• What kind of cover can I get with income protection insurance?

Income protection insurance has been designed to protect you against income loss caused by injury or illness. The length of your coverage will depend on your preferences, with short-term income protection insurance policies generally offering you benefit periods of up to 24 months, while long-term income protection insurance policies can cover you all the way up to retirement age.

• How long do I have to wait before my claim is paid out?

The length of time you have to wait before getting paid – otherwise known as your ‘excess period’ – is actually up to you, because you can select how long you’re willing to wait when you purchase. For example, if you choose a 4 week excess, your benefit will be paid on the 61st day you’re off work; if you’re off for 5 weeks, you’ll get 1 weeks’ worth of pro-rata benefit.

• Am I covered for my existing medical conditions?

Your existing medical conditions will generally be excluded from your coverage, though due to the large number of insurers we work with, we may be able to negotiate more favourable terms for you – including reviewable exclusions (depending on the nature of the condition). With all income protection insurance policies, the insurer will explain your exclusions, but these will depend on the answers you gave in the medical interview you completed before your policy inception.

• What if I can’t provide a regular income?

As long as you are working over 16 hours a week, we do have providers that offer non-financially underwritten policies i.e. you don’t have to prove your income.

• Can I transfer policies from other providers to you?

When it comes to income protection insurance, you can’t transfer coverage between providers as policies are age-rated; an income protection policy will just stop if you end coverage, meaning that taking out a new policy will necessitate going through the whole process all over again – and usually it’ll involve a change in price, too.

• How can I make sure that all the terms & conditions are provided to me before I buy?

Best Insurance’s advisors will give you some limited information over the phone and provide detailed quotes by email. You should make sure you ask them for IPID documents and the full set of policy wordings, then read both of these carefully before you buy. If you have any questions, you should contact your advisor for answers.

• Can I take out two or more income protection policies?

You can indeed take out multiple policies, but many clients only need the one in order to meet their needs.

• With long-term income protection policies, can my benefit amount increase in line with inflation?

If you’d like your benefit amount to rise in line with inflation, you’ll need to seek out an RPI index linked policy. These policies can be more expensive, but they ensure that you don’t lose your buying power over long periods of time. 

• How long will it take to incept an income protection policy?

With any income protection policy, your advisors will initially need between 15 and 20 minutes to go through all your qualifying questions. Depending on your medical history, we may go straight into an application or may need to contact underwriters to obtain the best terms for you. 

• Can Best Insurance provide me with a comparison of quotes?

Yes, Best Insurance can provide you with a range of income protection insurance quotes. Best Insurance also provides various options bespoke to your requirements.

• Can I cancel my income protection insurance policy after a few months if I don’t need it?

With most policies, you’re not tied to the insurer by any long-term contractual arrangements, so you can cancel your policy at any time. Though we will never charge you an administration fee to cancel, some insurers will; please read your terms & conditions for further information. If you have outstanding premiums, these will have to be paid before your policy can be cancelled.

• Do I need to disclose my outgoings when buying income protection insurance?

Income protection insurance will need you to disclose both your income and your usual monthly expenses so we can be sure that the product we’re recommending to you is affordable.

• Why should I buy from Best Insurance?

Best Insurance is one of the largest retailers of income protection insurance, which means that when you buy from us, you buy from the market leader. You get no-obligation quotes, free information, support in selecting an appropriate policy, market comparisons, and explanations for policy conditions, which will ensure you fully understand and qualify for your product. All these come at the most competitive price.

• Can I include my partner as a joint policyholder?

No; all income protection insurance policies are based on your own individual income and outgoings, so you cannot include your partner as a joint policyholder.