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  • FIRST POST
    • lesterxburnham
    • By lesterxburnham 10th Apr 18, 10:24 PM
    • 53Posts
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    lesterxburnham
    Income Protection Insurance - T&Cs
    • #1
    • 10th Apr 18, 10:24 PM
    Income Protection Insurance - T&Cs 10th Apr 18 at 10:24 PM
    I'm looking to buy income protection insurance. Broker found me an insurance that will cover me until retirement should anything happen. I'm looking at T&C's though and the only definition about what would be covered is:

    "Incapacity
    Any illness or injury occurring during the
    cover period for which you seek treatment or
    consultation by a Doctor which prevents you from
    engaging in your normal occupation."

    It sounds a bit vague for me but broker is trying to convince me that this is standard practice among Income Protection Insurance products as it covers any illness and injury as long as I'm signed off by a GP or consultant.

    Does anyone have experience with this type of insurance? Is it really standard that incapacity definition is vague? Anyone have experience of claiming?
Page 1
    • dunstonh
    • By dunstonh 11th Apr 18, 1:41 AM
    • 92,145 Posts
    • 59,306 Thanks
    dunstonh
    • #2
    • 11th Apr 18, 1:41 AM
    • #2
    • 11th Apr 18, 1:41 AM
    which prevents you from
    engaging in your normal occupation."
    "your" being the key bit. The budget ones can say "any".

    It sounds a bit vague for me but broker is trying to convince me that this is standard practice among Income Protection Insurance products as it covers any illness and injury as long as I'm signed off by a GP or consultant.
    its income protection. Its not specific illness cover.

    Why do you think it is vague?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • kingstreet
    • By kingstreet 11th Apr 18, 9:50 AM
    • 33,173 Posts
    • 17,911 Thanks
    kingstreet
    • #3
    • 11th Apr 18, 9:50 AM
    • #3
    • 11th Apr 18, 9:50 AM
    This is "own occupation" definition, the best option in the market.

    Any occupation, work tasks or activities of daily living are all more difficult to claim on.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • stator
    • By stator 11th Apr 18, 10:06 AM
    • 6,155 Posts
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    stator
    • #4
    • 11th Apr 18, 10:06 AM
    • #4
    • 11th Apr 18, 10:06 AM
    IT sounds good to me.

    Would you really like a policy that was more specific?
    eg if it had a list of diseases:
    Heart Disease, Cancer etc.
    Then you get a disease that's not on the list and you're not covered.

    A lot of policies will have specific wording saying things like back pain isn't covered unless there is something visible on a scan. This is the type of specific thing you don't want on a policy
    Changing the world, one sarcastic comment at a time.
    • lesterxburnham
    • By lesterxburnham 11th Apr 18, 10:03 PM
    • 53 Posts
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    lesterxburnham
    • #5
    • 11th Apr 18, 10:03 PM
    • #5
    • 11th Apr 18, 10:03 PM
    thanks for replies! why is "own occupation" better than "any"?
    • dunstonh
    • By dunstonh 11th Apr 18, 11:07 PM
    • 92,145 Posts
    • 59,306 Thanks
    dunstonh
    • #6
    • 11th Apr 18, 11:07 PM
    • #6
    • 11th Apr 18, 11:07 PM
    thanks for replies! why is "own occupation" better than "any"?
    Originally posted by lesterxburnham
    You want it to pay out if you cannot do YOUR job. Not ANY job.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • stator
    • By stator 12th Apr 18, 12:51 AM
    • 6,155 Posts
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    stator
    • #7
    • 12th Apr 18, 12:51 AM
    • #7
    • 12th Apr 18, 12:51 AM
    thanks for replies! why is "own occupation" better than "any"?
    Originally posted by lesterxburnham
    Policy that says ANY job: You've been fired as a Surgeon earning 100,000+ because you have parkinsons but you can still get work at a computer (earning say 30,000) so we are not going to pay out. (Because you can still safely work in a different job)

    Policy that says YOUR job: You've been fired as a Surgeon earning 100,000+ because you have parkinsons, we have to pay out, because you can no longer do your job.

    As you can imagine, a YOUR JOB policy is more expensive.
    Changing the world, one sarcastic comment at a time.
    • kingstreet
    • By kingstreet 12th Apr 18, 9:47 AM
    • 33,173 Posts
    • 17,911 Thanks
    kingstreet
    • #8
    • 12th Apr 18, 9:47 AM
    • #8
    • 12th Apr 18, 9:47 AM
    thanks for replies! why is "own occupation" better than "any"?
    Originally posted by lesterxburnham
    ... because if you are able to do any job, you can't claim!
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • lesterxburnham
    • By lesterxburnham 12th Apr 18, 6:40 PM
    • 53 Posts
    • 0 Thanks
    lesterxburnham
    • #9
    • 12th Apr 18, 6:40 PM
    • #9
    • 12th Apr 18, 6:40 PM
    that makes sense, thanks a lot!
    • lesterxburnham
    • By lesterxburnham 12th Apr 18, 9:19 PM
    • 53 Posts
    • 0 Thanks
    lesterxburnham
    so, I've got a choice between Holloway Friendly with premium increasing over time OR Aviva with premium fixed

    I've never heard of Holloway Friendly and can't find many reviews. Aviva is bigger company which sounds more secure. Anyone has any experience with Holloway Friendly?
    • Weighty1
    • By Weighty1 13th Apr 18, 5:17 PM
    • 292 Posts
    • 114 Thanks
    Weighty1
    There's nothing wrong with Holloway as a company. Most friendly societies aren't well known, however, most have been around just as long, if not longer, than the big boys.

    One thing to consider is the total premiums payable. This should be shown on the quote and it should show that if you keep the plan until retirement the Aviva plan is likely to be far, far more cost effective. If, however, you are thinking you may only keep the plan for a few years but like the security of knowing it will pay out until retirement if you do fall long term ill then the Holloway would be the better option.

    Me personally, I'd go for the Aviva plan as it's got some nice additional benefits included in it such as trauma cover, child carer cover, hospitalisation benefit and Best Doctors. Me personally, I'd also spend an extra 4/month and include the Aviva Global Treatment. If the broker didn't tell you about that I'd ask them why as it's a fantastic benefit for 4/month as far as I'm concerned.

    Hope that helps
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