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The Exeter | Income Protection Products

Founded

1927

Company Type

Friendly Society

Company Overview

Previously known as Pioneer and Exeter Friendly the two brands have been brought together to form Exeter Family Friendly. Exeter Family Friendly was rebranded in 2015 to The Exeter. They aim to provide transparent and affordable products, complimented by high quality and personalised service.

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The Exeter – Income Protection Products

The Exeter have a range of Income Protection policies to suit a range of needs, from a short-term policy in Bills & Things which requires no financial underwriting to Income One which is specifically targeted at low risk occupations.

Products

Type
of Product

Max. Claim Duration

Occupation Definition

Premium Type

Documents

Bills & Things

Accident &
Sickness Only

Limited

Own Occupation

Age Banded

Pure Protection

Accident &
Sickness Only

Unlimited

Own Occupation

Age Banded

Income One

Accident &
Sickness Only
Only Designed for
Low Risk Occupations

Unlimited

Own Occupation

Age Banded

Policy Terms PDF Key facts PDF
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The Exeter Policy Summary

An overview of The Exeter’s range of policies.

Exeter Family Friendly have three income protection products designed to cater to very different circumstances, including both manual workers and office based workers:

Bills & Things

  • The own occupation definition of incapacity is offered to nearly all occupations so even very manual workers are able to gain the most comprehensive protection;
  • The policy can be set-up with a maximum payout period of either 12 months or 24 months to cater to different budgets;
  • It is possible to cover up to £1,000 per month without proof of earnings, so individuals in new jobs without an earnings history are able to gain cover.

Pure Protection

  • This is their long-term plan designed for higher risk workers, providing own occupation cover throughout the life of any claim;
  • The policy can payout either until you are well enough to return to work or your reach the end of the policy life, which can be set at a maximum age of 68 years old;
  • It is possible to cover up to 65% of taxable earnings, up to the policy limit of £10,000 per month.

Income One

  • This policy is only available to the very lowest risk occupations, such as those with based office non-sales related job functions;
  • Much like the Pure Protection plan, this policy is a long-term policy with the capability of paying out until retirement age but has a lower premium rate table;
  • Up to 65% of taxable income can be insured with a limit of £8,333 per month, and it is possible to guarantee 50% of income if evidence of earnings are provided upfront.

 

 

Drewberry reviews The Exeter’s Income Protection…

As The Exeter are a Friendly Society that only specialise in income protection and private medical insurance they are not particularly well known but have an excellent reputation for customer service and claim payout rates.

Key Comparison Points

  • The Exeter have products that allow both manual workers and office based workers to gain access to own occupation cover, and their Bills & Things plan is a popular alternative to income payment protection;
  • Contrary to most other insurers, The Exeter allow deferred periods as short as 1 day and 7 days, which often suites those with a very low level of savings;
  • In order to contain the monthly premium for individuals on a tight budget, Friends Life also offer a policy option where the plan could only payout for up to 24 months in total;
  • It is important to note that the monthly premiums rise with age for all The Exeter plans, so it is important to compare the long-run cost with various providers.

Policy exclusions

Although the terms and conditions state that pregnancy is an exclusion, this wouldn’t be covered with any insurer as pregnancy isn’t an illness. Any incapacity resulting from abnormal childbirth would be covered.

If you decide to live outside of the UK, Europe, North America or Australasia then The Exeter would not continue to pay a claim until you returned to one of these regions.

Please also note that this insurer would not cover any incapacity resulting from cosmetic surgery or sterilisation.

Financial strength

The Exeter is a large Friendly Society with over 64,000 members, £74.8 million in reserves and gross assets of £132 million (figures as of 2010).

 

 

The Exeter Income Protection – Q and A

A series of commonly asked questions with regards to the policy coverage of the Exeter Family Friendly suite of income protection products.

Q. I’m an accountant so I think the Income One policy would be okay for me but I was wondering how much the premiums go up over time with this plan? I was quoted this by another company but they didn’t tell me the premiums go up.

A. The premium rise is fairly gradual up until the age of around 50, then the premiums can increase fairly quickly as these are very high risk years (the policy terms contain the full rate table and can be downloaded above).

However, given that you’re an accountant you would be entitled to cover with another insurer that has guaranteed (fixed) premiums so it is important to consider both options, working out which option would be the most cost-effective over the life of the policy.

Drewberry uses an internal calculator to compare the total premiums of each policy so please contact us to run through pricing specific to yourself (it is often the case that age-banded premiums are initially much lower but the total premiums work out higher over the life of the policy due to premium rises).


Q. I like the look of the Exeter Family Friendly income insurance but do the premiums go up if I need to make a claim?

A. No, the premiums are based on your age not whether you make claims. In fact, you can make as many claims as is needed and the insurer cannot charge you a higher premium, nor can the insurer cancel your cover because you’ve made lots of claims.

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