Should I Review My Existing Income Protection?

I have an existing Income Protection plan which I took out with my bank when I set up my mortgage. I have had it about 6 years and was wondering whether this is something I should review periodically?

Question asked by Michael Barnes
12/04/2019

Reviewing Your Arrangements as Your Circumstances Change

With any protection insurance policy you should continue to review your existing arrangements as your personal circumstances change over time.

Given your policy was taken out through your bank your first port of call should be to check that it is indeed Income Protection which you have in place and not Payment Protection Insurance (PPI), see guide ‘Don’t confuse Income Protection and PPI’. It may well be the case that the policy is not suitable for your needs and/or is not competitively priced.

Why review your Income Protection…

Income Protection is one of the most important plans to continually review as the policy is dependent upon your earnings and any sick pay/savings you may have access to should you be out of work. This is even more important for self employed individuals whose earnings tend to fluctuate more than individuals who are employed.

Change in your circumstances

Should you receive a pay rise, increase your mortgage, change jobs or have a child you may need to review your existing Income Protection to ensure you would receive an adequate level of benefit and to make sure your deferred period aligns with your sick pay entitlement and any savings you may be able to access.

Speak to an expert

Being whole of market independent insurance experts if you would like us to do a full market review to ensure you have a product which fits your needs and is competitively priced then please do not hesitate to give us a call on 02084327333 or get started with an instant online Income Protection quote.

Compare Top 10 UK Insurers

Takes approx. 60 seconds
  • £
Verified by Norton Symantec icon
 Or Call Us

Frequently Asked Questions

Contact Us

Head Office
7th Floor Corn Exchange
55 Mark Lane
London
EC3R 7NE
Personal Insurance & Accounts Payable
Telecom House
125-135 Preston Road
Brighton
BN1 6AF
Drewberry London Office MapDrewberry Brighton Office Map

If you are unhappy with our service, we have a complaints procedure, details of which are available upon request. If you are unhappy with how your complaint has been dealt with, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). The FOS website is www.financial-ombudsman.org.uk.

Drewberry is a trading name of Brown & Brown Health and Employee Benefits Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Number 312878. Registered in England and Wales (company number 3910149). Registered address: 7th Floor, Corn Exchange, 55 Mark Lane, London, EC3R 7NE.

Cookies

Drewberry™ uses cookies to offer you the best experience online. By continuing to use our website you agree to the use of cookies including for ad personalization.

If you would like to know more about cookies and how to manage them please view our privacy & cookie policy.

Deny
Approve