Income Protection Insurance - How does it work?

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How does it work?

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Income protection insurance offers the best value compared to other similar types of insurance, but can be quite complex to understand and longer to arrange than similar insurance products, such as payment protection insurance (see below).

Applicants have to be underwritten individually to begin with, which usually involves answering a detailed health questionnaire and being asked to undergo an independent medical examination with a local GP, if the underwriter requires further information from you or your doctor.

This detailed underwriting can lead to the whole process taking several weeks to complete and can also lead to exclusions for medical conditions that you have already suffered from being imposed.

Once you have completed the claim form, the company will check your eligibility for benefit. It may wish to obtain a medical report form your doctor or carry out an independent medical examination. It will also assess the maximum benefit to which you are entitled and may ask you for proof of your income.

Company support	Payment Protection Insurance
Income protection insurance suitability?	What is defined as long-term sickness?
How does it work?	Purchasing an income protection policy
Premium costs	Checking the small print
Benefit levels & illness exclusions