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
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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 you can claim 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.