1 min Read
06 Jun 2014

Written by Damien

Damien is one of the most widely quoted money and investment experts in the national press and has made numerous radio & TV appearances. He created MoneytotheMasses.com while working in the City when he became disillusioned with the way the public were left to fend for themselves because they could not afford financial advice.

More about Damien

Can my income protection insurance benefits be reduced?

Reader Question:

Can my income protection insurance benefits be reduced?

Can my income protection insurance benefits be reduced?

If you are currently receiving benefits from an income protection policy these can be reduced if you receive income from any of the following:

  • income you continue to receive from your employer
  • income you continue to receive from your self-employed work
  • any pensions you receive
  • any payments received from any other insurance polices made directly to you or on your behalf to a mortgage provider or loan company
  • any State benefits received

If you are not currently receiving benefits then potential future benefits can be reduced if:

  • if your earnings are reduced and the potential benefit provided falls below the maximum allowable
  • you should regularly review your policy to ensure that you are not in breach maximum benefit levels on your policy as most insurers will not refund premiums paid if you are over insured

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