Looking for advice on having to go on income protection.

[daveclarke5]

I am out of work at the moment due to mental health issues, I have my own income protection policy in plsce, I’m just trying to plan ahead should I end up out of work for a period of time, if I did have to apply to use my income protection policy is there any potential reason why they wouldn’t pay me out? And if I did need to claim off it for a period of time do they make it difficult to do this? My broker advised me to take it out and I never really thought I would have to use it so never gave it much thought until now

 

[Dr Strangelove]

I’m just trying to plan ahead should I end up out of work for a period of time, if I did have to apply to use my income protection policy is there any potential reason why they wouldn’t pay me out?

Sorry to hear this and I hope you make a recovery.

It’s important that all of this is documented very carefully from a medical perspective. I’m not an expert but I would imagine that a diagnosis of mental health issues leaving you completely unfit for work would need to come from a psychiatrist.

Also, you will need to demonstrate that your condition didn’t pre-date the start of the policy

 

[GSheehy]

One of the Income protection providers published their claims stats last week and reasons for claims were:

Cancer 37% Musculo-skeletal 19% Mental Health 15% Neurological 10% Heart 7% Respiratory/Circulatory 1% Other 12%

Age profile of claimants :

Up to 40 23% 41-50 33% 51-60 37% Over 60 7%

 

[daveclarke5]

Thanks for coming back to my query, would the details from my GP not suffice?

 

[ClubMan]

Thanks for coming back to my query, would the details from my GP not suffice?

You'll probably need to check the terms and conditions of your policy and maybe talk to the providers/underwriters.

 

[Dr Strangelove]

Thanks for coming back to my query, would the details from my GP not suffice?

I have no direct experience.

But I highly doubt that an insurer would commit to a payout of hundreds of thousands of euros (and that's a typical lifetime claim on one of these policies) without a specialist's opinion. Possibly their own specialist as well to make an independent assessment of you.

 

[LDFerguson]

Thanks for coming back to my query, would the details from my GP not suffice?

Sorry to hear of your mental health issues. As mental health issues are more difficult for an insurance company to independently confirm than, say a physical injury, it is likely that they will require a report from a consultant in the mental health area verifying that you are unable to work.

 

[daveclarke5]

Anyone on here ever have to go on income protection?

 

[ClubMan]

Your post is a bit unclear.
Are you asking about taking out an income protection policy?
Or about claiming on such a policy that is already in effect?
What sort of specific information are you looking for?

 

[daveclarke5]

Claiming on a policy which is in place. I am out sick at the moment and may need to utilise a policy I have in place, I’m just wondering if anyone has any experience in having to claim on a policy, do the insurance company make it difficult to make the claim and then when you are claiming do they hound you until you are fit to go back to work or do they leave you alone to get better.

 

[Landscape]

From some very limited experience with Aviva, they appear to follow the policy quite accurately and don't make it excessively difficult to obtain. My main recommendation would be to start the claim sooner rather than later as it can take time for all the paperwork to be processed(2-3 mths). Not because of specific delays with Aviva, more due to navigating GPs & consultants with form filling etc.

 

[DannyBoyD]

has any experience in having to claim on a policy,

Yes

do the insurance company make it difficult to make the claim

not in my case

and then when you are claiming do they hound you until you are fit to go back to work

Again not in my case; though I know others who had a different experience.

Is this a company benefit, or do you have your own policy?

 

[ClubMan]

Claiming on a policy which is in place.

Ok, so this situation I guess?

Nationwide - Recommendations for good income protection please.

Recommendations for good income protect please. T.i.a

www.askaboutmoney.com

Is this a company benefit, or do you have your own policy?

I am out of work at the moment due to mental health issues, I have my own income protection policy in plsce

 

[DannyBoyD]

out of work at the moment due to mental health issues, I have my own income protection policy in plsce

I won't pretend to be an expert in this field; so this is from my / others experience.

1. You are going to need some fairly hefty diagnoses / consultant reports.

Mental health is not as straightforward to establish as (say) cancer. That's not to say its not serious, just harder to get over the line.

2. Check your policy and find out what the limits are. E.g. does it say, unable to do your regular work or *any* work.

3. Check what time limit is on your policy. Will it cease after x number of years or is it indefinite.

 

[daveclarke5]

It’s my own policy, it runs to age 65

 

[ClubMan]

Several people previously offered you advice and feedback on this issue here:

Nationwide - Recommendations for good income protection please.

Recommendations for good income protect please. T.i.a

www.askaboutmoney.com

 

[DannyBoyD]

runs to age 65

Do you mean you can make a claim at any age up to 65?

Or

Do you mean the policy will continue to pay out until you are 65?

 

[ArthurMcB]

The latter, id magine

 

[bkenn14]

Be Gentle on people who may struggle to understand things that others find easy to understand when going trough difficult times,

 

[GSheehy]

My broker advised me to take it out

What has your broker advised on the claim?

She/He is the person best placed to advise you on this as they will have a greater understanding of the full case, from inception. Dealing with the claim would be part of the deal from the commission that they received.