Administrator of the insurance policy, not the broker and not the underwriter (such as Paymentshield).
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Back to Day One Cover basically means that you are covered in the event of a claim (subject to acceptance)back to the first day you stopped working.
For example, if you stopped working on the 1st of July and went back to work on the 1st of September you would be entitled to payment from the 1st of July.
Back to day one means going back to the day that you became unable to work. There are policies and options that allow you to negate this option so that you can reduce your premium. In other words you could choose a 30 day excess period where you would not receive payment.
For example, if you stopped working on the 1st July and went back to work on the 31st July you would receive no payment at all.
Either single cover, split cover or joint cover as shown on your certificate of cover.
A company, profession, trade or industry owned and run by you (either alone or with others), which is registered in the United Kingdom, Channel Isles or Isle of Man
The document you receive confirming the specific type of level and cover we give you under the policy.
A suitably qualified registered medical specialist (other than you or a relative) at a major hospital in the United Kingdom, Channel Isles or Isle of Man.
You own more than 20% of the issued shares of the business you work in
The instruction which gives us the authority to collect the premium from your bank or building society.
The condition of being incapacitated
A medical practitioner (other than you or a relative) who is registered with the General Medical Council and is working in the United Kingdom, Channel Isles or Isle of Man
You meet the eligibility requirements of the policy
Your employer is taking PAYE take and national insurance contribution for you and:
Your work is permanent; or
Your work is on a fixed-term contract and you have at least two years continuous service
(If you work on a fixed-term contract and you have less than two years continuous service, you are not insured against your employer not renewing your contract and your entitlement to receive monthly benefit will end on the date that your contract should originally end)
The date cover under the policy ends
The period you will need to be continuously unemployed or disabled before you will be entitled to receive any claim benefits.
If you choose an Excess Period you will not be eligible to make a claim during this time. You will be eligible for benefits at the end of the Excess Period if you are still unable to return to work.
Your first benefit is paid 30 days after the end of the Excess Period. For example, if you choose a 30 day excess, if you are still unable to return to work at the end of the Excess Period, you will become eligible for benefit starting from 31 days after you were first unable to work (the first day of your excess ends)and you would receive your first benefit payment 30 days after that.
A qualifying period of of time immediately after the policy start date, during which, if you are made redundant, or if you are made aware you will be made redundant, you will not be covered.This is dependent on which company you choose.
Your mortgage has been in force for more than 30 days on the policy start date.
The normal monthly premium you pay for the buildings and contents insurance on the property named under your mortgage agreement.
The circumstances that you must reveal on or before the policy start date.
This is a hugely important factor in choosing which unemployment insurance plan is right for you. This is the period at the beginning of the plan where you are not covered for involuntary unemployment. Initial unemployment exclusion can vary from 0 to 180 days.
Both people named on the certificate of cover are insured separately for 100% of the monthly benefit.
(The benefit split you have chosen is shown on your certificate cover)
The bank, building society or Finance Company that grants you a mortgage.
The normal monthly premium you pay for the life insurance or savings plan linked to your mortgage.
The total amount of monthly cover you have under the policy. This is also the most we will pay you each month if you make a claim (this will depend on the benefit split)
The first loan you took out with a lender and secured against the property you are living in as your private home.
The normal monthly amount you must pay your lender under the terms of your mortgage agreement.
It can also include (if necessary) your life premium and your household premium (this is applicable to mortgage payment protection insurance policies such as offered by Paymentshield.)
Your mortgage has been in force for 30 days or less on the policy start date.
If you are employed – the average monthly income you have received before deductions (or if you are paid every week, the monthly equivalent) during the past 12 months; or
If you are self-employed – the monthly average of your self-assessment return for the previous tax year (this must be confirmed by the Inland Revenue)
Any payment, or any compensation for losing your job (including any payment made under a compromise agreement), that relates to any period of notice that you are entitled to, or should have been served by your employer, under the terms of your contract of employment or letter of appointment.
Any separate period of unemployment or disability for which you are receiving monthly benefit.
The insurance cover we provide under these conditions
The date cover begins as shown on your certificate of cover
Any condition or disease for which you received treatment, medication or advice (including examinations or consultations to monitor the condition) in the 12 months before the policy start date.
The monthly amount you pay to us for insurance under the policy.
(The premium you pay is shown on your certificate of cover)
Your application for insurance under the policy including the direct debit.
You own (either alone or with others, except as a shareholder) the business that you work in.
Your husband, wife, partner, or any other immediate family member related to you by blood, marriage or law.
You are classed for taxation purposes as schedule D and you have to make a Class 2 national insurance contributions; or
You are a proprietor;
You are a controlling director; or
You are a relative of either the proprietor or a controlling director of the business that you work in.
You alone are insured for 100% of the monthly benefit.
(the benefit split you have chosen is shown on the certificate of cover)
Both people named on the certificate of cover are insured for a percentage of the monthly benefit.
(The benefit split you have chosen is shown on the certificate of cover)
Unemployment and disability cover;
(the type of cover you have chosen is shown on your certificate of cover)
You no longer have a job because of circumstances beyond your control.
If you choose a Waiting Period, this is the amount of time that you will need to wait before you begin to receive your monthly benefit payments. However when you choose a Waiting Period, you will be eligible for benefit payments from the first day that you are unable to work and this becomes payable at the end of the Waiting Period if you are still unable to return to work at that time. For example, with a 30 day Wating Period your first benefit will be paid on day 31 (once the waiting period ends) and payment is backdated to when you were first unable to work. As the benefit is backdated the premium for this option is more expensive than if you choose an Excess Period.
The policy underwriter in this case Hamilton Insurance Company Limited or Compass underwriting Limited
You are actively employed or self-employed for at least 16 hours a week and you are making the appropriate nation insurance contributions
The person or people named on your certificate of cover.
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The range of policies that we offer can be used to provide cover for your mortgage, rent or loan payments against unemployment or redundancy. However, it is not necessary to have a mortgage to apply for this type of income protection cover.
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