The Exeter Income Protection Review

The Exeter is an insurance company that provides a variety of products and services to meet the needs of its customers.

In this guide:

• The History of Exeter
• What Income Protection policies does The Exeter offer in the UK?
• How much does Income Protection from The Exeter cost?
• What do customers say about The Exeter?
• The pros and cons of The Exeter Income Protection
• Claiming from The Exeter

The History of Exeter

The Exeter has in recent years become one of the leading providers of health insurance and cash plans in the UK. Their products are now available to members of more than 200 organisations, ranging from small businesses to large employers.

The Exeter is a life assurance company which was established in 1927 and is still based in the city of Exeter, Devon.

Originally known as Exeter Family Friendly Society, the organization merged with Pioneer Friendly Society in 2008, becoming the trading name of the new merged organization.

In 2015, The Exeter underwent a re-branding, and acquired a portfolio of individual and corporate cash plan schemes from Engage Mutual Health. This extended their range of products beyond Private Medical Insurance and Income Protection.

In 2017, The Exeter launched two new products – ‘Managed Life’, aimed at people with type 2 diabetes or a high BMI; and ‘Impaired Lives’, which offered life insurance for those that would otherwise find it difficult to obtain cover. Both products were quickly adopted by members of more than 200 organisations across the UK.

Today, The Exeter is one of the leading providers of health insurance and cash plans in the UK. Its range of products provides individuals and employers with comprehensive cover for their medical needs.

What Income Protection policies does The Exeter offer in the UK?

The Exeter, a UK-based insurance provider, offers income protection policies to help individuals and their families protect their income in the event of illness or accident. These policies provide a monthly benefit of up to 60% of an individual's earnings (before tax) for up to two years if they are unable to work due to illness or injury. The policy also includes a range of additional benefits such as access to specialist advice, rehabilitation services, and financial advice. The Exeter also has a range of additional features that can be added to the policy at an extra cost, such as payment of the policy excess if the claim is successful, cover for cancer treatment and critical illness, and cover for redundancy.

How much does Income Protection from The Exeter cost?

• 35-year-old UK customer without any pre-existing medical conditions would pay around £13.82 per month for up to £2,500 of monthly income protection cover.
• A 50-year-old UK customer with pre-existing medical conditions would pay around £24.20 per month for up to £2,500 of monthly income protection cover.
• A 65-year-old UK customer without any pre-existing medical conditions would pay around £46.89 per month for up to £1,000 of monthly income protection cover.

What do customers say about The Exeter?

✅ Very efficient paperwork, sent when expected

✅ Offered extra cover for less monthly outlay

✅ Collects Direct Debits efficiently

✅ Agent was informative and polite on the phone

❌ Too lazy to read the whole medical report

The pros and cons of The Exeter Income Protection

Pros:

-The Exeter provides a wide range of income protection policies, ranging from short-term to long-term plans.

-The policies are designed to provide financial protection for policyholders in the event of an accident, illness or injury.

-The premiums are competitive and the coverage offered by the Exeter is comprehensive.

-The policies are designed to cover lost wages due to an incapacitating illness or injury, as well as providing other benefits such as reimbursement for medical expenses.

-Policyholders also have access to an online portal where they can access their coverage information and make premium payments.

Cons:

-The Exeter does not offer any form of unemployment coverage, which may be a concern for some policyholders.

-It is important to note that there is a waiting period before benefits become payable, so this should be taken into consideration when selecting a policy.

-The Exeter does not provide coverage for self-employed individuals, which may be a problem for some.

Claiming from The Exeter

According to The Exeter's most recent financial results, the company paid out 97.7% of all Income Protection claims in 2019. This is slightly higher than the previous year, when they paid out 97.6%. This means that The Exeter continues to have one of the highest claim pay-out rates in the industry.