1888
Friendly Society
With links going back as far as 1888, The Exeter as it is today was founded in 2008 when two friendly societies joined forces: The Exeter Friendly Society and Pioneer Friendly Society.
As a mutual friendly society, it operates for the benefit of its members. It offers two different types of Income Protection policies, one of which is Pure Protection Plus.
It has won several awards for its policies and service over the years, including being awarded 5 stars for the Financial Adviser Service awards for 4 years in a row.
Pure Protection Plus is one of the few products which can provide individuals in higher risk occupations with an ‘Own Occupation’ incapacity definition.
Overview of Key Policy Details
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Policy Type | Income Protection |
Premium Type | Age banded
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Maximum Claim Duration | Unlimited |
Incapacity Definition | Own Occupation |
Deferred Period | Day 1 / 1 week / 4 weeks / 8 weeks / 13 weeks / 26 weeks / 52 weeks |
Indexation | Optional |
Waiver of Premium | Automatically included |
Maximum Cover | 60% of the first £100,000 of your taxable income and 40% of your income above £100,000. |
Minimum Entry Age | 18 years old |
Maximum Entry Age | 59 years old |
Minimum Policy Term | 5 years |
Maximum Cease Age | 70 years old |
Guaranteed Insurability |
Increase your benefit for a maximum of 20% or £500 per month. Available up to your 55th birthday and subject to terms. |
Policy Exclusions | No standard exclusions |
We have taken care to ensure that the information on this Drewberry owned website is accurate. However we can give no guarantee as to the accuracy of the content of the site. We accept no liability for any losses whether direct or indirect arising from errors on our part.
Taking out cover with a mutual society such as The Exeter means you become a member. This gives you the right to vote in the insurer’s Annual General Meeting and a say over how the provider is run.
The majority of The Exeter’s additional benefits are found within its HealthWise program, which is accessed via smartphone app. This offers:
Another benefit is Proportionate Benefit, which will pay a reduced benefit if you aren’t able to return to your own occupation but instead take up a different occupation with a lower income. You can continue claiming this reduced benefit while working until:
The Exeter in 2016 had gross assets of £195 million and reserves of £119 million. Both of these numbers saw an increase during 2015 with gross assets growing by as much as £21 million. The Society’s capital reserves represent 249% of its solvency capital requirement under the new Solvency II rules.
We aim to know the policies we advise on inside out and back to front. Below we have answered a couple of commonly asked questions with regards to the policy coverage of the Exeter’s Pure Protection Plus.
A. Depending on where you go outside of the UK, you may still be able to claim. The Exeter will keep you covered as long as you are in or return to any of the following countries:
UK / EU / Australia / Canada / Channel Islands / Gibraltar / Iceland / Isle of Man / New Zealand / Norway / Switzerland / United States of America
A. The Exeter asks that you choose a cease age for your policy that is between 50 and 70. However, you’re not tied to your policy and you can cancel it sooner if you feel that you do not need it.
As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.
Pop us a call on 02084327333 or email help@drewberry.co.uk.
Tom Conner
Director