Have you ever considered how you would pay your way if you were to become sick or injured and couldn’t work?
is an insurance policy that helps you financially if you cant work due to illness or accidental injury.
Formerly known as Permanent Health Insurance (PHI), Income Protection Insurance (IPI) is available in the UK as an insurance policy to policyholders who find themselves incapacitated and unable to work due to illness or accident.
Income protection insurance policies offer a number of benefits over other accident or sickness related insurance policies including:
- The benefits include are payable when the policyholder becomes incapacitated and after the deferred period has passed and continue until the earliest of death, recovery of health, retirement or the term of the contract
- The benefits are paid regularly and are tax-free
- The insurance company cannot cancel or refuse to renew the policy all the time the policyholder continues to pay the premiums
- A waiver of premium option may be provided whereby premiums for the IPI policy are not required while benefits are being paid from the policy, but the policy cover continues as normal
If you are unfortunate enough to have to make a claim on your Insurance Protection Insurance, one of the following four definitions of ‘incapacity’ is needed for your claim to qualify:
Own occupation Following illness or an accident the policyholder is incapacitated if he/she is unable to perform their own occupation and is not working in another job.
Suited occupation Following illness or an accident the policyholder is incapacitated if he/she is unable to perform an occupation suitable to them given their education and training etc.
Any occupation Following illness or an accident the policyholder is incapacitated if he/she is unable to perform any occupation at all.
Activities of daily living (ADLs) Following illness or an accident the policyholder is incapacitated if he/she is unable to perform a number of defined functions such as dressing and undressing, washing, eating, climbing stairs, shopping, cooking etc. The p
Read all post…
FITSA Foundation has published the Guide to Buying or Renting a car insurance, which lists the essential security technologies must have a car to help prevent accidents or reduce their consequences.