The IP Files, episode #2

So far in 2020, Income Protection comprises 33% of all LifeSearch claims. This series shines a light on the stories behind the claims, and what might have happened without IP …
 
For more info and FAQs, see our dedicated Income Protection page.

“She claimed after 10 months. And she may need it the rest of her life”

Less than a year after a high-flying, well-paid solicitor arranged Income Protection cover through LifeSearch, a life-changing mental health episode forced her to claim.
 
Not only is it helping in the short term, IP payments could see the customer through to retirement.

The incident

In 2014, the customer suffered a series of stress-induced blows to her mental and physical health. After a family emergency, a bad situation got even worse and the customer wound up diagnosed with a severe mental illness.
 
She won’t be able to work in her profession again. She’s been medically retired.

The claim

Given the customer paid premiums for only 10 months, the insurer conducted a full investigation to validate the claim. It was upheld.
 
And once employer sick pay (six months full and six months half pay) ended, Income Protection payments began. The customer has so far received almost £120,000.
 
For now, the customer is medically retired. Her case is reviewed annually by the insurer but it’s likely she’ll continue receiving Income Protection until retirement.
 
In the future, should the customer go back to work – perhaps part time or in a lower-paying job – her IP payments will top up the difference to match the income she originally protected.

The alternative ending

Given the customer’s relatively young age, Income Protection will ensure that she can, as long as required, more or less maintain her overheads and her family’s lifestyle.
 
Without Income Protection, after a year on sick pay she’d likely have had to rely on one or more state disability benefits which, though complex at the best of times, have recently been overhauled.
 
It’s fair to assume that benefits wouldn’t have come close to matching her protected salary, thus life would have changed, more so, for the customer and her family.