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Income Protection Insurance

Replacement income if accident, illness stops you working

Accident Insurance

Income Protection is designed to replace a percentage of your earnings should you be unable to work as a result of an accident or sickness. Some short-term income protection policies will also offer cover for other events such as unemployment to cover involuntary redundancy if you are employed. If you are self-employed or a business owner cessation of business can insure your earned income should the business stop trading permanently unexpectedly.

Income protection can be divided into two main groups:-

1. Permanent Cover
Referred to as Permanent Health Insurance (PHI) provides cover for the period you select so you have the know that cover will be in place for this duration. You have the option to have the claim duration set to retirement age (not on unemployment cover as the benefit claim period is always capped) so during a claim cover will pay each month until you return to work or reach the end of the policy term. Alternatively you can select the budget option so that the claim may have a limited duration for each claim event typically options are one year, two year, three and five years, which help to keep the monthly premiums down. You can cover accident sickness and some policies offer additional unemployment cover as an optional add on call us if you would like to consider this option.

Accident Sickness    Compare Quotes


2. Short-Term Reviewable Cover
Cover is typically renewed each year and the insurer may adjust premium at renewal or any either aspect of the cover terms. This includes declining to offer any renewal terms if the insurer decides to that withdraw from sale that particular product. You can cover accident sickness and unemployment cover. For more information on unemployment insurance to cover income see our unemployment insurance guide.

Accident Sickness / Unemployment    Compare Quotes

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Income Protection Insurance Guide

Cover limits

Cover Limits - It is important that you ensure that you don't have cover which overlaps over policies and also any employer support. Otherwise you maybe paying for cover you don't need or for a shorter claim excess than required as the claim maybe restricted to the maximum permitted amount when taking into account other benefits from your employer or other policies.

Most insurers limit the amount of income protection cover you may have based around your earned income with the exception of a few specialist policies, which do not check earnings at application or claim stage. Those specialist policies are particularly good for self-employed start-ups with no trading figures or directors with continued dividends/income or those on low earnings wanting to cover more than 70% of their gross income. In most other instances you will need to make sure you say within the permitted cover maximum on the policy you are considering. This may require you to adjust the claim excess also called the waiting or deferment period so that cover starts to pay benefits when any employer has reduced or stops.

The application process

The application process can follow one of two paths "Full Underwriting" at application stage or "Claim Underwriting" only if you make a claim.

Full Underwriting at application stage. i.e. your application is detailed collecting information on your current and past medical health, includes assessment of your occupation and any hazardous sports you participate in, this is always the process for PHI. After the assessment the insurer will either, offer terms as quoted "Standard Terms", offer "Revised Terms" this may include an additional premium and/or exclusions for current or past medical problems or any hazardous sports you do, "Postpone Terms" no cover will be offered for a set period or lastly "Decline" to offer any terms as a result of the information obtained in the application process. The benefit of this is you should not get a nasty surprise when you claim as before the cover starts if you will have been notified of any exclusion(s) on your cover prior to commencement. Compare Quotes


Claim Underwriting has the benefit that your application will in most cases follow a simple and quick process to place your policy on risk with little if any initial assessment of your health, occupational or sports risks. Only if you make a claim will the insurer obtain more information regarding your state of health and this is normally obtained from your doctor. Compare Quotes

What does it cover?

For accident and sickness insurance what is covered under a policy will depend on the policy wording but you are typically covered for any accident or sickness (Standard exclusions may apply). In particular the policy wording you should consider carefully is the definition of disability that you have been offered under the terms of the policy. Therefore you should not compare just on price as you may except inferior cover terms. The highest protection is obtained by selecting a policy that will pay benefits based on what you do to earn a living in other words "Own Occupation" cover. The main types are:-

Own Occupation - Disability Definition
An important aspect of the plan is that a claim can be considered should you become unable to do your own occupation. This definition clearly offers the highest protection as a claim will be paid should you be unable to do your own occupation. However some income insurance providers only offer this high definition of cover to those who are in low risk occupations but we offer own occupation cover for almost all occupations including pilots and those who participate in contact sports or other high risk activities.

Any Occupation - Disability Definition
The plan will only merit a claim should you become unable to carry out any type of occupation at all.

Any Suitable Occupation - Disability Definition
An important aspect of this plan is that a claim can be considered should you become unable to do your own occupation or any occupation to which you are suited, by training or experience. This is clearly preferable to a definition of disability that requires the inability to carry out any occupation.

Claims Paid

Income Protection Claims Experience

When will it pay out?

With the exception of specialist plans most policies will pay benefits to replace lost earnings. It's the "Waiting Period" or "Excess Period", which you choose at the start of the plan that will determine the period of time you will be required to wait before a claim can be paid. The shortest period a claim can be considered for accident and sickness is after 3 consecutive days absence from work excluding Sundays with the claim being back dated to day one, which is ideal for self-employed or employed when prompt payment is required. Other options for accident and sickness include 1 week, 2 weeks and, 4-weeks, 8 weeks, 13-weeks, 26-weeks, 52-weeks or 104-weeks.

With unemployment insurance the cover waiting period typically offered are 30 days back to day 1, 30 day excess, 60 days back to day 1, 60 day excess, 90 day excess, 120 day excess.

Once you have past the claim waiting period the timing intervals when you may receive the benefit depends on the insurer most pay once a month. However some friendly societies pay benefits weekly direct into your account.

Will the premium rise?

Guaranteed Premiums
The premiums themselves are not subject to renewal or review by the insurance company except to the extent that they will rise in proportion to any rising cover. This is a major advantage. However having guaranteed premiums will for some be prohibitive as a result of their occupation. As it may not offer those in manual based jobs own occupation cover.

Renewable Premiums
Premiums are subject to renewal on a regular basis. This means they will increase as you get older and may also be adjusted to reflect the company's actual claims experience.

Reviewable Premiums
Premiums are subject to review on a regular basis. They may therefore be adjusted to reflect the company's actual claims experience. The contract however, remains a permanent one and your own age or medical condition will not affect future premiums.

Age Costed Premiums
Some providers price your premiums according to your age now so they will rise every year as you get older and the risk increases. This has significant benefits as it can make this type of cover more affordable as premiums can be significantly lower than renewable, reviewable or guaranteed premiums for younger applicants.

Will you still get state support?

Getting financial support if you cannot work will depend on your circumstances such as your household income and savings. Those factors will affect your ability to claim non statutory benefits that are means tested to establish if you need the extra financial assistance on top of any basic state assistance you you may be entitled to no matter what saving or income the household has.

Employee's will be eligible and receive Statutory Sick Pay (SSP) if off work sick for 4 or more days in a row (including non-working days) even if you have personal income protection insurance. SSP is paid for a maximum duration of 28 weeks.

Self-employed are not eligible for SSP and will have to apply for Employment and Support Allowance (ESA) formally called incapacity benefit you can claim this from week 13. ESA consists of two parts, Part 1 is paid if you have made enough National Insurance Contributions. Part 2 is income related and is paid if your on a low income.

More information on state financial support and a calculator can give you an indication of what financial help you may receive can be found at www.entitledto.co.uk.

Taxation during claim

With most income protection insurance the benefits are are paid tax-free. The only exception to this rule is when the cover is taken out and tax relief is obtained on the premiums this could result in the benefit being taxable. Typical examples being employer or director schemes with premiums paid by the company.


Special Limited Cash-back Offer 2 Months Free Cover

QuoteMe4 The Income Protection Specialist


Income Protection Insurance

Compare Income Protection Insurance

  • Exceptional cover compare over 44 Quotes from leading providers.
  • Long-term replacement income if SICKNESS or ACCIDENT stops you working.
  • Option to have benefits payable after just 3 days! Ideal for self-employed.
  • Own Occupation cover, claim assessed on your ability to do your current job.
  • Get 2 Months Free cover as Cash-back (terms apply) exclusively with Quoteme4



Unemployment Insurance

Compare Unemployment Insurance

Protect your income from redundancy if employed or cessation of business if you are self-employed or a company owner. Policy pays a regular monthly benefit should your employer make you involuntary unemployed or you business unexpectedly fails. Mortgage or loan not required compare quotes on-line.





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Example of Claims

Claims Experience PHI

What Options Are Available?

Automatic increases to your benefit payments in claim
In order that the level of benefits in payment are protected against the effects of inflation in the event of a claim, these should be indexed by a fixed percentage or linked to an index such as Retail Prices Index (RPI), Average Prices Index (API).

Indexed Cover
In order to provide some protection against the effects of inflation, the level of cover automatically rises by a percentage you choose per annum or by the rate of inflation.


Permanent Health Insurance - 2 Months free Cash-back Terms

Use us for your Permanent Health Insurance cover and we will give you cash-back after acceptance of your policy.

  • Cash-back is paid on month 4, 5 and 6 only if your cover is still active with payments up to date.
  • To claim your cash-back you need to complete our Cash-back Claim Form
  • Policy term must be for 10 year of more. Shorter policy terms will attract cash-back but this maybe to be less.
  • The cash-back is a rebate of our commission, which is paid in advance of the earnings period typically 36 with The Exeter Income Protection and 24 or 48 with other providers. Cash-back is only paid on the basis that you maintain the cover for the commission earnings period or longer. Should the policy stop or be altered within this earnings period the provider may request repayment of any unearned commission from us and you agree to repay on our demand your percentage share based on the percentage paid to you as cash-back.
  • We reserve the right to delay paying the cash-back until after the commission earnings period if we suspect the policy has been taken out for the sole purpose of acquiring the cash-back with no intent of maintaining the cover.
  • You may cancel your cover within 30 days of the policy start date and get a full refund of premiums. After this period you may cancel but no refund will be paid.
  • These cash-back terms do not affect your Statutory rights
  • We reserve the right to alter these terms at anytime and if we do shall take immediate effect.
Cash-back terms last updated 10th Apr 2015
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