Choose when payments should start
You tell us how soon you would like payments to start if you became incapacitated and were to make a successful claim.
For example, if you have a company sick pay scheme that pays for six months, you may want the plan to start paying out after the end of this period. But if you are self-employed, a monthly benefit could be needed much sooner.
To ensure payments start when you need, the plan offers four different periods (called deferred periods) after which you will receive payment of income protection benefits if you make a claim.
These deferred periods are 4, 13, 26 and 52 weeks. Generally, the longer the deferred period, the lower the premium is likely to be.
Returning to your occupation for reduced earnings (Proportionate Benefit)
If you make a claim then an Income Protection Benefit can also compensate you for reduced earnings if:
- you return to your job in a reduced capacity with a reduced salary, or
- you're unable to return to your previous job and take an alternative one at a reduced salary.
Housepersons and part-time workers
The Income Protection Benefit can also provide benefits for housepersons and part-time workers (those working less than 16 hours per week).
If you fall into one of these categories, and you become incapacitated so that you are not undertaking any work and are consistently unable to perform at least 3 of the 'activities of daily living/work'.
Full details are available in the Terms & Conditions (available in branch on request)