I take it you’re here because you’re looking for advice on income protection?
You’ve figured out that you need to plan ahead just in case you’re unable to work?
Because the alternatives to income protection just don’t cut the mustard
But where you should buy it?
Well, you have three options.
In this article, I’ll outline what I can do for you.
By the way, have you read my other posts on income protection?
If not, have a flick through them, you’ll find them here
Yes, I know that seems like I’m setting the bar very low.
But there are some who just sell sell SELL.
That’s not my style – but don’t take my word for it.
So what do I do instead?
I offer advice on policies from
I answer your questions.
I outline which company I think suits you best.
But then I’ll leave you alone and give you time to think.
Buying income protection is an important decision and one that’s not to be taken lightly.
If you decide you want to go ahead with me as your income protection broker, happy days!
If not, I hope you’ll refer me to your friends.
It’s just a much nicer way of doing business.
We know our onions when it comes to income protection.
We don’t claim to be”financial advisers” masquerading as protection experts while also trying to flog you a pension.
This gives us the time to focus 100% on knowing income protection inside and out.
Income protection is a bit of a minefield, we’ll guide you through it without getting you blown up.
Insurers classify your occupation according to the risk of having to pay a claim.
So people who work in higher risk jobs pay a higher premium
e.g an electrician will pay more than an accountant for the same amount of cover because on average, their risk of injury is higher.
That seems fair enough, yes?
Risk 1 = lowest risk, Risk 4 = highest risk
But did you know some insurers give a different risk rating to the same occupation!
Recently I arranged cover for a retail manager (he was a manager in Aldi).
Friends First, New Ireland, Royal London and Irish Life classed him as a Risk 2 (remember, the higher the risk class, the higher the premium).
But Aviva classed him as a Risk 1 saving him a small fortune over the life of his policy.
I’m not saying Aviva are always the most lenient when it comes to occupations though…
During the summer, I arranged cover for a marine engineer:
Royal London classed her as a risk 2, Friends First and New Ireland classed her as a risk 3 while Aviva classed her as a risk 4.
Last week, I got a plumber covered, one insurer classed him a risk 3, the other classed him as a risk 4.
As you can see, you need to be very careful here, don’t accept a higher risk rating from one insurer without checking out the others.
Work with an income protection broker who knows their way around.
Income protection pays out if you are unable to do your job due to any illness, injury or disability…excluding pre-existing conditions.
Pre-existing conditions include any previous health issue
You see income protection in underwritten much more strictly than life insurance or critical illness cover.
A sprained wrist isn’t going to result in a death or serious illness claim but for someone who works on a keyboard, it could lead to an income protection claim.
But some insurers are more “trigger happy” than others and will add exclusions like a chef adds seasoning.
Other insures are fairer.
Again, don’t accept an exclusion, question it and check with the other insurers to see if the can offer cover without that exclusion.
Choose an income protection broker who knows which insurer is best for your particular health issue.
If we haven’t come across your condition before, we’ll speak to all 6 insurers to get you the best deal out there.
All income protection policies are not the same.
This article is too short to go into all the differences in detail so here’s a snapshot (click to enlarge)
As you can see, no insurers offer identical benefits.
So if an income protection broker tells you all the policies are the same, “just pick the cheapest”, you know what to do.
If you’d like me to help you put the best income protection in place, please get in touch using the form below. I’d be delighted to help.
Next time I’ll look at the cost of income protection because I know how important price is.
It would be great if you had limitless funds to pay for income protection but if you did, you probably wouldn’t need income protection in the first place!
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