Income protection news this week revealed that the biggest claim to date was paid by The Exeter.
The Exeter stated that: Our highest paid claim to date on income protection is £500,000. That's a significant amount of money that wouldn't have been accessible to our member had they not taken cover in 2010.
Income protection works on the basis if you cant work it pays money on a regular basis to pay our costs and or Mortgage etc. This is unlike critical illness which works on the basis of a claim paying a tax free lump sum for only the specific conditions on that plan AND it has to meet the severity stated.
Knowing what protection is covered (like which illness or events), how the application process works (do we need to wait for a medical?), how to make future proof and obviously the costs isn't as simple as ring one company as they are all very different.
Golden Rock Solutions gives FREE independent advice . We often work with families to try and push their costs of protection down, cover more illnesses and make a better fit. After all nobody wants to be ill but we definitely want the protection to support us if we are!
