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
Morgage Protection Insurance Jargon Buster
T
TAX
The benefits are tax free
TEMPORARY WORK SCHEME
If you are receiving unemployment benefit and want to start temporary work until you can find full time employment, you may do so under this scheme. We will not pay you for the period you are employed however the periods of unemployment between jobs will be paid (so long as you are registered with the JobCentre Plus) and added together collectively until you reach the maximum of your chosen benefit period therefore treating them as one continuous claim. To be eligible please be aware the following will apply:
- Each temporary job can last no longer than 6 months
- You must re-register with the JobCentre Plus within 15 days of the temporary work ending
- You must notify Bankers Insurance CoS Ltd in writing before you begin each new temporary job and when you finished
Taking a Government funded course
So long as you are still registered with the JobCentre you may still claim benefit but you must still be in receipt of JobSeekers Allowance which is a prerequisite of claiming against our policy. It will be the responsibility of the applicant to confirm with their own JobCentre Plus that they would still be registered and receiving JobSeekers Allowance.
If you wish to "Transfer in"
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.