Do income protection premiums rise if I make a claim?

I am think about taking out income insurance but want to make sure that the insurer won’t just increase the premiums if I need to make a claim on the policy. What is the effect on my premiums should I make a claim?

Question asked by David Burns
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Answered by Robert Harvey

The difference between ‘Reviewable’ and ‘Guaranteed’ premiums

Although with some types of insurance the premiums charged do increase if you make claims but with income protection this is not usually the case.

Some insurance products (such as private healthcare insurance and car insurance) tend to come with a no claims discount. With these plans you lose your no claims discount (or a proportion of it) if you make claims, which increases your premiums.

Claim as many times as you need to…

However, income protection plans do not usually come with a no claims discount and therefore claims will not impact on the premiums you pay. In other words, you can make a large number of claims and this will not increase your monthly premium.

It is important to note, however, that if you take out a plan with ‘reviewable premiums’ the insurer can increase premiums based on their overall level of claims across all customers. If you select the option of ‘guaranteed premiums’ then the insurer cannot increase your premiums at all.

income protection
 
claims
 
guaranteed premiums
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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