Can I get Income Protection if I have a manual job?

Can I get Income Protection if I have a manual job?

What is income protection?

Income Protection Insurance could provide you with a tax-free income, and continue to pay out until you are able to return to work or retire.

It pays out a monthly benefit if you cannot work due to illness or injury. The benefit can be used to help pay monthly bills, replace income and/or cover mortgage payments. Most Income Protection policies will provide monthly tax-free payments equivalent to between 50% and 65% of gross salary, although some companies do offer up to 70%. This cover does not typically include redundancy cover.

Our client

We were approached by a 30-year-old man who was looking for an income protection policy, as he was concerned that he had no financial security in place should he be unable to work due to sickness or injury.

He was a carpenter, so many providers would not insure him as he works in a highly skilled manual job.

Our client had no health issues other than suffering a fractured ankle a couple of years previously.  However, he told us that he had been experiencing some stomach pains recently and consulted his GP.  His Doctor requested a blood test which came back as normal,  so he was recommended to cut down on certain trigger foods such as bread and milk. He has done so and the pains have improved, yet no definite diagnosis has been given.

We recommended an income protection policy for him which would provide £1,500 per month, after a 4 week deferral period. This means that the insurance would begin to pay out the benefit 4 weeks after the first day of him being off sick.

Our Process and advice

At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.

Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.

Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk). Or, exclude a condition or a manual job role?

Might they decline the application? We want to avoid wasting time by making applications which may be declined.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. Future Proof is committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs.  You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.

The Outcome

The client decided to make an application.  However, due to the information he provided regarding his stomach pains, the Insurer decided to postpone his application for 6 months due to medical grounds, and not due to the nature of his manual job.  The reason for the postponement was to ensure that the pains did not progress into something worse, which could then result in time off work.

We then applied for the same policy but with a different insurer, who after a conversation with the client, offered him standard terms with no premium increases or policy exclusions.

The client is now happy with his income protection policy (£1,500 per month after a 4 week deferral period) for which he pays £25.17 per month.

Our case studies are based on real client outcomes

All our case studies are based on actual client scenarios, many of which pre-date 2020.  We are confident that the acceptance decision made by the insurers would still be offered, although it is likely that the rates will have changed. Your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example. Which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Call me backPlease feel free to read our Independent client reviews, or read about the team at Future Proof

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Can we rely on ‘free’ employment benefits?

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.

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