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
Assurant General Insurance 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
EXISTING PAYMENT PROTECTION POLICY
If you already have existing loan or payment protection policies you
may “transfer in” (see Transfer
in) your loan and/or mortgage and then, if you wish, add additional
cover for your other monthly outgoings to the maximum benefit allowed.
You may also be eligible for a waiver of the 90 day redundancy exclusion
period at our discretion.
If you choose not to transfer in please remember that in the
event of a claim your total income, including all insurance benefits
and state benefits, should not exceed your current net monthly income
as declared on your application form and that any amounts above your
declared net income may be deducted from your benefit amount.
For example, if you earn £1000 and you chose to protect the full 50%
against unemployment, this means your monthly benefit, should you claim,
would be £500 a month. Add to that your Jobseekers allowance (approximately
£57 per week) and you total income is still less than your declared
net income of £1,000. However if you then receive benefits from an existing
policy this would take you over £1,000 and any additional monies above
that sum may be deducted from our benefit payment to you.