The Exeter Income Protection Review [2025]

Q: Does The Exeter income protection pay out?

In 2023, The Exeter paid out 96% of income protection claims . The most common reasons given for income protection claims were: Musculoskeletal conditions - 42.8% Hip & knee disorders - 10.5% Mental health conditions - 7.5% Only 40 claims weren’t paid out, the most common reason being due to misrepresentation (60%). This is where questions weren’t answered correctly at the point of application [1] .

Q: Can I cancel my income protection policy with The Exeter?

Yes, it’s possible to cancel a policy with The Exeter. If you cancel within 30 days of talking out your policy, any premiums you’ve paid will be refunded (as long as you haven’t made a claim). If you cancel after 30 days, you won’t be eligible for any refund of premiums.

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The Exeter income protection

The Exeter income protection

The Exeter is different to other insurers on the market because they specialise in offering financial protection to non-standard applicants.

So, if you’ve struggled to secure cover in the past, through a mainstream insurer, The Exeter could be a good option for you.

Their income protection is designed to cover a wide range of occupations, providing monthly payments to mimic an income while you’re unable to work due to illness or injury.

The Exeter income protection overview:

The Exeter offers the ‘Income First’ policy
Cover is available to those aged 18 - 59
The policy can pay out to you while you’re too ill or injured to work
Up to 60% of your usual earnings could be protected
Both short-term & long-term cover is available
Own occupation definition of incapacity (allowing you to claim if you can’t do your own job)
Applicants under age 42 don’t have to provide routine medical evidence

You can’t purchase income protection directly through The Exeter, you must use a financial advisor or broker.

The Exeter income protection is available through Reassured. Our advised team can help you compare quotes from all UK insurers to help you find the best deal.

Simply get in touch for your free and no-obligation quotes.

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The Exeter income protection reviews

In general, The Exeter and their income protection are rated well by customers and independent review sites.

Across all services, The Exeter is rated 4.2 stars on Trustpilot, from 826 reviews. Their income protection, specifically, is rated 5 stars on Defaqto.

Interested in life insurance, then why not read our complete The Exeter life insurance review?

Who owns The Exeter insurance?

The Exeter is a friendly society; therefore, it’s owned by its members (customers).

This means there are no shareholders to pay dividends to and the profits are invested back into the business.

What is The Exeter Income First policy?

‘Income Protection First’ is the name of the income protection policy offered by The Exeter.

It’s designed to provide you with a tax-free income if you become too ill or injured to work, covering a wide range of occupations, from office professionals to manual workers.

The Exeter income protection terms and conditions:

Terms and conditions	Definition	What’s offered by The Exeter?
Policy term	How long you’ll be covered for	You can choose a term length to best suit your needs, however it must cease by age 70
Definition of incapacity	What makes you eligible to claim	Own occupation definition, you’ll be covered if you can’t do your specific job
Benefit amount	How much you’ll receive each month. Also known as your ‘monthly benefit’ or ‘cover amount’	Up to 60% of your income could be protected. Monthly payments are tax-free and can be a maximum of £500 - £10,000 depending on your income
Payment period	How long your policy will pay out for. This can be on a short-term basis or a long-term basis	Long-term payment period could provide you with payments until your policy comes to an end (full-term). Short-term payment period could pay out for a maximum of two or five years
Deferred / waiting period	The period that must pass before your payments commence	Options include day 1 (no waiting period), 1 week, 4 weeks, 8 weeks, 13 weeks, 16 weeks or 52 weeks
Premium type	How you’ll pay for your premiums	Your premiums could be: Level guaranteed - Premiums will stay the same over the policy lifetime Age-costed guaranteed - Premiums will increase with age at a guaranteed rate Age-costed reviewable - Premiums will increase with age but are reviewed after three years

When taking out a policy through an expert broker, like Reassured, you’ll have a dedicated professional on hand to answer any questions you might have about policy terms and conditions.

Our advised team can also provide recommendations on whether a policy is right for your needs. Simply get in touch.

How much income protection can I get through The Exeter?

Through The Exeter you could claim up to 60% of your usual earnings (for earnings under £100,000 per year).

If you earn more than £100,000 per year, you can claim up to 60% of your income up to £100,000 and 40% on your earnings over this amount.

This will be paid out on a monthly basis, with payments from £500 - £10,000 per month (depending on your income). Income protection payments are tax-free.

How much income protection insurance do you need?

Enter the fields which apply to you to calculate the level of income protection cover you might require to help cover key costs.

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Why secure The Exeter income protection through Reassured?

Our advised team can help you compare The Exeter income protection quotes with all other UK insurers
Receive advice and recommendations for your personal circumstances from a dedicated expert
We’re rated ‘Excellent’ on Trustpilot with over 80,000 customer reviews
Our service is FCA (Financial Conduct Authority) regulated
Quotes are personalised, no-obligation & fee-free

The Exeter income protection underwriting

You’ll need to answer questions regarding the following in order for The Exeter to accurately underwrite your policy:

Health & wellbeing

Unlike many other insurers, The Exeter don’t ask routine medical questions for applicants under the age of 42.

For those over the age of 42, whether medical information is required will depend on your monthly benefit amount.

Smoking

Smokers will pay more for life insurance. Premiums may be further increased if your nicotine consumption is heavy, or you suffer from a medical condition which can be aggravated by smoking.

Alcohol

Your application may be loaded, deferred declined if there is evidence of excessive alcohol consumption.

Family history

If there is a family history of certain conditions, The Exeter may need to obtain further information before a decision can be made on your policy.

Height / weight (BMI)

With The Exeter, you’ll need a BMI of 19 - 28 for standard premiums.

It can still be possible to secure cover if your BMI is higher or lower, but it’s likely your premiums will be increased. In some cases, you could be declined.

Hobbies

High-risk activities (those where accident or injury are more likely to occur) will normally be excluded from applications with a short waiting period.

Activities such as potholing, rock climbing / mountaineering, motorsports and aviation will normally be excluded with all waiting periods.

Occupation

Higher premiums may be charged for occupations that involve more manual work and/or higher business milage.

You could be declined, due to level of risk, if your occupation is one of the following:

Houseperson
Student
Armed forces personnel
Drivers
Underground miners
Oil rig workers
Professional sportsperson
Nightclub / bar security
Police officer / fire-fighter
Pilot / flight crew
Certain equestrian professions
Money / stock broker
Merchant marines and similar occupations

How much is The Exeter income protection?

Using the underwriting criteria detailed above, The Exeter will assess your level of risk and your premiums will be calculated accordingly.

The exact price you pay will be unique to your personal circumstances.

Below we have provided example pricing of the cost of The Exeter income protection through Reassured.

Quotes are based on a non-smoker, in good health (where applicable) with an annual income of £30,000 and a 6 month deferred period. Cover is until age 65:

Age	Price per month (2 year payment period)	Price per month (full-term payment period)
20	£6.67	£7.73
25	£7.11	£9.03
30	£7.70	£10.27
35	£8.64	£12.57
40	£9.99	£16.88
45	£12.38	£26.64
50	£16.52	£41.78

When comparing income protection through Reassured, our advised team can provide you with quotes from The Exeter as well as all other UK insurers.

This means we can find you the most affordable deal for your personal circumstances.

Get in touch today for your fee-free quotes.

Whole of Market Comparison Service » Find the Best Deal

What BMI is needed for The Exeter income protection?

With The Exeter, you’ll need a BMI of 19 - 28 for standard premiums.

Anything below or above these readings will result in increased premiums or you may be declined for cover.

The Exeter will use your BMI combined with your age to determine the outcome of your application.

What is The Exeter minimum benefit guarantee?

The Exeter’s minimum benefit guarantee allows you to fix your benefit up to a maximum of £1,000 per month. This is part of their ‘fixable benefits’.

The minimum benefit guarantee enables you to fix your benefit up to a maximum of £1,000 per month in return for simplified financial evidence.

This can only be added when you first take your policy out and if you choose a two-year limited payment period. It will come at an additional cost.

Alternatively, the standard fixed benefit option allows you to fix up to 75% of your benefit by providing financial evidence. This option comes at no additional cost and can be added at any time within the first 12 months of your policy.

If your earnings were to drop, these options provide you with peace of mind that you could still receive a substantial payment each month to help cover your expenses.

You must be in active employment when you make a claim to be eligible for fixable benefits.

What additional benefits are included at no extra cost within The Exeter income protection policy?

The Exeter provide a range of additional benefits with their income protection. These include:

Guaranteed insurability

If your circumstances change, you can increase your benefit amount up to a maximum of 50% or £833.33 per month (whichever is lower).

Flexible waiting periods for NHS workers and teachers - receive a benefit that compliments your sick pay arrangements. You’ll need to select a waiting period of 52 weeks.

Waiver of premiums

You won’t need to pay your premiums during a claim.

Employer change promise

If you change jobs and find your sick pay is restricted (for example, during a probation period) you could receive your benefit before your waiting period finishes. Terms and conditions apply.

Rehabilitation benefit

This will pay a reduced level of your benefit for a maximum of 24 months if you return to work but on a part time basis and your earnings drop as a result of your illness.

Proportionate benefit

This is designed to pay you a reduced level of your benefit if you remain totally unable to work in your own occupation but you return to a different occupation with a lower income.

Policy breaks

You may want to take a break from your job (for example, to raise your family or to study). With The Exeter you can put your policy ‘on hold’, retain the existing terms of your policy and reinstate it when you need to.

You can opt for a ‘short-term’ policy break for up to 52 weeks (your policy must be at least 4 years old to be eligible) or a long-term break up to three years. You’ll need to pay a monthly premium equal to 10% of your usual premium during this time.

HealthWise

An app which gives you and your family access to medical experts whenever you need them. Services include remote GP appointments, second medical opinion, physiotherapy, mental health support, registered dietitian consultations, lifestyle and nutrition consultations, health MOTs and repeat prescriptions.

The Exeter income protection claims

To make a claim on The Exeter income protection you’ll need to contact them directly.

You can do this online by filling out their online claims form. Or, alternatively, you can contact them via phone, email or post. We have detailed The Exeter’s contact details at the bottom of this article.

You’ll need to provide certain information when making a claim, such as your policy number, details of your illness/injury such as when it started and any necessary evidence.

Does The Exeter income protection pay out?

In 2023, The Exeter paid out 96% of income protection claims. The most common reasons given for income protection claims were:

Musculoskeletal conditions - 42.8%
Hip & knee disorders - 10.5%
Mental health conditions - 7.5%

Only 40 claims weren’t paid out, the most common reason being due to misrepresentation (60%). This is where questions weren’t answered correctly at the point of application^[1].

Can I cancel my income protection policy with The Exeter?

Yes, it’s possible to cancel a policy with The Exeter.

If you cancel within 30 days of talking out your policy, any premiums you’ve paid will be refunded (as long as you haven’t made a claim).

If you cancel after 30 days, you won’t be eligible for any refund of premiums.

Is The Exeter income protection good?

Hopefully this article has outlined the key details of The Exeter income protection to help you establish whether it’s a good option for you.

In summary we have detailed the pros and cons of The Exeter income protection:

PROs	CONs
No medical information is required for applicants under the age of 42, making it a good option for those who have struggled to secure cover in the past due to poor health	Only one policy option available
Policy comes with a number of helpful additional benefits	You can’t apply for a policy directly with The Exeter
Rated well by customers and independent review sites	Premiums aren’t always guaranteed, meaning premiums can increase throughout the policy lifetime