Am I covered in the event of being made redundant?
The Insurance Service can provide quotations for the best policies available in the market
Should I consider anything other than own occupation?
"Own occupation" is by far the best definition of incapacity, however,insurers, on some occupations that are higher risk, will not consider just own occupation and may change the definition of incapacity to either suited or any occupation. In rare cases insurers will only give essential abilities cover.
Should I consider reviewable premiums?
Reviewable premiums start off much lower than guaranteed which usually take 5 or 6 years to catch up and with the Friendly Societies stay static until age 30.
What is a deferment period?
This is the period from when incapacity takes place before you can claim benefit. This varies with insurers but can range between day one cover and 104 weeks with 4,8,13,26,52,78 all in between.
If you don't receive sickpay then the shorter the deferment period the better.
If you receive sick pay from your employer then you should look at a deferment period to coincide with the last day you receive pay from your employer.
What is the best policy for me?
There are a number of factors to consider,the deferment period, the amount of benefit you require,your chosen retirement age and your occupation. The Insurance Service would advise you of the best policy to meet both your budget and needs.
