Income Protection/Insurance that will provide cover even with pre-existing injuries

Ken2000

Hi,
Has anyone had any success in obtaining some kind of income protection/insurance even with an existing injury or illness? I've recently broken an ankle (badly) and will be off work (from my own business) for a few months. I've not been able to work much since Covid restrictions came into place last March, I was desperately hoping to make up for it when restrictions ease at the end of April, which I can no longer do.

Weighty1

Are you wanting a plan that you will be able to claim on now whilst already being unable to work?  If so, that's simply not going to happen unfortunately.  Most income protection plans (in fact all, from recollection) require you to be working when you take the plan out, as otherwise you have no income which needs protecting.  Once the break recovers, providing you fully recover then most income protection providers wouldn't place an exclusion on the plan, although some small friendly societies may if you had metalwork inserted.

Ken2000

Weighty1 said:

Are you wanting a plan that you will be able to claim on now whilst already being unable to work?  If so, that's simply not going to happen unfortunately.  Most income protection plans (in fact all, from recollection) require you to be working when you take the plan out, as otherwise you have no income which needs protecting.  Once the break recovers, providing you fully recover then most income protection providers wouldn't place an exclusion on the plan, although some small friendly societies may if you had metalwork inserted.

Thanks for the reply. I guess seeing a few websites like this made me hopeful that something suitable might exist, despite being aware that it wouldn't make business sense for the insurers to take on a client whereby they had to pay out straight away.

dunstonh

Ken2000 said:

Weighty1 said:

Are you wanting a plan that you will be able to claim on now whilst already being unable to work?  If so, that's simply not going to happen unfortunately.  Most income protection plans (in fact all, from recollection) require you to be working when you take the plan out, as otherwise you have no income which needs protecting.  Once the break recovers, providing you fully recover then most income protection providers wouldn't place an exclusion on the plan, although some small friendly societies may if you had metalwork inserted.

Thanks for the reply. I guess seeing a few websites like this made me hopeful that something suitable might exist, despite being aware that it wouldn't make business sense for the insurers to take on a client whereby they had to pay out straight away.

What the site appears to be saying (after a speed read) is that you can still apply for insurance even with some pre-exisitng conditions.  That is correct with medically underwritten policies.   However, it doesn't mean you get coverage on those things.   Usually, you are excluded on pre-existing conditions (either permanently or required to be clear for x years).

TELLIT01

Obtaining cover for a pre-existing condition which is not 'active' for want of a better description is possible.  But I don't think any insurer will cover you for a current situation.  It's a bit like crashing your car and then taking out a motor policy asking a motor insurer to cover the cost of repair.

Most income protection policies have a qualifying period before you can claim too.

csgohan4

Some income protection policies require a medical and a blood test as well. So you may not be covered, or the very least have it excluded +/- premium loading. 

This is why it is important to have these policies in place when your relatively healthy.