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Underwriting
Protection Guru has worked with The Exeter to create a concise objective analysis of their product range.
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POLICY OPTIONS
FLEXIBLE COVER
FIXED IP BENEFIT
HEALTHWISE
ADVISER RESOURCES
The Exeter in their own words
“As a mutual, we couldn’t be more friendly. We’re committed to working with you to grow your business and deliver the best possible outcomes for your clients. Put simply – you matter more.
Our multi award-winning proposition provides you with a range of products to meet your clients’ needs, including:
Income protection (IP)
- Income First – IP for a wide range of occupations, from office-based professionals to manual workers and skilled trades.
Life cover
- Real Life – designed for your clients with serious or multiple health conditions. Because we believe life cover shouldn’t be beyond anyone’s reach
Added support through HealthWise
Our HealthWise app is free for members and their immediate family, giving convenient access to expert medical advice and treatments. HealthWise is provided by Square Health”
SUPPORTING CLIENTS FROM DIFFERENT OCCUPATIONS AND WITH DIFFERENT HEALTH CONDITIONS
FLEXIBILITY OF COVER
Deferred Periods
The Exeter offer a wide range of deferred periods including 1 day, 1 week, 1 month, 2 months, 3 months, 6 months, 12 months and any variation of this if a split deferred period is required.
Level or age-costed
Clients can choose between age costed guaranteed, age costed reviewable or level guaranteed premiums. Reviewable premiums are reviewed once the policy is three years old.
Benefit payment periods
The Exeter offer the choice of short-term benefit payment periods of 2 or 5 years, or a full term payment period paying out until the end of the plan, in order to provide options for all client budgets.
Sick Pay matching for nhs medics and teachers
Income First offers flexible waiting periods for NHS medical professionals and Teachers to complement their sick pay arrangements. This option is available where a waiting period of 52 weeks has been selected.
Employer change promise
Income First’s employer change promise means should your client change employment and their sick pay is restricted, The Exeter may be able to pay their benefit before their waiting period finishes.
Rental Increase Options
As well as the common guaranteed increase options, giving clients the ability to increase benefit levels without underwriting if their circumstances change, Income First also includes options for rental increases.
Fixed benefit option: PROVIDING MORE CERTAINTY OF BENEFIT
The Exeter’s fixed benefit option provides the ability for financial underwriting to take place at outset so that the client can fix up to 75% of their benefit, which will be paid without any further financial underwriting at claim.
How does it work?
The client has up to 12 months from the start of the policy to lock in up to 75% of their monthly benefit. They’ll need to provide earnings evidence, such as a P60 and payslips if they’re a PAYE employee or certified accounts and tax returns if they’re self-employed or a company director.
If the indexation option is included the fixed benefit will also increase in line with inflation.
What happens in the event of a claim?
In the event of a claim, The Exeter will only require financial assessment of the non-fixed portion of the monthly benefit, in other words the remaining 25%. If the client’s earnings have changed since they first took out the policy, they’re guaranteed to be paid at least the 75% of their benefit that they locked in at the start.
The client needs to be in active employment at point of claim, so if they are unemployed or a houseperson this benefit will not apply.
“The fixed benefit option from The Exeter provides clients with more comfort that regardless of the level of their income at point of claim the majority of the benefit will be paid.
This type of benefit is rare on income protection plans and a real USP for The Exeter in supporting those clients that might see their income fluctuate up and down over their career.”
Supporting clients & their immediate families
HealthWise is free for members and their immediate family, giving convenient access to expert medical advice and treatments.
Hover over the images below to find out more about the individual services:
Remote GP
Second medical opinion
Physiotherapy
Mental Health Support
Registered Dietitian consultations
Lifestyle & nutrition consultations
HEALTH MOT
REPEAT PRESCRIPTIONS
Healthwise Stats
Remote GP Appointments
Most common reasons for appointments:
- Musculoskeletal conditions
- Skin conditions
- Infections & respiratory illness
- Ear, nose & throat conditions
- Sexual health
Mental Health Support
Most common reasons for appointments:
- Anxiety & depression
- Stress & work related stress
- Loss/grief bereavement
- Phobias
- Relationship issues
Physiotherapy support
Most common reasons for appointments:
- Head/neck and shoulder
- Knee
- Muscles, joints and tendons
- Hip, knee, ankle
- Arm/elbow
Hear from the experts
TOOLS AND SUPPORT TO HELP INCOME PROTECTION CONVERSATIONS
The Exeter’s Income Protection toolkit, provides advisers with a host of tools and information in order to help improve the income protection conversations they have with clients. Protection Guru were very impressed when this was launched and our founder, Ian McKenna stated:
“Overall, this is a valuable addition to the resources available to advisers who want to grow their Income Protection business and in the current environment everyone should be looking to do that. Unless you are writing stacks of income protection business day in day out advisers should devour this toolkit and even if they are, I think the income risk calculator will be invaluable.” See the full review here
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Income Risk Calculator
Suitability Letter Editor
Objection handling
Sales Aids
Research
AREAS FOR IMPROVEMENT
- The minimum benefit guarantee on Income Protection plans is low at £1,000 per month and incurs additional costs
- Whilst The Exeter have recently provided access to nutrition services to income protection customers we would like to see more of the various elements of HealthWise offered to all customers especially within their life contracts which do not currently provide mental health support
- The Exeter will waive the deferred period if a client returns to work and becomes ill again with the same or linked condition within 6 months. Other insurers offer this for up to 12 months.
- We would like to see The Exeter add a death benefit and offer greater support to clients when diagnosed with a terminal illness.
Protection Guru has worked with The Exeter to create a concise objective analysis of their product range. The Exeter have had input to the design of this page and contributed to the cost of the construction and maintenance, however Protection Guru have maintained editorial control over the content to ensure objectivity.