Is Income Protection Worth It? The Facts…

Key things to consider

Income Protection can come with caveats around the premium; these include the length of of your cover, the amount you pay for your premiums year on year and the length of the deferred period which is the length of time you must wait before you will receive your payout should a claim arise.

Some policies will also have terms which state that even if you’re unfit to do your current job, you might be able to do another job. At Drewberry, we always recommend ‘own occupation’ cover. This means that you’re covered if you are unable to work in your current job.

Don’t Think The Risk Of Illness Is That High?

• 1 in 5 workers need to take over 3 months off work due to illness or injury during their working life ⁽¹⁾
• 1 in 10 workers need to take over 6 months off work due to illness or injury during their working life ⁽²⁾
• 1 in 3 people that are off work for over 6 months due to illness or injury are still off work 5 years later ⁽³⁾

What Support Can You Expect?

• 24% of workers receive no sick pay above Statutory Sick Pay (1)
• £116.75 per week is the amount paid for Statutory Sick Pay for up to 28 weeks and is only available to employees
• The self-employed may be eligible for Employment and Support Allowance, worth just £90.50 a week if you’re aged 25+ for the first 13 weeks, potentially rising to £110.75 thereafter depending on how severe your disability is.

Will An Income Protection Policy Payout?

• 204 weeks (nearly 4 years). The average length of time an income protection claim paid out for. ⁽⁴⁾
• 28,023 new Income Protection claims were paid out on in 2016 (4)
• These claims totalled £499.3 million. ⁽⁴⁾

It’s better to have some income protection rather than none, so if full bells and whistles policy is out of your budget then read our guide on how to lower your premiums by 80%.

Footnote
*Estimate based on the Unum/Guardian ICM poll (2011) finding that 1 in 10 workers have income protection and Workforce Jobs of 34 million December 2015 (ONS).

References

(1) Drewberry Survey 2014
(2) Unum/Guardian ICM poll, 2011
(3) Ageas Protect, report from their pricing data (released in 2011)
(4) Association of British Insurers
(5) www.gov.uk

Get Expert Income Protection Advice

To help you find the right policy that suits your needs it’s really important to speak to an expert who can guide you through the options.

Why Speak to Us…

We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to let us help.

• There is no fee for our service
• We are independent and impartial
  Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
• We’ve got bargaining power on our side
  This allows us to negotiate better premiums for you than you going direct yourself.
• You’ll speak to a dedicated expert from start to finish
  You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
• Benefit from our 5-star service
  We pride ourselves on providing a 5-star service, as can be seen from our 3900 and growing independent client reviews rating us at 4.92 / 5.
• Gain the protection of regulated advice
  You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
• Claims support when you need it the most
  You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.

We live and breath Income Protection and recognise how crucial it can be for a family when a client comes to make a claim.

The alternative can end in real financial hardship. If you need some help please don’t hesitate to pop us a call on 02084327333.

Tom Conner
Director at Drewberry Insurance