Drewberry™ provide pensions, investment and insurance advice for Money to the Masses readers throughout the UK.

take our income protection early

Why it pays not to delay on Income Protection

Taking out income protection, or any other insurance for that matter, can often start off with good intentions, possibly spurred on by a job change, new mortgage or birth of a child and maybe we have an initial look but get don’t quite get over the finish line, leaving it on the ‘to do list’ for another day.

However, there can be significant advantages to taking out cover sooner rather than later, which include:

  • Locking in lower premiums by taking out cover at a younger age
  • Potentially even paying lower total premiums for a longer period of cover
  • Avoiding policy exclusions by taking out cover before suffering medical conditions

We cover each of these points in little more detail below but feel free to contact us on 02084327333 to discuss your specific situation further.

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Lock in lower income protection premiums

For all but the most manual of occupations it is usually possible to take out a policy with premiums that are fixed over the life of the policy. This is often the most cost effective way of setting up cover for the long term as the insurer cannot increase your premiums as a result of their claims experience.

As the risk of needing to claim increases with age so does the entry premium the insurer charges (which is then fixed over the policy term with ‘guaranteed premiums’).

Here is an example of a non-smoker looking to cover £1,500 per month with the policy paying out after 13 weeks of incapacity. The plan runs to age 65 and could payout until that age if the client couldn’t return to work.

income protection premium by age

As the chart shows, premiums rise significantly with the entry age to the policy. It therefore makes sense not to leave taking out cover on the ‘to do list’ for too long as your policy could end up costing a lot more. In other words, it often makes sense to lock-in your premiums at as young an age as possible.

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Potentially pay lower total premiums

The section above showed how much the premiums can go up with entry age, indicating that it can pay to take out cover earlier rather than later.

Naturally you would be paying the (lower) premiums for longer and be covered for longer, but one surprising outcome of some research we undertook in 2013 was that it can often work out cheaper in total by taking out cover earlier (you can see the research here).

lower income protection premiums

In a large number of cases the total premiums you pay (i.e. monthly premiums multiplied by the total number of months your policy lasts) can actually be lower the younger you take out cover. Potentially being covered for longer for less is another reason why it could pay not to delay.


Avoid future policy exclusions and premium loadings

When taking out income protection you will disclose medical information to the insurer (we complete applications for our clients over the telephone) and based on that information the insurer will decide if they need to place an exclusion on the policy or increase the premiums charged to reflect a higher level of risk.

A big part of our job as independent advisers is speaking with the underwriters at all leading insurers in order to try and obtain the best terms for our clients.

The simple reality is that every day there is a chance something could happen to our health, whether that is due to an accident or illness, and therefore it makes sense to take out cover before something does happen and you potentially end up with an exclusion or increased premium, or even worse the insurers decline offering you cover at all.

Unfortunately, our 2014 Protection Survey found that 1 in 6 people look for incapacity protection when they are already ill or injured, and in a lot of cases it is too late to take out cover.















Bright Grey



The Exeter



The Exeter



Friends Life

(1) The monthly premiums quoted were for a non-smoking office based worker and were for the lowest priced insurer as of 06/11/2015
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Need Expert Assistance?

We simply want to ensure you have all the available information when making a decision as to which income protection product best fits your needs.

From simply finding out whether an insurers premiums are guaranteed or wanting to know the claims statistics for a particular insurer, please do not hesitate to pop us a call on 0208 432 7333.

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