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Income Protection Cover by | Today
is |
Income
Protection Cover |
| The period after which such insurance starts paying is
called deferred period and can be 4, 8, 12, 26 and 52 weeks. This influences the premium. The longer the deferred period the less likely is a claim and therefore the risk to insure is less resulting in a lower premium. |
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The maximum benefit that any insurer will pay on claims is 50% of the income before incapacity. This is usually divided by 52 to give you the weekly equivalent. Due to government regulations this is the absolute maximum you can insure. Various insurer's have slightly different rules but generally the above is reduced by any other sickness and accident insurance including premium protection insurance, creditor insurance, pension income and ongoing sick payment from employers. The benefit presently is not taxable. The insurance is offered as level benefit, where premiums and claims amount
stay the same during the insured period. What is actually insured ? The generic definition of incapacity
is along the following lines "... when you are totally unable to carry out
you normal occupation or if you are unemployed you are unable to get out doors
without help" Thus it is absolutely important that you talk to an independent advisor and gain absolute confidence that you understand what is actually insured. |
| Cannon Healthcare, one of the few fully independent health
insurance advisors and brokers in the UK, will profile a modular cover for you
and do insist on giving full advice as well as explaining the potential pitfalls
of all of the above types of information or any combination thereof. You are welcome to either use our on-line request questionnaire (covered by a full privacy statement) or you can print and fax this questionnaire free to 0800 652 8451. Alternatively speak directly with Mr. David Cannon BSC or one of his fully trained staff ( Free 0800 652 8450). There you will receive no sales talk, just clear and conscious information to put you in a position to decide the best suited cover for your personal circumstances. |
| It is important to understand that each of these
types covers a specific risk and you may therefore need to think about insuring
the actual premiums. Why ? You make a claim on the Income Protection Cover and you have CI and LI insurance. The premiums for these will have to be paid to keep their respective risk cover. It is important to know that missing a premium payment will waive (eliminate) the respective cover. Below is a simple explanation how premiums are calculated and the difference between flat (fixed and rolling premiums / contracts. |
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