Ask any Income Protection Claims Assessor what their least favourite part of the job is, and most will say the same thing – financially assessing! It seems to be the one thing that causes most difficulty. Judging from my years spent in Claims, this appears to be the case for advisers too, with many being unsure about what income to base cover on, how pay-outs will be calculated at claims stage, and what financial information is needed to evidence income. Indeed, we’ve had several advisers ask that we specifically cover this topic as part of our 7 Claims Stories project – and we do like to oblige.
We’ve split story 4 – Demystifying Income Protection Calculations – into 3 parts to properly explore and understand each aspect: Calculating accurately how much cover an IP applicant needs, Understanding the Calculation used at Claim and Returning to Work – Proportionate Benefit.
To bring these subjects to life, Vicky Churcher, Executive Director at the IPTF asked Tom Salmon, Senior claims Assessor at Pacific Life Re to share his thoughts.
