|I want a quote to cover my income only and I don't have a mortgage.|
|I want a quote to cover my mortgage and related expenses.|
|I want a quote to cover my rent and related expenses.|
|I want a quote to cover a loan.|
|I'm confused and need advice.|
|I want more than £2500 per month benefit.|
|I want a long term income protection quote with benefits payable until at least age 50. (Excludes unemployment).|
1. Who needs Accident, Sickness & Unemployment Protection Insurance?
Simply consider the following information:
2. How will this insurance help me?
3. Who is eligible for cover under this insurance?
You can apply for this insurance if you:
4. Can I have joint cover with my partner?
Yes. You can apply for cover under the following:
5. What is free cover?
As an added benefit to you, we give you a minimum of two months free cover. Once your policy application has been accepted, your first instalment will be drawn from your account on the first day of the third month following your application date. Free cover may be withdrawn if your occupation is considered "high risk". Your policy certificate will reflect this decision and you will be informed at the application stage. Eg. You apply on the 15th of January. Your first monthly payment will commence from the 1st of April.
6. What am I covered for in the free period?
You are covered for Accident and Sickness (if selected). Unemployment will not be covered until the free cover period has elapsed together with the initial exclusion period.
7. When can you make a claim under this insurance?
You can make a claim under this insurance at any time during the period of insurance providing you notify us as soon as reasonably possible. However, unless you qualify for exclusion free transfer, there is a period of time immediately following the insurance start date during which any occurrence or notification of impending unemployment will not be insured. This is known as the initial exclusion period and will depend on the monthly benefit you select as detailed below.
|Transfer of benefits from another provider*||None|
|New Mortgage**||60 days|
|Existing Mortgage||90 days|
|Anything else||120 days|
*To qualify for exclusion free transfer you must transfer your existing monthly unemployment and/or disability insurance from another provider. Furthermore you must be able to prove that your existing insurance has been in force for at least six months and that you have not made a claim under that insurance. You will need to send us a copy of your original certificate and the most up to date bank statement showing payment of the policy. Furthermore, exclusion free transfer will only apply for the amount you transfer. I.e. original policy is for a monthly benefit of £1,000 and you request cover of £1,500, the extra £500 of cover will be subject to the exclusions for new policies as detailed in the table above. Certain occupations are excluded from transfers.
** A new mortgage is one that commences no more than 30 days from the policy commencement date.
8. When would I receive the first benefit payment?
Subject to the provisions under section 7, you will need to be continuously unemployed or unable to work due to illness or disability for your selected deferral period before you are able to make a claim under this insurance. Thereafter payments will continue monthly in arrears until the earliest of the following events:
9. What is a deferral period?
This is the amount of time between being off work through Accident, Sickness or Redundancy, to the start of a claim. A 30-day deferral period means the claim starts to accrue 30 days after the insurable incident occurs.
10. What is the maximum cover I can have?
The amount of cover you select is known as the monthly benefit. The maximum monthly benefit available per applicant under this insurance is £1,500 of mortgage payment protection cover up to a combined total of £2,000 or 60% of gross monthly income*, whichever is the lower, if extra income protection is required. The maximum total cover granted will be £2,000 including policies with other providers.
*Gross monthly income means monthly salary plus the average of any overtime, commission and/or bonus payments received in the 12 months prior to the insurance start date.
11. If I claim do I still continue to pay my premiums?
Yes, it is very important that you continue to pay all premiums when they are due. We refund your monthly premium when we pay your claim. If you select a monthly benefit of £300 per month and the premium you pay is £14.25, on a claim we would pay you a monthly benefits total of £314.25.
12. What is the cost of cover?
The cost of cover is expressed as a rate per £100 of monthly benefit and includes unemployment insurance premium tax.
13. What do you mean by a High Risk Occupation?
We consider certain types of employers to be "High Risk". These are Companies whose line of business is in certain areas.
These currently are:
Banking, IT, Telecommunications, Media, Airlines Airports and Travel, Recruitment and certain elements of Financial Services We do not consider the occupation to be high risk, only the employer's line of business. If you are an IT professional working for a non IT based company ie A clothes manufacturer, we would consider you at standard rates.
14. What is meant by separate period of claim?
Monthly Benefit ceases once 12 months benefit has been paid. For Unemployment claims and Disability claims, where the same Accident or Sickness has recurred, once the maximum 12 (twelve) payments of Monthly Benefit have been made, you will qualify for subsequent claims following a period of 6 (six) months' Continuous Employment. For Disability claims where a different Accident or Sickness occurs, once the maximum 12 (twelve) payments of Monthly Benefit have been made, you will qualify for subsequent claims following a period of 1 (one) month's Continuous Employment. Two claim periods separated by three months or less will be treated as one continuous claim. Where a claim changes from a Disability claim to an Unemployment claim, or vice versa, claim payments will continue without interruption, subject only to approval of the second claim and the maximum of 12 (twelve) payments of Monthly Unemployment Benefit in total over both claims.
15. How do I make a claim?
If you need to make a claim, it is very important that you contact us sooner, rather than later. Once contacted (addresses below), we will forward you all forms needed to be completed by you and your employer. Only once all forms are returned, fully completed can we action your claim.