What exactly am I covered for?

Your plan will protect your income against:

• Any illness
• Any injury
• Any disability
• Any accident

This results in you being unable to do your usual work for longer than your deferred period.

N.B. With respect to females, while it does not cover normal pregnancy situations, it does cover any disability caused by pregnancy, however, in such circumstances your deferred period commences from the date your pregnancy ends.

What is a Deferred Period and how does this affect my plan?

The Income Protection plan will provide you with an alternate source of income. This income is a weekly benefit payable after a deferred period of either 8, 13, 26 or 52 weeks. The deferred period is the length of time between when the illness is first diagnosed and when you start receiving an income benefit.  The benefit once payable is paid until to return to work or up to your selected ceasing age, 55, 60 or 65.

Do I get Tax relief?

You will receive tax relief on all premiums you pay (up to a maximum of 10% of your total salary) at your marginal rate of tax.

Tax on Income benefit

You will receive your income benefit net of income tax under PAYE.

Can I add additional benefits to my plan?

Yes. With some companies you can add Hospital Cash benefit.

Hospital Cash benefit (Only available on Individual Income Protection Plans).

In general, you can receive an income benefit any time during the deferred period if you spend more than 7 days in hospital. The amount you receive will be equal to 1/7th of your weekly benefit for each day spent in hospital starting on the eighth complete day and payable up until the earliest of:

• Your last day spent in hospital.
• The 91st day spent in hospital.l
• The date the deferred period ends.
• The date you die.
• The date your policy ends.

Can my Employer pay the cost of my Income Protection?

In some instances your employer can pay the cost of your Income Protection.  There is however some key contract differences and we would suggest that you contact us so that we can relate the cover specifically to your occupation and your personal circumstances.

Does my occupation have any bearing on whether I qualify for Income Protection?

Yes.  Clearly there are some occupations which are deemed to be a higher risk than others. Your occupation is grouped under different occupation categories, typically class 1 - 4.  An office worker is seen to be a low risk (class 1) while a builder is classed as a high risk occupation (class 4).  Some occupations present too much risk and as a result are declined.  Other occupations have a particularly high claims experience and are equally declined.  Please check with us about your specific occupation(s) and we can advise you regarding its insurability.

Will I be covered if I change occupation?

You will continue to be covered if you change jobs, regardless of what your new job entails. If you are made redundant, your plan will continue while you are looking for another job, however, you cannot claim benefit while unemployed.

Caveat Emptor:

The details provided represent only a brief summary and we strongly recommend that advice be sought from a suitably qualified professional before any contract is entered into.