A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Income Protection Insurance Jargon Buster
E
EMPLOYER change
Your cover is completely portable between jobs, however if you need
to make a claim for unemployment you must have been in continuous work
for 6 months prior to the claim. We will not count any break in
your employment that is 2 weeks or less. Please feel free to contact
us to discuss your individual circumstances.
Remember that any change in your circumstances should be notified to
Bankers Insurance Company Limited - there may be an affect on
any future claim.
EXCLUSION PERIOD
This is the period immediately after the start date during which you
will not be able to make a claim for Unemployment.
This relates only to unemployment (not to accident and sickness) and
applies only once during the first 90 days of the policy. If made redundant,
or you are told you will be made redundant within that time you cannot
claim
If you choose to "transfer in" from an existing payment protection
policy you may be eligible for a waiver of this exclusion period at
our discretion. See FAQ's "T" for Transfer in.
See Unemployment Benefit Exclusions Section 11 & 12 of the
Policy Terms & Conditions
See Incapacity Exclusions Section 7 of the Policy Terms & Conditions
IF YOU HAVE AN EXISTINT POLICY
If you an existing payment protection insurance policy such as income, loan or mortgage protection you can "transfer in". This simply means that you intend to cancel your existing policy in order to take our policy. If you choose to "transfer in" we will waive the initial 90 day exclusion period that is effective from the start date of your policy. This applies to Unemployment Only.
In order to be eligible for the waiver:
- You must have had your existing policy for at least 6 months,
- You must not have cancelled your existing policy prior to the start date of our policy,
- You must not have claimed against the policy within the past two years
Nothing further will happen unless you make a claim for unemployment within the first 90 days at which point you must be able to provide evidence of the above.
To "transfer in" simply click yes to the question "Do you wish to transfer in from a previous policy" box on the Application Form.
Once your policy arrives you can then cancel your previous policy. However please be aware that although we do not have a cancellation fee your other provider might.
In the event of an unemployment claim within the initial 90 days, your claim will be limited to the amount covered by your previous policy. However, once the initial 90 day period has expired, you can claim back to day one and your new cover amount will apply.
If you choose not to "transfer in" and keep your existing Payment Protection Policy
You may still take out our policy, even if you keep your existing policy, but you would not be eligible for a waiver of the initial 90 day exclusion period. In addition your benefit payment may be affected in the event of a claim if the combined benefit from both policies exceeds the monthly benefit repayment as stated on your application.