What Is An Income Protection Deferred Period?
Question asked by Josh Lacey
I’m looking to take out Income Protection, how soon can I make a claim?
With the majority of Income Protection, Critical Illness and Life Insurance policies you are able to make a claim at any point after the policy start date.
During the application process the insurer asks about your medical history. From there they will decide if they can offer you cover. If they do not place an exclusion on the policy then the insurer will accept the risk from the start date onwards, so if you suffer a condition the very next day you can claim right away.
If you suffer from a pre-existing condition it is likely the insurer either decline offering you cover or place an exclusion on the plan. This means unfortunately you won’t be able to make a claim straight away if it’s for a condition you already had at the time the plan was taken out.
Some Payment Protection policies have automatic exclusion periods so be careful if you take out this type of cover.
If you’re looking to set up an Income Protection policy please get in contact with one of our advisers, we can run though any questions that you might have and help you find the most suitable policy. Our service is fee free and we have access to the whole of the UK insurance market.