What does income protection insurance cover? Read this…
Compare own occupation income protection
Why not use the services of Reassured Advice to compare own occupation income protection policies?
Our team of experts can compare policies from all of the UK’s major providers, as well as smaller specialists, to help find you the best available deal.
The best part is Reassured Advice are fully FCA regulated and our income protection starts from just 50p-a-day.
Why not get in touch for your free quotes?
Incapacity refers to the inability to do something and, in the case of income protection, this refers to the inability to work (due to accident or sickness).
There are different definitions of incapacity and you’ll have to option to choose which one you’d like to be covered for.
Some definitions will provide greater levels of cover than others so it’s important to choose wisely.
When taking out income protection, you’ll typically be given the choice of three definitions of incapacity. These include:
Due to the different underwriting processes used, the terms and conditions of each definition may vary between providers.
This makes comparing quotes even more essential. Why not let Reassured Advice conduct this comparison on your behalf?
But what do these definitions mean?
Let’s look into the most common income protection definitions of incapacity…
Reassured Advice can compare income protection policies with own occupation, suited tasks and any occupation definitions of incapacity to ensure you find the right policy to meet your needs.
The best definition of incapacity for you will depend on your own personal circumstances.
Own occupation provides the most comprehensive cover as you won’t be asked to do any other job, you’ll simply be able to claim if you’re unable to perform your usual role.
For this reason, an own occupation income protection policy is widely recommended by financial protection experts.
However, there are some cases where an own occupation policy may not be suitable.
For example, those with occupations that are considered higher risk may struggle to secure a policy with an own occupation definition.
In this instance, a suited tasks or any occupation policy may be more beneficial.
While these definitions of incapacity may be less straightforward for those with low risk jobs, for those with high risk jobs (for example, very manual and physically demanding jobs) the type of illness or injuries sustained may fit into these definitions.
Income protection isn’t a one size fits all product so it’s best to discuss your needs with an expert who can provide you with details of the most suitable options.
Reassured Advice can talk through your personal circumstances to help you find the right policy to meet all of your needs.
Any occupation and own occupation are both definitions of incapacity within an income protection policy.
While they may sound similar, there are some key differences to these definitions.
The main difference being that an own occupation policy is more likely to pay out than an any occupation policy.
This is because an own occupation income protection policy will allow you to claim when you’re unable to carry out your own occupation and its associated tasks.
Whereas an any occupation policy will require you to not be able to work in any occupation for a claim to be successful.
|Any occupation||Own occupation|
|Least comprehensive definition (provides a more basic level of cover)||Most comprehensive definition (provides the highest level of cover)|
|Allows you to claim if you’re unable to carry out any occupation (this includes occupations that may not be your usual job)||Allows you to claim when you can’t carry out your own occupation|
|Premiums can be more affordable||Premiums can be marginally higher due to more comprehensive cover|
|May be more suited to those with higher risk occupations that may struggle to secure an own occupation policy or those who’re on a tight budget who want some form of cover in place||Ideal for those who want a complete coverage solution|
Speaking to an expert, like Reassured Advice, can help you to discover the right definition of incapacity for you.
Simply get in touch to speak to a friendly member of the team.
While own occupation income protection provides the greatest level of cover, the income protection you need will be the policy that meets your needs and is at a price within your budget.
Particularly, own occupation income protection can be beneficial for those who:
Policies with a less comprehensive definition of incapacity may have slightly lower premiums (due to the lower level of cover) so if you’re on a budget this it can be more appealing to opt for a suited tasks or any occupation policy.
Those with occupations that are considered to be more high risk (such as those with manual jobs) may not always be able to secure a policy with an own occupation definition and therefore may need to secure a policy with a suited tasks or any occupation policy.
Income protection applications are often judged on a case-by-case scenario and by speaking to an expert, such as Reassured Advice, you’ll be given the details of the policy that is most suited to your needs.
Reassured Advice can provide policies with own occupation, suited tasks and any occupation definitions of incapacity.
As an own occupation income protection policy provides the most comprehensive cover, you may pay a slightly increased premium compared to a policy with another definition.
This is because making a claim on an own occupation policy is the most straightforward, as you’ll be able to claim if you’re unable to do your specific job role - you won’t be asked to perform any other jobs.
Other key factors, regarding your policy and personal circumstances, will also contribute towards how much you pay for your monthly premium, these include:
Due to the different underwriting processes used, the price you pay may vary significantly between providers so it’s essential to compare quotes to ensure you’re getting the best deal.
It’s possible to secure income protection from as little as 50p-a-day through Reassured Advice.
*The waiting period is the time in between your first sick day from work and when your payments begin. This will be decided at the point of application
Unlike some other forms of cover, income protection doesn’t have a specific list of illnesses or injuries listed within the policy.
This means you’re able to make a claim for any illness or injury that prevents you from working for a long period of time.
Common income protection claims include:
The only conditions you won’t be covered for are pre-existing medical conditions, self-inflicted injuries or any illness or injury that’s as a result of drug or alcohol misuse.
To find the best deal on an own occupation income protection policy it’s essential to compare quotes.
You could conduct this research on your own or you could enlist the help of an expert, like Reassured Advice.
Reassured Advice can provide you with all the information you need about what options are available to you, as well as compare quotes on your behalf.
By doing this a friendly member of the team can find you a policy that meets all of your needs at a price within your budget.
Get in touch with Reassured Advice today for your free quotes.
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