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What are the key things I need to remember when requesting an Income Protection quote
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What should I look for to make sure I will be fully covered by the income protection policy? |
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What should I look for to make sure my Income Protection Quote is covering exactly what I need? |
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How can I make sure any claim I make will be paid? |
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If I already have an existing income protection policy can I cancel this and replace with a new income protection policy? |
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How will I know which wait period is the best one for me? |
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Can anyone apply for an Income Protection quote? |
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Is there a 'wait' period before I can claim? |
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Is there a maximum monthly benefit limit? |
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How do I claim? |
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How long can I claim for? |
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How much monthly benefit could I expect? |
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Is there anything my Income Protection quote won't cover me for? |
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What are the key things I need to remember when requesting an Income Protection quote
You should make sure you are clear and honest about any declarations you make on the application form. Making false declarations can invalidate a claim. Therefore, you should be clear and honest about
- any knowledge you have of impending unemployment (either written or verbal)
- any pre-existing medical condition that may affect the cover |
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What should I look for to make sure I will be fully covered by the income protection policy?
Before you complete the application, you should read through the income protection policy document. Each document should have sections on Exclusions. If any of the exclusions are relevant to you, you should not take out the cover as any claim you make could be rejected. |
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What should I look for to make sure my Income Protection Quote is covering exactly what I need?
Please make sure the cover you apply for is meeting your needs. There are various combinations of cover that make up protection policies:
- Accident, Sickness and Unemployment
- Accident and Sickness only
- Unemployment only
You should read the income protection policy document before you send in an application to make sure the income protection policy will provide the benefit you need eg if you want Unemployment cover, make sure the cover includes it (ie not only Accident and Sickness) |
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How can I make sure any claim I make will be paid?
A4 There are no guarantees that all claims will be paid. Before you send in your claim, please make sure you are aware of the wait period on your income protection policy ie the time you must wait before any claim can be made or accepted. There are many types of cover available, but the most common wait periods are 30, 60, 90 or 180 days. A large number of claims are rejected due to the customer making a claim before the wait period is completed, so this is something you should check before you make your claim. |
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If I already have an existing income protection policy can I cancel this and replace with a new income protection policy?
Yes and check how much you are paying for this existing income protection policy as variances can differ significantly. |
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How will I know which wait period is the best one for me?
If you are employed, you will need to know the benefits you receive from your employer eg if you are provided with 3 months full pay for long term sickness, you should choose a wait period of 90 days. That way, once your employer benefits stop, your protection cover benefits will start. If you are self-employed, you should select the wait period most suitable to your financial situation. |
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Can anyone apply for an Income Protection quote?
You can choose from a range of competitively priced policies including accident, sickness and unemployment. And we offer 'standard' and 'back to day one' schemes depending on your circumstances and whether you can wait 30, 60 or 90 days before claiming your benefits. |
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Is there a 'wait' period before I can claim?
The 'wait' period before you can claim will depend on the type of cover you select. The longer the wait period, the lower your monthly premiums will be. Our Income Protection offers a range of wait periods for you to choose:
° Back to Day One (30 day wait period)
° 30 day wait period
° 60 day wait period
° 90 day wait period
You can start claiming your Income Protection Insurance after the wait period you have selected is over, for sickness or accident as certified by your doctor. For an unemployment claim, you cannot claim within the first 120 days of the start date of your income protection policy, but after that period you can also claim after the wait period you have selected has expired.
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Is there a maximum monthly benefit limit?
Yes, the monthly benefit chosen must not exceed £1,500 or 60% of your gross monthly income, whichever is less.
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How do I claim?
Claiming is simple and straightforward. You can contact Income Protection Direct and request a claim form by calling 0870 720 0741 |
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How long can I claim for?
You can continue to claim for up to a full year (12 monthly payments). |
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How much monthly benefit could I expect?
Standard Cover
You will be entitled to an amount equal to 1/30th of the monthly benefit for each continuous day you are unable to work as a result of an accident, sickness or involuntary unemployment (if unemployment cover is selected) following the initial wait period of 30, 60 or 90 days, (during which no benefit will be payable) that you choose. Payments will be monthly in arrears.
Back to day one cover
After the initial wait period (30 days) you will be paid your full monthly benefit. Thereafter, you will be paid 1/30th of the monthly benefit for each continuous day you remain unable to work due to accident, sickness or involuntary unemployment (if unemployment cover is selected). Payments will be monthly in arrears.
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Is there anything my Income Protection quote won't cover me for?
The main instances when you will not be covered are:
° any condition, injury, illness, disease, sickness or related condition and/or associated symptoms whether specifically diagnosed or not, which you knew about (or ought reasonably to have known about) at the income protection policy start date; or, for which you sought or received advice, treatment or counselling from any doctor during the 12 months immediately before the income protection policy start date;
This exclusion does not apply if you have been continuously insured and you have been symptom free and have not consulted a doctor or received treatment for the condition in the 12 months immediately prior to your claim
° a self-inflicted injury, being under the influence of, alcohol or drugs
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° any condition of a mental or nervous origin including stress, anxiety, depression and post natal depression unless certified and under the continuing care of a consultant psychiatrist;
° backache or related conditions unless there is supporting medical evidence. Such evidence may be a report from an appropriate consultant or from your doctor. In either case an MRI, CT scan or equivalent, may be required;
° ionising radiation or radioactive contamination from nuclear fuel, waste or equipment;
° In addition, in the case of a disability claim you must:
(i) be under the regular care and attendance of your doctor; and
(ii) be prevented from working only as a result of the disability.
° If you have also selected unemployment cover the main instances when you will not be covered are:
(i) if at the start date you knew you would become unemployed or you had reason to believe that you might become unemployed;
(ii) if you are made unemployed or are told that you will be made unemployed within 120 days of the start date;
(iii) if your work was seasonal, casual or temporary or unemployment is a regular feature of your work;
(iv) you finish the job you were specifically employed to do, or you come to the end of a fixed term contract
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(v) if you resign or you accept voluntary unemployment;
(vi) if you lose your job because of misconduct, fraud, dishonesty or any act you carried out;
(vii) you are made unemployed because of any strike which you took part in or any lock out by your employer;
(viii) you fail to actively seek re-employment ;
(ix) unemployment resulting from any condition excluded under the disability exclusions
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A full list of exclusions can be provided on request.
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