Yes, absolutely.

It’s one of main benefits of a traditional long term Income Protection plan over a short term payment protection policy.

For serious medical conditions, 12 months of cover usually isn’t anywhere near enough. For instance, the insurer Liverpool Victoria has an average claim length of 7 years and 7 months on their long term Income Protection product.

Insurers used to set the maximum age the plan could run until age 65 as this was ‘the’ retirement age. However, as we are starting to work later and later many insurers will even offer cover up until age 70 now. It makes sense to set the policy termination age equal to the age you expect to retire.

If, for example, you suffered a debilitating illness which left you unable to work for 5 years, a long term plan would pay out every month for those 5 years (less your chosen deferred / excess period). Essentially, the policy continues to pay out either until you are well enough to return to work or you reach the retirement age set on the plan (i.e. the policy termination age).

Aligning your policy end date to your expected retirement date

If you expect / plan to retire earlier than 65 or 70 years of age then it is perfectly fine to set the policy termination age earlier. Given that the chances of becoming ill are relatively higher post age 60, bringing down the termination age of the plan can lower the monthly premiums significantly.

If you are considering your Income Protection options and want to know more then please do not hesitate to pop us a call on 02084327333 or email help@drewberry.co.uk.

Why Speak to Us…

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 let us help.

• There is no fee for our service
• We are independent and impartial
  Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
• We’ve got bargaining power on our side
  This allows us to negotiate better premiums for you than you going direct yourself.
• You’ll speak to a dedicated specialist from start to finish
  You will speak to a named specialist with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
• Benefit from our 5-star service
  We pride ourselves on providing a 5-star service, as can be seen from our 4138 and growing independent client reviews rating us at 4.92 / 5.
• Gain the protection of regulated advice
  You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
• Claims support when you need it the most
  You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.