Two-thirds of UK’s working population worried about a loss of earnings through illness, including COVID-19, research from The Exeter shows
- However, less than one in five (19%) protect their income
- Industry jargon highlighted as a barrier to raising awareness, with just half of adults (52%) saying language used to describe insurance products is easy to understand.
One third of income protection claims paid by The Exeter in 2020 were for COVID-19
The protection and health insurer paid over £10.1m in new claims in 2020, supporting more than 1,700 of its members. Covid-19 was the single most claimed for condition, accounting for almost £500,000 in benefit payments. Highlighting the long-term value of income protection, The Exeter’s longest single claim started in 1997, paying out £520,000 to date.