The Exeter Income Protection [REVIEW]

Who Is The Exeter?

With links going back to 1888, The Exeter as it is today was founded when two friendly societies joined forces: The Exeter Friendly Society and Pioneer Friendly Society in 2008.

As a mutual, it has no shareholders to keep happy, so operates solely for the benefit of its members. It offers a range of protection products, including Life Insurance, Health Insurance and various Income Protection policies.

The Exeter Income Protection

The Exeter’s Income First product offers specialist protection for a wide range of occupations, from office based professionals to manual workers and skilled trades. It also:

• Offers level guaranteed premiums to all occupations
• Offers both short- and long-term claim durations to suit different needs and budgets
• Requires no routine medical evidence for clients under 42.

What Does The Exeter’s Income Protection Cover?

The Exeter has policies that offers both manual workers and office-based workers access to own occupation cover, which is invaluable for anyone looking for Income Protection.

Aidan Walls
Independent Protection Specialist

The Exeter Income Protection: Key Policy Factors

When looking at Income Protection companies, it’s important to compare the key features of each provider’s policy. Below are the Exeter’s key policy features for its Income Protection product.

Minimum Benefit Guarantee

The minimum benefit guarantee enables you to fix your benefit (up to a maximum of £1,000 per month) in return for providing The Exeter with simplified financial evidence at the time of the claim. This can only be added when you start your policy though, and if you opt for a two-year limited claim period.

Rehabilitation Benefit

If you don’t select the ‘Minimum Benefit Guarantee’ option, you can select the ‘Rehabilitation Benefit’.

If after a claim you return to the same occupation you had before becoming ill / injured but can only do so on a part time basis, The Exeter pays a reduced benefit for up to 24 months to top up your earnings.

Proportionate Benefit

If after a claim you can only return to work in a different role / with a reduced salary, The Exeter pays a proportionate benefit to top up your reduced income.

It is important to note that, as with the ‘Rehabilitation Benefit’, this benefit isn’t available if you’ve already added the Minimum Benefit Guarantee to your policy.

Fixed Benefit

If you can provide proof of income to The Exeter within 12 months of taking out a policy, you can fix up to 75% of your benefit. This means that should your income ever fall, you know you will still receive a set amount of cover.

Employer Change Promise

If you were to change employers you may find that your new sick pay is restricted within the first year of employment. This means if you were to fall ill you may need your benefit to be paid out before your set deferral period ends.

The Exeter’s employer change promise allows just this. If you have a deferred period of more than 4 weeks and fall ill within the first year of your new role, they will start to pay your benefit amount before your deferral period has ended.

No Routine Medical Required For Those Under 42

Regardless of the benefit amount you choose, The Exeter will not require individuals under the age of 42 to provide routine medical evidence.

Automatic Waiver Of Premium

In the event of a claim, while you are receiving a benefit, The Exeter pays your premiums for you.

Indexation

The Exeter offer the option of indexed-linked Income Protection. This means each year your benefit is adjusted in line with inflation based on the Retail Price Index (RPI), up to a maximum increase of 10% per year.

It’s important to remember that, with this option, premiums also increase to compensate for your larger benefit.

Guaranteed Insurability

Life brings with it certain events which may mean you need to increase your benefit. The Exeter therefore lets you increase cover without asking any further medical questions at every third policy anniversary, or when you:

• Take out a new mortgage / increase an existing mortgage
• Enter into a marriage / civil partnership
• Divorce or agree to a dissolution of civil partnership or separation
• Move to a new rental accommodation
• Have an increase in rent
• Have a child
• Increase your salary / change job.

If any of the above happen you must inform The Exeter within 3 months of the relevant event. You can also only increase your benefit by the lower of £833.33 per month or 50% of your initial benefit.

The Exeter Income Protection: Additional Benefits

HealthWise

HealthWise is a free additional benefits programme available to all Income Protection policyholders and their families. The app, which can be accessed by smartphone or tablet anywhere in the world, provides quick and convenient medical advice and treatment when and where you need it. Services you can access via Health Wise include:

• Remote GP appointments
  Book phone or video GP consultations directly through the Health Wise app, from anywhere in the world, at a time that suits you.
• Second medical opinion
  Up to two consultations each year to discuss your diagnosis and treatment plan with a medical specialist.  This service can help provide reassurance or identify different treatment plans.
• Physiotherapy
  Access up to six video physiotherapy consultations a year to help assess, diagnose and treat any musculoskeletal conditions you may have.
• Mental health support
  Access fully trained specialists up to 6 times a year to help assess and treat a range of mental health conditions, such as anxiety, depression and substance abuse.
• Dietitian consultations
  Improve your health and wellbeing with one-to-one consultations with a registered dietitian. With up to 6 consultations a year, you can get help and advice on how to improve your health and wellbeing, as well as special dietary needs that may be present due to certain health conditions.
• Lifestyle and nutrition consultations
  Up to six consultations a year with specialists who can help you to better manage stress, improve the quality of your sleep and increase your motivation to get active so you can live a happier, healthier life.

How Does The Exeter Income Protection Compare?

Products for High and Low Risk Occupations

Unlike some insurers, The Exeter’s Income First policy offers both manual and office-based workers access to own occupation cover, which is invaluable for anyone looking for Income Protection.

There are also flexible waiting periods for NHS medical professionals and teachers. This enables them to receive a benefit payment that compliments their sick pay arrangements. When making a claim, The Exeter will start paying a benefit before their waiting periods ends when their sick pay reduces. Benefit payments will then increase once sick pay stops. This option is available where a 52-week waiting period has been selected.

1 Day Deferred Period

The Exeter allows deferred periods as short as 1 day, which often suits those with a very low level of savings or those who don’t get any sick pay.

Level Guaranteed And Age Banded Premiums

The Exeter offer Level Guaranteed premiums with their Income First policy, which don’t change in price for the entirety of the policy’s term. They also offer age-costed guaranteed premiums or age-costed reviewable premiums.

There’s plenty to consider when choosing an Income Protection provider. Some products might be appealing at a glance, but may not be suitable for your unique situation. It’s essential to figure out what you really need before committing to a provider.

Samantha Haffenden-Angear
Independent Protection Specialist

How Much Does The Exeter Income Protection Cost?

To provide you with an estimate of how much you can expect to pay for Income Protection from The Exeter, we’ve provided example premiums based on varying ages below.

To calculate these quotes, we have assumed that the individual looking for cover wants a monthly benefit of £1,250 and:

• Wants a 4 week deferral period
• Is in a low risk office based role
• Has no pre-existing conditions
• Is a non-smoker.

Get The Exeter Income Protection Quotes and Specialist Advice

When you’re looking to compare Income Protection providers, there are lots of points to consider. With so many factors and a lot of different terminology at play, it can be tricky to do an accurate like-for-like comparison between providers.

Are you reviewing an existing Income Protection policy? Or setting up a new plan? Give us a call on 02084327333 or email help@drewberry.co.uk to talk through your options with one of our friendly advisers. Our advice is fee-free, and we’re not tied to any single provider – meaning we can find you the right policy at the right price.

Why Speak to Us?

When it comes to protecting yourself and your finances, you deserve first-class service. Here’s why you should talk to us:

• There’s no fee for our service
• We’re an award-winning independent insurance broker, working with the leading UK insurers
• You’ll speak to a dedicated specialist from start to finish
• 4072 and growing independent client reviews rating us at 4.92 / 5
• Claims support when you need it most
• We’re authorised and regulated by the Financial Conduct Authority. Find us on the financial services register.