Income Protection FAQs

Income Protection Plus - Frequently Asked Questions

What does Income Protection Plus cover me for?

Precise Protect’s Income Protection Plus plan protects you 24/7, 365 days a year, providing monthly payments to help cover for  the loss of income if you are off work due to an illness or accident. The plan also provides a lump sum payment for fractures, and for accidental death.

Who can buy Precise Protect’s Income Protection Plus plan?

Any UK resident aged 18-69 inclusive can purchase a policy, so long as you have been working a minimum of 16 hours per week for at least 6 months prior to taking out the policy. If you are self-employed, you must have been working continuously for at least 6 months prior to the policy start date. You can enjoy this cover up to your 70th birthday.

Does the plan cover sport?

Under Precise Protect’s Income Protection Plus plan you are covered while participating as an amateur in any sport except for combat sports and motorsports. If you do participate in motorsports, we can cover you with our specialised Motorsports Income Protection plan (available on our PP Sports Page)

[FAQ of the WEEK]

Is there an additional charge if I take part in adventure sports?

If your sport is not an excluded sport or a motorsport (see above), you will pay the same low-cost monthly premium for the same Precise Protect Income Protection Plus plan as any other sports person. In fact, unlike many other plans, you also pay the same premium whether you are 18 or 69, and regardless of your (approved – see below) occupation.

Are there any excluded occupations?

This plan cannot cover you if you play professional sports, take part in any form of aviation, except as a fare paying customer on a commercial flight, or use a motorcycle to perform your work.

Am I protected when travelling abroad?

Yes, you are covered when travelling abroad, so long as you have not been out of the UK for more than 12 weeks in the 52-week period prior to making a claim.

Do you cover pre-existing injuries and medical conditions?

We do cover pre-existing injuries and medical conditions with the exclusion of any injuries and medical conditions you are aware of, or that you have received treatment for in the 12 months prior to the policy start date. These conditions will become covered 24 months after the policy start date so long as you have been symptom free and have not consulted a doctor or received treatment for the condition(s) in that period

Do I have to undergo a medical examination?

Our Income Protection Plan Plus is immediate acceptance based on the conditions of a moratorium, which means you can purchase our insurance plan straight away without having to fill in lengthy health questionnaires or undergo a medical examination and then wait for an underwriter to give the go ahead.

The moratorium is an exclusion for cover of any pre-existing injuries and medical conditions you are aware of, or that you have received treatment for in the 12 months up to the policy start date. These conditions will become covered 24 months after the policy start date so long as you have been symptom free and have not consulted a doctor or received treatment for the condition(s) in that period.

Why do you cover only 60% of my income?

The maximum benefit payable is set at 60% of your gross, pre-tax salary because your income protection plan cannot pay you a higher benefit than the income you would receive while at work.

If you believe you might need a higher level of cover, please let us know in the enquiry form or call 0800 520 0218 to discuss our other plans.

How long can I claim a benefit?

The Precise Protect Income Protection Plus Plan pays monthly benefits for up to 12 months for a single claim. If you would like to protect yourself in the event you are off work for longer than a year, please call free phone 0800 520 0218 to learn more about our long-term income protection plans.

What is the 14+ and 30+ day deferred period about?

The 14+ and 30+ day deferred period refers to the time you must be off work before you can submit a claim. In either case, your successful claim will be back paid to your first day off work.

I am self employed so how do I prove my income?

Unlike other policies on the market where you need to provide evidence such as SA302s or certified accounts, we’ve made it as simple as possible for you to make your claim. You will only need to provide:

  • 6 months bank statements AND/OR;
  • Evidence of Class 2 National Insurance Contributions
 

Question not answered above?

Call our freephone on 0800 520 0218 to speak to an experienced Precise Protect Adviser

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