Income Protection is a great way to protect yourself from the unexpected. And can be a saviour when things go wrong. However, the most important aspect of any insurance policy is getting your money when you need it most.

To help you, here are five things to avoid when looking for Income Protection:

1. Their claim pay-out rates aren’t published

Is your insurer reluctant to publish their claim rates? Most reputable insurers are happy to publish their rates and even happier to pay up if you have a valid income protection insurance claim.

2. They’re keen to sign you up quickly

Claims are sometimes delayed because companies don’t undertake thorough medical tests/checks at the application stage. This means waiting longer for your income after submitting a claim.  Choose an income protection insurance company that spends time checking your medical history at the initial stage to speed up the process when it matters most.

3. They only offer ‘deferred’ policies

A deferment period involves waiting a period of time before you receive an income.  However, organisations called Mutual Societies offer ‘Holloway contracts’ meaning you’ll receive an income from the first day of illness or injury.


4. They charge you more because of your occupation
Some insurers charge a premium for smokers and occupations. Mutual Societies have been run by members since the 19th century and help all professions without charging extra.


5. Customer satisfaction rates aren’t clear

Like most insurance policies, the proof really is in the pudding. So choose a company that offers a fair and reliable service, pays out claims quickly and has high customer satisfaction rates.