Things to think about before buying:
This is a short-term income protection insurance policy. We are not offering any advice about the product so it’s important you check whether the product meets your needs, is right for you and if you will benefit from the cover.
A checklist of useful points:
Before deciding whether this type of insurance is right for you, ask yourself the following questions:
1) Are you permanently employed?
To be eligible for this cover you need to be in permanent paid employment, including self-employment, for at least 16 hours per week.
2) What sick pay do you receive from your employer?
Income Protection Cover is designed to pay out benefits once your employer stops paying you sick pay or if you receive no sick pay from your employer. If you receive sick pay for a reasonable period of time then you should consider whether you could survive on that or whether you would still benefit from extending that period with benefit payments from Income Protection Cover.
3) Do you have a partner who is working?
Are you the major breadwinner in your household? If you are, then could your household survive without your income? If not, then could you survive on your partner’s wages for a period of time if you needed to?
4) Do you receive any kind of state benefit support while you are working e.g. Universal Credit?
You should check your entitlements to state benefit in the event of sickness or accident. Receiving payments from Income Protection Cover may affect your entitlements to state benefits.
5) Do you have savings that you could fall back on?
If you have savings, would you be prepared to use them for living expenses while unable to work? If so, then how long could you keep going on that basis?
6) What age are you?
Would you be able to take early retirement if you became unable to work due to sickness or accident?
7) What is your current state of health?
If you have any pre-existing medical conditions at the start date of your cover these will be covered after you have had your policy for 24 months.
Based on the questions above, do you think that Income Protection Cover will benefit you? If you do, simply call our friendly UK customer services team on 0343 178 1226.