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The Exeter Income Protection Insurance

Income Protection Insurance.  Enjoy 3 Months' FREE cover

Fill in the form on this page with the code BL3MF to qualify for THREE MONTHS’ FREE COVER when you set up your income protection policy with us.

The Exeter Income Protection – Introduction

Founded in 2008, but with links going back as far as 1888, The Exeter was formed from the coming together of two friendly societies: The Exeter Friendly Society and Pioneer Friendly Society.

This insurer has no shareholders to please, therefore it acts in the interests of its members.  The Exeter offers a comprehensive range of income protection products.

Also, they’re award-winning.  They’ve been awarded five stars in the Financial Adviser Service Awards 4 years running.

Over the last 10 years, The Exeter has paid out over 95% of all income protection claims.

How Financially Strong is The Exeter?

The Exeter is performing well.

Gross IP benefits and claims totalled £7.6million, an 11.9% increase on 2017; on a net basis, after allowing for reinsurance recoveries, there was an increase of 1.6% to £5.2 million.

Net operating expenses increased by 17.0% from £13.7 million to £16.0 million, as a consequence of product and system development projects within the organisation.

The Exeter Income Protection.  Your At-A-Glance Guide

The Exeter has a very good reputation for customer service and claim pay-out rates.  They offer two types of income protection cover: Pure Protection Plus and Income One Plus.

These products are quite different; therefore, we have summarised them separately outside our normal table format:

The Exeter Income Protection: PURE PROTECTION PLUS 

  • This type of cover suits higher risk occupations. For example, skilled tradespeople (builders etc)
  • Own occupation cover is used throughout.
  • You will be able to claim for a maximum of 2 years, 5 years or it can be unlimited.
  • You can choose the cease age of your policy – anything from aged 50 to 70.
  • Age-banded premiums. Your premium payments will rise year on year, in line with your age.
  • There are no standard policy exclusions.
  • You can fix your benefit – ideal if your income tends to fluctuate.
  • Should you wish it, you can take a career break with your premiums being waived. You can also increase your premium in the case of certain lifestyle changes, for example having a child (or adopting), increasing mortgage payments or earning more over a longer period.  This is guaranteed insurability up to 20%.
  • You can insure your earnings for a maximum monthly benefit of £10,000.

The Exeter Income Protection: INCOME ONE PLUS 

  • This cover suits occupations considered to be at low risk. For example, professional or administrative.
  • Age-banded or level premiums are available, the latter meaning that your premium may start high but remain consistent, ultimately reducing with level of inflation.
  • This policy offers an own occupation
  • You will be able to claim for a maximum of 2 years, 5 years or it can be unlimited.
  • Should you wish it, you can take a career break with your premiums being waived. You can also increase your premium in the case of certain lifestyle changes, for example having a child (or adopting), increasing mortgage payments or earning more over a longer period.  This is guaranteed insurability up to 20%.
  • You can cover up to 60% of your income up to the first £100,000 and up to 40% over and above this amount.
  • There are no standard policy exclusions.
  • You can fix your benefit – ideal if your income tends to fluctuate.

General Points and Benefits about The Exeter Income Protection

It’s worth noting that The Exeter only offers own occupation cover.  In our opinion, this is by far the most useful and appropriate definition.  In a nutshell, your policy will pay out if you are unable to work at our own occupation rather than any role.

Both options offer cover from day one.  This is unusual for income protection insurance.

Both options also offer various deferred periods (the time you have to wait until your benefit will pay out).

The Exeter offers an automatic waiver of your premiums if you make a claim. You don’t need to claim for it separately.

Both options provide Rehabilitation Benefit and Proportionate Benefit, offering reduced benefits if you return to work part-time or with a lower salary, before you are fully “back up to speed”.

You should be aware that with age-banded premiums, your monthly payments will go up every year.  However, The Exeter will give you 30 days’ notice of any changes.

The Exeter offers access to a GP helpline, a confidential support service and a private prescription service.

The Exeter’s approach is very flexible – although it isn’t a particularly high-profile provider of income protection.  The society offers its members the opportunity to adapt their policies to suit changing lifestyles of circumstances.

Do YOU need advice from Black Lion Insurance?

As you can see, The Exeter offers a number of advantages when it comes to income protection.  In particular, their offering is simple, and you know where you stand.

However, as with all insurance products, some providers may be more suitable for your needs than others.  Income protection is designed to keep you afloat from a financial point of view if you become ill or are seriously injured.  Therefore, it’s very important to choose the right policy.

Don’t be confused.  Don’t be overwhelmed.  Simply contact Black Lion Insurance.

Our aim is to educate our clients as much as we can; we work daily with our income protection partners, including The Exeter, and we’re well versed in in the nuances of each provider and the cover that they provide.

So yes, rather than spend hours researching what you think is the best income protection policy, but which may turn out not to be, come to us.

Again, rather than invest your precious time finding a policy with potentially over-steep premiums, come to us.  We may be able to offer you best-in-class options due to our negotiation power.

And don’t forget…

Income Protection Insurance.  Enjoy 3 Months' FREE cover

Fill in the form on this page with the code BL3MF to qualify for THREE MONTHS’ FREE COVER when you set up your income protection policy with us.

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Income Protection FAQs

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What our clients are saying

Black Lion insurance were great in helping me get through the countless jargon and pitfalls when it comes to setting up insurance. I was thankfully recommended to them by a colleague and they made the process seamless ensuring I have the most appropriate policy for me.
Thomas

I’m an IT contractor and I wasn’t sure if I was eligible for this cover, however, to my delight, not only could I have the cover, but I could pay it through my Ltd company. I was covered within an hour of getting in contact. Very prompt and informative service!
Sanjay P

Polite and very clear when explaining my product of interest. Happy to answer any questions and recap on areas that I wanted to ensure I understood clearly before committing. Didn’t feel pressured or rushed at any point and the chap was very pleasant.
Donna Rudd

About Us

Part of Halo Consulting, Black Lion Insurance are a dedicated team of insurance consultants with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.

The guidance and/or information contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK

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Black Lion is part of Halo Consulting and a trading style of Halo 2018 Ltd which is authorised and regulated by the Financial Conduct Authority (FCA). Financial Services Register Number 811239. “