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Frequently Asked Questions - Complete List


ACCIDENT & SICKNESS - Back to Day 1 start date

We will treat the first day of your 30 days as the day your doctor confirms you cannot work.

ACCIDENT & SICKNESS - when to claim

If you are no longer in receipt of your usual salary and in receipt of Statutory Sick Pay from your employer or short term incapacity benefit from the Job Centre Plus, you can make a income protection insurance claim after just 30 or more consecutive days of not working through accident or sickness, the income protection insurance claim will then be backdated to the first day of the claim.
Note: We will treat the first day of your 30 days as the day your doctor confirms you cannot work.

APPLYING FOR INCOME PROTECTION INSURANCE

You can only apply online. Please complete our single page self-calculating Application Form and the Direct Debit Instruction. An automated email response will acknowledge receipt with:

  • Details of your completed information
  • The Policy Terms and Conditions
  • The Policy Summary
  • Statement of Demands and Needs and Initial Disclosure

If your application is accepted you will receive a welcome pack including your Policy Schedule and Policy Terms and Conditions by post within approximately 5-8 days.

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BACK TO DAY 1
This means that you can make an income protection insurance claim after just 30 or more consecutive days of not working through accident, sickness or unemployment. The income protection insurance claim will then be backdated to the first day of the claim.

For example, if your income protection insurance claim starts on the 1st June and you return to work on the 30th June no benefit is payable. However, if this claim extends until the 1st July or later (30 or more consecutive days) then you will receive benefit dating back to the first day of your income protection insurance claim (i.e. 1st June).

Back to day 1 cover should not be confused with the initial exclusion period. For the first 90 days immediately after the start date of the policy you will not be able to make an income protection insurance claim for unemployment (this does not apply to accident or sickness). This exclusion period may be waived if you transfer from an existing payment protection product

BACKACHE

You will not receive incapacity benefit for;
Backache and related conditions, including back injuries, which are not supported by medical evidence.

BENEFIT PERIOD (3, 6 or 12 months)

This is the length of time we will pay you for any one income protection insurance claim until you return to work. You can make multiple income protection insurance claims, subject to re-qualification, (see Multiple Claims) for the life of the policy up to retirement age or until you cancel it.

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CALCULATE your net income

If your income varies (e.g. due to fluctuations in your overtime, commission and/or bonus payments) then you would calculate an "average" of your monthly net income i.e. your income after tax and National Insurance.
If you are self employed this will mean calculating your net monthly income from an average of your annual income as declared on your self-assessment return for the previous tax year and confirmed by the Inland Revenue.

CANCELLING THE INCOME PROTECTION POLICY

You can cancel this insurance at any time by writing to the insurer. If this is done within the first 30 days of the start date or receipt of the policy terms and conditions (whichever is the later) then we will give you a full refund of any premiums paid - as long as you have not made a claim. If you cancel the policy no further premiums will be collected and no refund of premium will be made. There is no penalty for canceling your income protection policy.

CHANGE of employer

Your cover is completely portable between jobs. However if you need to make a claim for unemployment you must have been in continuous work for 6 months prior to the claim. We will not count any break in your employment that is 2 weeks or less. Please feel free to contact us to discuss your individual circumstances.
Remember that any change in your circumstances should be notified to Bankers Insurance Company Limited - there may be an affect on any future claim.

CHANGE YOUR INCOME PROTECTION POLICY

If you wish to change the terms of your income protection policy, such as monthly benefit or benefit period, after its inception you would be required to cancel the income protection policy and apply for a new income protection policy. This may have an affect on your premiums if you have moved into a higher age band.

CHANGE IN PERSONAL CIRCUMSTANCES

If your circumstances change at any time during this policy term, please notify Bankers Insurance Co Ltd immediately in writing. If you do not do so your policy may be affected. The following are some examples of circumstances that you must tell us about:

  • You are named on the policy and you choose to give up work; or
  • You permanently retire, irrespective of the reason, from work; or
  • You change the nature of your work.

CHRONIC CONDITION

This is a condition that occurs prior to the start date and continues indefinitely, or cannot be cured or eradicated or that recurs or requires treatment.

CLAIMING for Benefit

Unemployment: You cannot make an income protection insurance claim for unemployment for the first 90 days from the commencement of the policy. Following this once only initial period you can make a claim after just 30 or more consecutive days of redundancy and when in receipt of Jobseeker's Allowance.

Please note If you choose to transfer an existing payment protection policy this exclusion period may be waived. Please see "T" for "Transferring In".

Accident/Sickness: If you are no longer in receipt of your usual salary you can make a income protection insurance claim after just 30 or more consecutive days of not working through accident or sickness, the income protection insurance claim will then be backdated to the first day of the claim.
Please note we will treat the first day of your incapacity as the day your doctor confirms you cannot work.

COMPARISON WEBSITES - why we are not included

The charges applied to other insurance providers to be included on many of these sites are very high and by definition do not always show the most competitive. We keep our insurance premiums at these very low levels by keeping our costs to the absolute minimum and taking a greatly reduced commission. Although we would like to be included we are not prepared to pass on these costs to our customers in increased premiums.

COMPENSATION

The FSA Compensation Scheme. If Bankers Insurance Co Ltd are unable to meet their liabilities you may be entitled to compensation from the FSA Compensation Scheme (FSCA) who can be contacted at 7th Floor, Lloyds Chamber, Portsoken Street, London E1 8BN

COMPLAINTS

Although we set ourselves high standards, if we do not meet your expectations and you are dissatisfied in some way we would like to know. If you follow the guidelines below, your complaint will be dealt with in the most efficient way possible (see Section 19 of the policy terms and conditions).
Step 1. Please contact or write to the Operations Director, Bankers Insurance Company Limited, 117-119 Whitby Road, Slough, Berkshire, SL1 3DR. Telephone: 0870 152 6000. Email: uk.complaints@assurant.com
Step 2. If you are still not satisfied with the way we have dealt with your complaint you can ask the Financial Ombudsman Service to review your case. You can contact them at the following address: South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Telephone: 0845 080 1800
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CONTRACT WORKER

To be eligible to apply for income protection insurance you must meet the eligibility criteria as for employees but in order to apply for cover under the unemployment section you must meet the following criteria:
At the start date of the policy you must have been working for the same employer for at least 6 months and had your contract renewed at least once. We will then consider a claim only if your current contract is terminated prior to its expiry date. In addition, any monthly benefit will only be paid until that contract would have expired.
However, if at the start date of the policy you have been working for the same employer for at least two years and have an annual contract, which has been renewed at least once and has at least six months remaining, we will consider any claim as if you had been in permanent employment.
Unemployment Exclusion: If your contract would have expired.

CONTINUOUS WORK- what it means

This means a period of work allowing up to two weeks of being out of work. If you require clarification of this for your own personal circumstances please contact AntInsurance on 020 8972 9557 to discuss

COOLING OFF PERIOD

You can cancel your income protection insurance at any time by writing to the insurer. If this is done within the first 30 days of the start date or receipt of the policy terms and conditions (whichever is the later) then we will give you a full refund of any premiums paid - as long as you have not made an income protection insurance claim

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DANGEROUS Occupations

There are no occupational restrictions such as motorcycle couriers or helicopter pilots

DANGEROUS Sports

We do not exclude dangerous sports such as rugby, football or horse-riding, etc.

DIRECT DEBIT change date/leave account

The schedule in the welcome pack will confirm your Direct Debit collection date and this will be no earlier than 10 days following receipt of the welcome pack. The date can be changed by contacting Bankers Insurance Company Limited. Their contact number is also contained in the welcome pack.

DURATION of the policy

As the policy is not tied to any mortgage or loan it can continue to retirement age

Income Protection Insurance Jargon Buster

EMPLOYER change

Your cover is completely portable between jobs, however if you need to make a claim for unemployment you must have been in continuous work for 6 months prior to the claim. We will not count any break in your employment that is 2 weeks or less. Please feel free to contact us to discuss your individual circumstances.
Remember that any change in your circumstances should be notified to Bankers Insurance Company Limited - there may be an affect on any future claim.

EXCLUSION PERIOD

This is the period immediately after the start date during which you will not be able to make a claim for Unemployment.
This relates only to unemployment (not to accident and sickness) and applies only once during the first 90 days of the policy. If made redundant within that time you cannot claim
See Unemployment Benefit Exclusions Section 11 & 12 of the Policy Terms & Conditions
See Incapacity Exclusions Section 7 of the Policy Terms & Conditions

EXISTING PAYMENT PROTECTION POLICY

If you an existing payment protection insurance policy such as income, loan or mortgage protection you can "transfer in". This simply means that you intend to cancel your existing policy in order to take our policy. If you choose to "transfer in" we will waive the initial 90 day exclusion period that is effective from the start date of your policy. This applies to Unemployment Only.

In order to be eligible for the waiver:

  • You must have had your existing policy for at least 6 months,
  • You must not have cancelled your existing policy prior to the start date of our policy,
  • You must not have claimed against the policy within the past two years

Nothing further will happen unless you make a claim for unemployment within the first 90 days at which point you must be able to provide evidence of the above.

To "transfer in" simply click yes to the question "Do you wish to transfer in from a previous policy" box on the Application Form.

Once your policy arrives you can then cancel your previous policy. However please be aware that although we do not have a cancellation fee your other provider might.

In the event of an unemployment claim within the initial 90 days, your claim will be limited to the amount covered by your previous policy. However, once the initial 90 day period has expired, you can claim back to day one and your new cover amount will apply.

If you choose not to "transfer in" and keep your existing Payment Protection Policy
You may still take out our policy, even if you keep your existing policy, but you would not be eligible for a waiver of the initial 90 day exclusion period. In addition your benefit payment may be affected in the event of a claim if the combined benefit from both policies exceeds the monthly benefit repayment as stated on your application.

FINANCIAL SERVICES AUTHORITY

FIUK.com Ltd., trading as AntInsurance, are authorised and regulated by the Financial Services Authority. Our FSA number is 313773 and our registered address is Century House, Station Way, Cheam, Surrey SM3 8SW.

FIREMAN - Eligibility for Accident & Sickness

Some Public Sector workers, such as Firemen, have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please note that you cannot claim benefit unless you are in receipt of Statutory Sick Pay so you would not be able to claim whilst in receipt of full or half pay.

FIXED TERM CONTRACT - if applicable

To be eligible to apply for income protection insurance you must meet the eligibility criteria as for employees but in order to apply for income protection insurance cover under the unemployment section you must meet the following criteria:
At the start date of the policy you must have been working for the same employer for at least 6 months and had your contract renewed at least once. We will then consider a claim only if your current contract is terminated prior to its expiry date. In addition, any monthly benefit will only be paid until that contract would have expired.
However, if at the start date of the income protection insurance policy you have been working for the same employer for at least two years and have an annual contract, which has been renewed at least once and has at least six months remaining, we will consider any claim as if you had been in permanent employment.
Unemployment Exclusion: If your contract would have expired.

Income Protection Insurance Jargon Buster

HOW DOES INCOME PROTECTION WORK?

Being unable to work, and the loss of income that incurs, is likely to affect your lifestyle. Income protection insurance is designed to replace your income and reduce the negative effect of your loss of earnings.

Under an income protection policy, you pay regular premiums to an insurance company and subject to certain conditions they agree to pay you a monthly benefit if you are unable to work because of accident, sickness and unemployment. Income Protection insurance polices may be offered as Combined Accident, Sickness, Unemployment Only income protection or Accident & Sickness Only income protection, and you may choose dependent on your own individual requirements.

Because income protection benefits are free of personal income tax, insurance providers offering income protection will generally limit your benefit to an amount less than your normal earnings, in our case up to up to 75% of your net income up to a maximum of £2000.

HOW DO I KNOW IF I NEED INCOME PROTECTION?

First - calculate your savings or alternative income or additional income
Potential income sources will depend on your personal circumstances.
To find out if you might need Income Protection, ask yourself these 5 questions:
What are my total monthly outgoings ?
Estimate the total expenditure of your monthly outgoings that should include items such as mortgage or rent, loan repayments, utility bills, council tax, food and petrol. If you wish you may add your insurance costs for this cover or other insurances you pay, such as household insurance buildings insurance or motor insurance.
For how long could I survive on my savings ?
You need to realistically estimate your total expenditure and then deduct this from any savings you may have or any other income you may receive. Income protection insurance may be unnecessary if you decide you could survive on your savings.
What are my benefits at work if I become sick or injured?
Your employer may continue to pay you an income for a limited time. Some employers will only pay Statutory Sick Pay. Others may be more generous. You should check what arrangements your employer has made before arranging income protection insurance.
Will the state give me financial help?
State help will vary depending on your own individual circumstances but as a general rule, if you are eligible, the government will pay approximately £57.45 a week (over 25's). Some of these benefits are means-tested, and in most cases there are conditions that have to be met, such as your having paid sufficient National Insurance contributions.
If you have had a mortgage since October 1995 help for mortgage payments is not available for the first 9 months and then the payments will cover the interest only, for those with a mortgage prior to October 1995 there is no help for the first two months. How quickly could I find work?
The answer to this will vary greatly dependent upon your occupation and where you live.

Income Protection Insurance Jargon Buster

INCOME - how to calculate your net monthly

If your income varies (e.g. due to fluctuations in your overtime, commission and/or bonus payments) then you would calculate an "average" of your monthly net income i.e. your income after tax and National Insurance.

If you are self employed this will mean calculating your net monthly income from an average of your annual income as declared on your self-assessment return for the previous tax year and confirmed by the Inland Revenue.

INCAPACITY

A condition which stops you from doing your normal work or any other similar work. It must also stop you from doing any other work for which your experience, training and qualifications would allow you to do. If you are self employed then the condition must prevent you from carrying out any part of the running of your business.

INCIDENT DATE

The date you become incapacitated or unemployed

INCOME PROTECTION INSURANCE

Covers a percentage of your income and is paid directly to you and you choose how to spend it. It can provide for any monthly repayment such as loan, mortgage, rent, credit cards, school fees, food, gas and electricity and removes the need for separate cover (although you can just cover mortgage or loan repayments if you wish). It requires just one policy for your whole working life.

INVOLUNTARY REDUNDANCY - how this affects your payments

You are not eligible to apply for unemployment benefit for any period for which you are in receipt of payment in lieu of notice and this includes any compensation payment made for loss of office, including, but not limited to any payments made as compensation under a compromise agreement or redundancy package.
For example, If you are in receipt of a redundancy package equivalent to 3 months salary you are not eligible to apply for unemployment benefit for 3 months.

INCAPACITY

A condition that stops you from doing your work or any similar job. It must also stop you from doing any other work which your experience, education or training reasonably qualifies you to do. In addition, if you are self-employed, an incapacity must stop you from helping, managing, receiving any money from or carrying out any part of the day to day running of a business.
(See Statutory Sick Pay)

IRELAND - Republic and Northern

If you are resident in Northern Ireland but work in the Republic of Ireland you would not be eligible to apply for accident, sickness or unemployment under this policy.

Income Protection Insurance Jargon Buster

JOBSEEKERS ALLOWANCE - and its affect if you claim

Any impact on Job Seeker's allowance depends on your individual circumstances. As a guide:

  • Job Seeker's Allowance (contribution based): This is available for 6 months provided the applicant has made NI contributions for the past two years and is actively seeking work. It is not means tested.
  • Job Seeker's Allowance (income based): This is means-tested - and affected by your financial position (E.g. any savings, partner's salary).
  • Current JSA allowance: £57-45 (25 and over), £45-50 (18-24)

JOINT COVER FOR INCOME PROTECTION INSURANCE POLICIES

We do not provide joint cover as premiums are calculated according to an individual's income, age and cover selection.

Each of you can cover up to 75% of your net monthly income up to a maximum of £2,000.

Our unique choice of 3, 6 or 12 months benefit periods and different cover options provide flexibility for each of you to choose the cover you need. For example one of you could select ASU with 12 months maximum benefit period, while the other could select Unemployment only with 3 months maximum benefit period.

  • Each of you will need to complete an individual Application Form and Direct Debit
  • Each of you are insured in your own right and assigned individual policies
  • Premiums are paid separately by Direct Debit.

Income Protection Insurance Jargon Buster

LENGTH of the INCOME PROTECTION INSURANCE POLICY

As the policy is not tied to any mortgage or loan it can continue to retirement age.

LIEU OF NOTICE payment

We will not consider you unemployed for any day you receive payment in lieu of notice.

MORTGAGE AND LOAN PAYMENT PROTECTION (MPPI or LPPI)

Covers only your loan or your mortgage repayment although some will additionally cover associated mortgage costs. Generally you would require a new policy with each new mortgage or loan you obtain so pricing and acceptance could then be affected over time by your health and your age.

Income Protection Insurance Jargon Buster

MONTHLY BENEFIT PAYMENTS

In order to make a claim you must have been unemployed or sick for a period of 31 days or more, you cannot claim for a period less than 31 days. Thereafter we will pay you for each day you are incapacitated or unemployed on the basis of 1/30th of one monthly benefit for each day.
EG: You have a benefit payment of £500. After 31 days you make a successful claim and the £500 is backdated to Day 1. After 42 days in total you return to work. You would therefore receive a further benefit payment for 11 days that would equate to £170.05 (£500 divided by 31 = £15.50p per day).
Please Note: We will treat the first day of your 31 days as the day your doctor confirms you cannot work.

MONTHLY BENEFIT PERIOD (3, 6 or 12 months)

This is the length of time we will pay you for any one claim until you return to work. You can make multiple claims, subject to re-qualification, (see Multiple Claims) for the life of the policy up to retirement age or until you cancel it.

MORTGAGE transfer to another provider

As the policy is not tied to any mortgage you may change mortgage without it affecting your policy.

Mortgage and Loan Payment Protection (MPPI or LPPI)
Covers only your loan or your mortgage repayment although some will additionally cover associated mortgage costs. Generally you would require a new policy with each new mortgage or loan you obtain so pricing and acceptance could then be affected over time by your health and your age.

MULTIPLE CLAIMS for unemployment

You must return to work continuously for at least six months before you can make another claim for unemployment benefit. The 30 day back to day one waiting period will apply to each individual claim.
If you have periods of unemployment that are separated by six consecutive months or less we shall treat this as one continuous claim, ie continuing as if it was your previous claim, providing you have not received the maximum number of monthly benefits you selected.

MULTIPLE CLAIMS for accident or sickness

You must return to work for at least one month before you can claim incapacity for an unrelated condition or for at least six months before you can make another claim for incapacity for a related condition. The 30 day back to day one waiting period will apply to each individual claim.

Income Protection Insurance Jargon Buster

Net Monthly Income

Your monthly salary after tax and National Insurance contributions have been deducted

Nursing Staff - Eligibility for Accident & Sickness

Some Public Sector workers, such as Nurses, have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please note that you cannot claim benefit unless you are in receipt of Statutory Sick Pay so you would not be able to claim whilst in receipt of full pay.

Income Protection Insurance Jargon Buster

OCCUPATIONS dangerous

There are no occupational restrictions such as motorcycle couriers or helicopter pilots

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POLICY SCHEDULE

The document which details the cover we will provide you under these terms and conditions.

POLICE - Eligibility for Accident & Sickness

Some Public Sector workers, such as Police, have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please note that you cannot claim benefit unless you are in receipt of Statutory Sick Pay so you would not be able to claim whilst in receipt of full or half pay.

PROBATIONARY PERIOD how it affects your benefit payments

You will not receive unemployment benefit if your dismissal is due to the inability to pass a probationary period

PRE-EXISTING MEDICAL CONDITION

This is a physical or mental condition whether diagnosed or not, which you knew about or in our reasonable opinion should have known about, or for which you received treatment prior to the start date.
You are not covered for pre-existing medical conditions that may cause you to claim for accident & sickness benefits. We may still insure you but we will not pay benefits directly relating to any claim which we consider you were aware of before the start date.
However you may be entitled to benefit if for 2 years before you became unable to work, you have been free of the symptoms, have not consulted a doctor about the condition or received treatment for it.

PREMIUM

The amount you must pay every month for cover under this income protection insurance policy as documented on your Policy Schedule.

If you are in receipt of monthly benefits under this policy, you must continue to pay the premium as it falls due in order to ensure continuous cover under this certificate.

PUBLIC SECTOR WORKERS

Some Public Sector workers have an employment package that will pay (in the event of accident or sickness) 6 months full salary followed by a period of half salary. Please note that you cannot claim benefit unless you are in receipt of Statutory Sick Pay so you would not be able to claim whilst in receipt of full or half pay.

Income Protection Insurance Jargon Buster

RETURN TO WORK BENEFIT: Section 8 Policy Terms and Conditions

If you are eligible for incapacity benefit, you may also be eligible for return to work benefit. If you have made a successful incapacity claim for at least one full monthly benefit under this policy and:

  • You have not received the maximum benefit period selected for incapacity; and
  • You have returned to part-time work with your usual employer immediately after your doctor confirms you are certified fit for work; and
  • You are receiving less than your usual basic salary from your employer;

We will pay you the difference between your usual basic salary from your employer immediately before the incident date, and your new salary, up to your maximum monthly benefit, less any state benefits as appropriate, providing that any reduction in pay is as a direct result of working reduced hours, due to the condition resulting in your incapacity claim.
Please see
Return to work benefit is payable: Section 8.2 Policy Terms and Conditions
Return to Work Benefit Exclusions: Section 9 Policy Terms and Conditions

REDUNDANCY PACKAGE (Involuntary)

You are not eligible to apply for unemployment benefit for any period for which you are in receipt of payment in lieu of notice and this includes any compensation payment made for loss of office, including, but not limited to any payments made as compensation under a compromise agreement or redundancy package.
For example, If you are in receipt of a redundancy package equivalent to 3 months salary you are not eligible to apply for unemployment benefit for 3 months.

Income Protection Insurance Jargon Buster

START of COVER

An automated email response will immediately acknowledge receipt of your online application. If your application is accepted you will receive by post within 10 working days a Policy Schedule with your Welcome Pack confirming your cover and the start date that will usually be the date Bankers Insurance Co Ltd receive the online application. If you do not receive your Welcome Pack within 10 working days please call AntInsurance on 020 8972 9557

SELF EMPLOYED definition of:

  • Helping with, managing or carrying on a business in the UK and are liable to pay tax under schedule D Case, I, II, IV or V or the Income and Corporations Taxes Act 1988; or
  • Paying Class II National Insurance contributions; or
  • A partner in a Partnership; or
  • A person who exercises direct or indirect control over a company, or owns more than 10% of the issues share capital of the company
  • Working for a company and in any way connected with a person who has control over that company (for example, you are one of his or her family)

SELF EMPLOYED - when eligible to claim for unemployment

As a self-employed person to qualify for unemployment benefits you must provide evidence that your final accounts have been submitted and your business has :

  • Permanently stopped trading and/or is in the process of being wound up; or
  • Has been put into the hands of a company dealing with insolvency; or
  • Is a partnership which has been dissolved or is in the process of being dissolved.
  • Benefit will not be paid if your business temporarily stops trading or is dormant.

SELF EMPLOYED - when eligible to claim for accident or sickness

Incapacity must stop you from helping, managing, receiving any money from or carrying out any part of the day-to-day running of a business. In addition you must be in receipt of Short Term Incapacity Benefit from the JobCentre Plus

SPORTS

We do not exclude dangerous sports such as rugby, football or horse-riding, etc.

START OF BENEFIT PAYMENTS if claim for redundancy

You cannot make a income protection insurance claim for unemployment for the first 90 days from the commencement of the policy. Following this once only initial period you can make a claim after just 30 or more consecutive days of not working through unemployment.
Please note that you must be in receipt of Jobseeker's Allowance.

START OF BENEFIT PAYMENTS if claim for accident or sickness

If you are no longer in receipt of your usual salary you can make a income protection insurance claim after just 30 or more consecutive days of not working through accident or sickness, the income protection insurance claim will then be backdated to the first day of the claim.
Please note we will treat the first day of your incapacity as the day your doctor confirms you cannot work.

STATUTORY SICK PAY

You can claim benefit against this income protection policy for accident or sickness once you are in receipt of Statutory Sick Pay from your employer or Short Term Incapacity Benefit from the Job Centre Plus.
Current government information states:

  • SSP is paid for a maximum of 6 months
  • If after this time you are still incapacitated you may receive Short Term Incapacity Benefit from the Job Centre Plus, this payment is made to a maximum of 52 weeks

The total monthly benefit you receive is limited to the percentage of your net or gross monthly income, in our case 75% of net (to a maximum of £2000). The combination of Statutory Sick Pay and benefit from our income protection policy must not exceed your normal "net monthly income" as stated on your application form as benefit will only be paid equivalent to 75% of that income, therefore any combined monies in excess of your stated salary would be deducted from your benefit.

STRESS

You will not receive incapacity benefit for;

* Psychiatric illness or mental disorders including depression, bereavement, stress or stress-related conditions which are not diagnosed by a consultant who is a member of the Royal College of Psychiatrists and is recognised by that Royal Collect as being a consultant.

Income Protection Insurance Jargon Buster

TAX

The benefits are tax free

TEMPORARY WORK SCHEME

If you are receiving unemployment benefit and want to start temporary work which will continue for less than 6 months, please let Bankers Insurance Co Ltd have details in writing before you start this work. We will not pay for the period you are not unemployed. However, when the temporary work finishes you must re-register with the Job Centre Plus within 15 days. You unemployment claim may continue and we will treat this as one continuous claim. The most we will pay for this continuous claim is the maximum monthly benefit for unemployment, as detailed on our Policy Schedule.

Transfering in

If you an existing payment protection insurance policy such as income, loan or mortgage protection you can "transfer in". This simply means that you intend to cancel your existing policy in order to take our policy. If you choose to "transfer in" we will waive the initial 90 day exclusion period that is effective from the start date of your policy. This applies to Unemployment Only.

In order to be eligible for the waiver:

  • You must have had your existing policy for at least 6 months,
  • You must not have cancelled your existing policy prior to the start date of our policy,
  • You must not have claimed against the policy within the past two years

Nothing further will happen unless you make a claim for unemployment within the first 90 days at which point you must be able to provide evidence of the above.

To "transfer in" simply click yes to the question "Do you wish to transfer in from a previous policy" box on the Application Form.

Once your policy arrives you can then cancel your previous policy. However please be aware that although we do not have a cancellation fee your other provider might.

In the event of an unemployment claim within the initial 90 days, your claim will be limited to the amount covered by your previous policy. However, once the initial 90 day period has expired, you can claim back to day one and your new cover amount will apply.

If you choose not to "transfer in" and keep your existing Payment Protection Policy
You may still take out our policy, even if you keep your existing policy, but you would not be eligible for a waiver of the initial 90 day exclusion period. In addition your benefit payment may be affected in the event of a claim if the combined benefit from both policies exceeds the monthly benefit repayment as stated on your application.

Income Protection Insurance Jargon Buster

UK

England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man

UNDERWRITERS of the policy

This policy is underwritten and administered by Assurant General Insurance Limited (a member company of Assurant Solutions) who are authorised and regulated by the Financial Services Authority.
This can be checked on the FSA's website at http://www.fsa.gov.uk/register or by phoning them on 0845 606 1234
In their products and services, clients and their customers access over 50 years of global knowledge and experience backed by the financial strength and security of their parent company. In the UK, Assurant Solutions companies are focused on niche risk management and provide customised solutions designed to help our clients manage their risk-based activities and maximise their revenue potential. We design, develop, underwrite and market niche insurance lines through strategic partnerships with banks, building societies, retailers, brokers, affinity groups, car dealerships and utility companies, both in the UK and the Republic of Ireland.

UNEMPLOYMENT

To be out of work and registered as unemployed with your local Job Centre Plus office or the Department of Health and Social Security in Northern Ireland.

Income Protection Insurance Jargon Buster

WAITING PERIOD

This is the period immediately after the Incident date that you have to wait until any payment is made. As we operate a Back to Day 1 policy this "waiting period" would be 31 days. If you are unable to work at the end of this period, and your claim is agreed, you will be eligible to claim for monthly benefits that would be backdated to the first day of the incident.

WELCOME PACK

Within the Welcome Pack, that should arrive within 5/8 days following application you will receive:

  • Confirmation of the Direct Debit and date of first payment (see Direct Debit)
  • Policy Schedule
  • Key Facts Policy Summary
  • Policy Terms and Conditions
  • Transfer in Form if requested

WHY WOULD I USE INCOME PROTECTION INSURANCE?

Giving consideration to the effect on your income and your expenses, how do you think that you would cope with the change in your circumstances if you lost your income or were too ill to work? For how long could you cope? If a shortfall is likely, you should consider taking out income protection insurance to protect your family and your lifestyle.
What are the difference between income protection insurance and loan payment protection insurance and mortgage payment protections insurance?

Income Protection Insurance:
Covers a percentage of your income and is paid directly to you and you choose how to spend it. It can provide for any loan or mortgage repayment, household bills such as rent, credit cards, school fees, gas and electricity and removes the need for costly separate cover. It requires just one policy for your whole working life and the insurance premium will not increase according to age for the duration of the policy.

Mortgage Payment Protection Insurance (MPPI) and Loan Payment Protection (PPI):
Covers only your loan or your mortgage repayment. It rarely makes provision for your extra monthly outgoings although some mortgage protection policies will additionally cover associated mortgage costs. Generally you would require a new policy with each new mortgage or loan you obtain so pricing and acceptance could then be affected over time by your health and your age.

WORKING OUTSIDE THE UK

If you are working outside the UK, you will not receive any monthly benefit for unemployment, incapacity or Return to Work (see Return to work) unless you are:

  • Working for the British Armed Forces or as a civil servant in a British Embassy or consulate; or
  • Working for an employer that is a UK registered company who assigns you to work in the European Union on the same terms and conditions; or
  • Working on a specific project for less than 30 days outside the UK and were actually outside the UK for less than 30 days.