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Income Protection Insurance Jargon Buster


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START of COVER
An automated email response will immediately acknowledge receipt of your online application.  If your application is accepted you will receive by post within 10 working days a Policy Schedule with your Welcome Pack confirming your cover and the start date that will usually be the date  Bankers Insurance Co Ltd receive the online application.  If you do not receive your Welcome Pack within 10 working days please call AntInsurance on 020 8972 9557

SELF EMPLOYED definition of:

  • Helping with, managing or carrying on a business in the UK and are liable to pay tax under schedule D Case, I, II, IV or V or the Income and Corporations Taxes Act 1988; or
  • Paying Class II National Insurance contributions; or
  • A partner in a Partnership; or
  • A person who exercises direct or indirect control over a company, or owns more than 10% of the issues share capital of the company
  • Working for a company and in any way connected with a person who has control over that company (for example, you are one of his or her family)

SELF EMPLOYED – when eligible to claim for unemployment

As a self-employed person to qualify for unemployment benefits you must provide evidence that your final accounts have been submitted and your business has :

  • Permanently stopped trading and/or is in the process of being wound up; or
  • Has been put into the hands of a company dealing with insolvency; or
  • Is a partnership which has been dissolved or is in the process of being dissolved.

Benefit will not be paid if your business temporarily stops trading or is dormant.

SELF EMPLOYED – when eligible to claim for accident or sickness

Incapacity must stop you from helping, managing, receiving any money from or carrying out any part of the day-to-day running of a business.  In addition you must be in receipt of Short Term Incapacity Benefit from the JobCentre Plus

SPORTS
We do not exclude dangerous sports such as rugby, football or horse-riding, etc.

START OF BENEFIT PAYMENTS if claim for redundancy
You cannot make a income protection insurance claim for unemployment for the first 90 days from the commencement of the policy. Following this once only initial period you can make a claim after just 30 or more consecutive days of not working through unemployment.
Please note that you must be in receipt of Jobseeker’s Allowance.

START OF BENEFIT PAYMENTS if claim for accident or sickness
If you are no longer in receipt of your usual salary you can make a income protection insurance claim after just 30 or more consecutive days of not working through accident or sickness, the income protection insurance claim will then be backdated to the first day of the claim.
Please note we will treat the first day of your incapacity as the day your doctor confirms you cannot work. 

STATUTORY SICK PAY
You can claim benefit against this income protection policy for accident or sickness once you are in receipt of Statutory Sick Pay from your employer or Short Term Incapacity Benefit from the Job Centre Plus.

Current government information states:

  • SSP is paid for a maximum of 6 months
  • If after this time you are still incapacitated you may receive Short Term Incapacity Benefit from the Job Centre Plus, this payment is made to a maximum of  52 weeks

The total monthly benefit you receive is limited to the percentage of your net or gross monthly income, in our case 75% of net (to a maximum of £2000). The combination of  Statutory Sick Pay and benefit from our income protection policy must not exceed your normal "net monthly income" as stated on your application form as benefit will only be paid equivalent to 75% of that income, therefore any combined monies in excess of your stated salary would be deducted from your benefit.

STRESS
You will not receive incapacity benefit for;

  • Psychiatric illness or mental disorders including depression, bereavement,  stress or stress-related conditions which are not diagnosed by a consultant who is a member of the Royal College of Psychiatrists and is recognised by that Royal College as being a consultant.

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