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
Morgage Protection Insurance Jargon Buster
I
INCREASING YOUR BENEFIT AMOUNT once the policy has started
If you wish to increase your monthly repayments due to a rate increase or a mortgage increase your existing policy and Direct Debit can be adjusted but, if relevant, the 90 day Unemployment Exclusion period would apply to the increased benefit only. However if you have moved into a higher age bracket since you took out the original policy a further Direct Debit would be required for the increased benefit only with the new monthly premium corresponding to your new age bracket. To know if you have changed age bands please contact us on 020 8972 9557.
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. (See Statutory Sick Pay)
INCIDENT DATE
The date you become incapacitated or unemployed
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.
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.