A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Income Protection Insurance Jargon Buster
C
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.
CHANGING THE BENEFIT COVER once the policy has started
If you wish to change your benefit cover to now include Unemployment cover your Policy and Direct Debit can be adjusted but you will be subject to the 90 day exclusion period from the date of the adjustment. If you wish to change from ASU to U Only, or from U Only to ASU and you are still within the Exclusion Period you will have to complete the remaining time with the new adjustments. (See E for Exclusion in our FAQs).
CHANGING THE BENEFIT PERIOD once the policy has started If you wish to change your benefit period your existing Policy and Direct Debit can be adjusted. If you are still within the Exclusion Period you will have to complete the remaining time with the new adjustments. If you make a claim during the Exclusion Period the claim will be limited to the benefit period you had prior to the adjustment. Please see I for increasing your monthly benefit amount.
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.
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