Wesleyan Income Protection Review

Wesleyan is a financial services provider that offers life assurance, pensions and investments.

In this guide:

• The History of Wesleyan.
• Wesleyan offers Income Protection policies in the UK.
• How much does Income Protection from Wesleyan cost?
• What do customers say about Wesleyan?
• The Pros and Cons of Wesleyan Income Protection
• Claiming from Wesleyan

The History of Wesleyan.

Wesleyan Assurance Society was founded in 1841 in Birmingham, England. The company was established by a group of Wesleyan Methodists who wanted to provide financial security to their members in the form of life assurance and annuity products. In 1845, Wesleyan became the first company in the UK to offer a life assurance policy with profit sharing benefits. Over the next few decades, the company continued to grow and expand its product range to include endowment policies, accident and sickness insurance, investments, and pensions. In 1968, Wesleyan merged with Provincial Insurance Company Ltd., creating one of the largest insurance companies in Britain at the time. In 1972, they acquired another major insurer, Westfield Life Assurance Co Ltd., further expanding their portfolio of products and services. Throughout the 1980s and 1990s, Wesleyan continued to grow, launching new products such as income protection and mortgage protection insurance. They also moved into new markets such as health insurance and critical illness cover. In 2005, Wesleyan completed a major rebranding exercise which saw them adopt their current name - Wesleyan Assurance Society - as well as introducing a new corporate logo. This rebranding was part of an effort to modernise their image and appeal to a younger customer base. Today, Wesleyan offers a wide range of financial services including life assurance, pensions, investments, health insurance and mortgages. They are one of the leading providers of healthcare services for both individuals and businesses in the UK.

Wesleyan offers Income Protection policies in the UK.

Simple.

How much does Income Protection from Wesleyan cost?

basic monthly premium would start at around £11.50 for a 20-year-old taking out a policy with a £1,000 monthly benefit and a one year deferral period. The cost would increase for older customers, for example a 40-year-old could expect to pay £20.30 per month for the same policy. For more comprehensive cover, such as a £2,000 monthly benefit and five year deferral period, premiums would be higher – around £31.50 for a 20-year-old and £41.50 for a 40-year-old.

What do customers say about Wesleyan?

Here's a summary of the latest Trustpilot reviews of Wesleyan:

✅ Excellent customer service

✅ Friendly and helpful staff

✅ Quick response to queries

✅ Knowledgeable staff

✅ Easy online payment system

✅ Helpful guidance with academic issues

✅ Student friendly policies

❌ Unclear billing

❌ Poor communication between departments  

❌ Long wait times for phone calls  

The Pros and Cons of Wesleyan Income Protection

Pros:

• Wesleyan's UK Income Protection policies provide a regular monthly income if the policyholder is unable to work due to illness or injury. This can help to ensure that basic living costs are met, even if the policyholder is unable to work.

• The policy covers most illnesses, including serious ones such as cancer, and covers both part-time and full-time workers.

• There are no upper age limits on the policies, so they can be suitable for those who may not qualify for other insurance products.

• The premiums for the policies are competitive, making them cost-effective for those who wish to have some financial protection should they become ill or injured.

Cons:

• There are some exclusions in the policy such as pre-existing conditions and self-inflicted injuries which means that not everyone will be able to benefit from it.

• The payment of benefits is subject to a waiting period of up to 8 weeks before they start, so there could be a gap in income during this period.

• The policies do not cover redundancy or unemployment, so they cannot provide protection against these scenarios.

Claiming from Wesleyan

Wesleyan paid out 94% of all Income Protection claims in 2019. This is lower than the overall industry average of 96%, and represents a decrease from 2016 when Wesleyan paid out 97% of all claims. The company saw a rise in successful claims for mental health related conditions, with a payout rate of 95%. This is significantly higher than the industry average of 82%, indicating that Wesleyan is taking steps to become more inclusive and responsive to those who need it most.