It already provides retirement benefit and death benefit, to name but two, as part of my subscription fees.

 

[whoosh]

I can't advise specifically for ASLEF, any other trade union or employer. However, the 6 months full / 6 months half sick pay seems to be a standard across many companies.

It is pretty standard, but doesn't generally kick in until you've been employed for 5 years. I seem to recall 12 weeks full/12 weeks half between 6 months and 5 years employment, and nothing (just Statutory Sick Pay - SSP) under 6 months employment.

 

[Ziege]

Hi folks, I was wondering if I could ask for advice please in relation to Life Insurance and illness cover. I am currently working my notice after 21 years in the Police, and I'll be starting as a trainee driver with LNER in January.
Life Insurance policies are pretty good with the Police, but once you've left the cover becomes pretty bog standard and there is no critical illness element. Due to the sickness pay entitlements as a trainee I would probably look for additional cover for this as well.

I'm looking at various private options and also trying to find out what policies might be available through ASLEF, if anything. I've emailed them directly but have yet to hear back and their phone lines are closed at the moment due to Covid.

Typical that I never had a day off sick in 21 years, but i just want to make sure I have provisions in place for my family.

Any advice gratefully received, thanks in advance.

Slightly off topic, but can I ask what your plans are for your pension? I am assuming you have accumulated many years of police pension, are you able to transfer this over to a railway pension or would you have 2 seperate pensions as such? Just curious as hoping to be in a similar situation.

 

[Ben Jammin]

I'm not sure with newbies, so apologies. I'm an oldie.

Normally death in service is 4 x your basic pay, you will see this on your railway pension, and your spouse will also receive a small pension.

When I had a mortgage, I still got life cover to cover it, but normally your pension death in benefits "COULD" cover this.

Because your a newbie, they normally stick you in another pension scheme for a year or 2, which is not worth a rub.....so look into this when you start.
Normally you will get some info on your induction week.
Or talk to your pay bills.

I'm not sure if you get 6 months full pay and 6 months half pay if you go sick. Sometimes you have to be with a company for a few years to get this.......You need to look at your contract which would show this.

Some drivers get a sickness package from a outside broker, which will cover you for accident or illness. So if you go down to zero pay, you can have a ex amount of money to cover your mortgage, bills and also some spend money, each month, I think up to 2 years.

I've seen a few times lately, that drivers look for financial help through the union/depot branches when they go onto zero pay, so that might be something to look into.

Aslef do not deal with Insurance.

Good luck with your new Job......Though we all moan, you won't get a better job!!!!

Thanks for this, the contract states we are to go in to the East Coast Main line shared cost section of the RPS on the date we commence. More info to come in due course, but I havent had anything further yet.

In terms of sick pay, nothing for six months except SSP, then it's a sliding protection up to five years service, when you get the maximum support.

Thanks again for the support.

== Doublepost prevention - post automatically merged: 14 Dec 2020 ==

I can't advise specifically for ASLEF, any other trade union or employer. However, the 6 months full / 6 months half sick pay seems to be a standard across many companies.

Personally I have a life cover and critical illness policy through my bank. Other specialist firms may provide the sort of cover you want. Equally my own trade union can put me in touch with a financial provider who may be able to offer me cover. It already provides retirement benefit and death benefit, to name but two, as part of my subscription fees.

Thanks for this, yes think will need to look at the bank option.

== Doublepost prevention - post automatically merged: 14 Dec 2020 ==

It is pretty standard, but doesn't generally kick in until you've been employed for 5 years. I seem to recall 12 weeks full/12 weeks half between 6 months and 5 years employment, and nothing (just Statutory Sick Pay - SSP) under 6 months employment.

Yes, it's exactly that. I'll look at some sort of cover, just in case.

== Doublepost prevention - post automatically merged: 14 Dec 2020 ==

Slightly off topic, but can I ask what your plans are for your pension? I am assuming you have accumulated many years of police pension, are you able to transfer this over to a railway pension or would you have 2 seperate pensions as such? Just curious as hoping to be in a similar situation.

I had a brief conversation with the Railway Pension phone contact, and they were pretty certain i would not be able to transfer this in. Which I expected. So my existing pension is locked now till 60 years of age, and then I'll have a second pension to draw down on retirement. Or three depending on how the 2015 Police pension fight goes. Hopefully that one will migrate in to my 87 scheme if they win the court case.
Does that make sense?

 

[Ziege]

Thanks for this, the contract states we are to go in to the East Coast Main line shared cost section of the RPS on the date we commence. More info to come in due course, but I havent had anything further yet.

In terms of sick pay, nothing for six months except SSP, then it's a sliding protection up to five years service, when you get the maximum support.

Thanks again for the support.

== Doublepost prevention - post automatically merged: 14 Dec 2020 ==


Thanks for this, yes think will need to look at the bank option.

== Doublepost prevention - post automatically merged: 14 Dec 2020 ==


Yes, it's exactly that. I'll look at some sort of cover, just in case.

== Doublepost prevention - post automatically merged: 14 Dec 2020 ==


I had a brief conversation with the Railway Pension phone contact, and they were pretty certain i would not be able to transfer this in. Which I expected. So my existing pension is locked now till 60 years of age, and then I'll have a second pension to draw down on retirement. Or three depending on how the 2015 Police pension fight goes. Hopefully that one will migrate in to my 87 scheme if they win the court case.
Does that make sense?

Yeah it does thanks. I heard you can't transfer pension over but wasn't 100% sure. Cheers.