Income protection query

PeteHi

I've got an existing policy I took out last year which covers me for £750 for 6 months.

Whilst I'm not at risk of redundancy, given the current climate ideally I'd like to review this and go for a longer term and higher figure.

In doing so, is it likely to invalidate my existing policy and mean I have to have another 120 waiting period etc (Ive read the small print and its not mentioned).

dacouch

Probably best to ring your Insurers and ask them (Take a note of the persons full name, the date and time and preferably get it in writing)

PeteHi

thats option B :rotfl:

I didnt want to raise any suspicions. Knowing my luck they'd tell me 'no its fine, you can top it up' and Ill get laid off next week!

Helen_Frost

Hi Petehi,

Although I would of course recommend phoning the insurers and asking them as suggested, I thought I would share a similar experience I had last year.

I increased my cover from £800 a month to £1300. The original amount of cover was not affected, but the additional £500 was subject to a 90 day exclusion period - i.e. if I had claimed in the following 3 months, then I would have only received £800.

I assume that your insurer would have the same kind of deal both for increases in £ as well as months.

If your insurer doesn't let you, then you MAY be able to transfer your policy across to another provider that does - waving the exclusion period for what you're already covered for. You would still then be subject to an exclusion period for any top up.

For Gods sake though, be very careful transferring everything if you do as you don't want to jeapodize what you have in place! Might be worth spending a bit of cash on an IFA to make sure you do it right...