Answered by Tom Conner
Income Protection claims explained
Liverpool Victoria (LV) insurers have published claims data showing that their average claim length for income protection in 2012 was 7 years. Data is not available from all insurers, however LV’s figure indicates that it is best to have a policy that doesn’t limit the payment period; policies can be seen to pay out until retirement age.
Short term plans
Short term plans pay out for 12 months or 24 months. Whereas long term plans pay out until you return to work or until the policy expires. Many people on long term plans set the policy to expire at retirement age or to coincide with the end of their mortgage.
Understandably, the longer the payment period the higher the monthly premium so you would need to take your budget into account.
Drewberry Insurance can provide you with a quote online or you can speak to one of our advisers on 02084327333 to run through your options.
Frequently Asked Income Protection Insurance Questions
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