FAQ's- Income Protection Insurance
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If you would
like further advice or assistance regarding the scheme we have for FWC
members please contact either Nick Wylie or Joanne Richardson on 0844
815 6211 or email nick.wylie@alliedinsurance.co.uk
We have listed below a number of Frequently Asked Questions that we hope with assist.
We have listed below a number of Frequently Asked Questions that we hope with assist.
| Q. | Why should I consider taking out Income Protection Insurance? |
| A | Because sickness benefits from the State are difficult to obtain and are insufficient to cover your income. |
| Q | What does Income Protection Insurance cover? |
| A | It provides you with an income, which is usually a large percentage of your weekly earnings should you be unable to work following an accident or illness. |
| Q | Can I be covered for Accidents and Illness? |
| A | Yes, you can be covered for either illness only or accident and illness |
| Q | How long can I claim for? |
| A | A claim will be paid until you return to work or until your selected retirement age should you never be able to return to work. |
| Q | I have a Personal Accident policy, will I be paid under both? |
| A | That depends on the level of benefits payable under each policy and your income. You cannot claim for more than your actual earnings. |
| Q | How much will the premium be? |
| A. | That is dependent on your age, the level of weekly benefits you require and the number of weeks exclusion you wish to apply (ie the deferred period) |
| Q | What is special about the FWC scheme for members? |
| A | You would normally have to submit a proposal form to be assessed due to your occupation as this is classed as a high risk occupation. Under the FWC scheme you don't have to do this as the insurer has already agreed cover can be offered to all members at a discounted premium. |
| Q | Do I need to declare the policy to the tax man? |
| A. | No, the income is non taxable. |
| Q | Can I include cover for my wife/husband? |
| A. | No, this has to be done under a seperate policy but cover can be offered. |
| Q | Do I need to pay the premium in full or can it be paid monthly? |
| A. | The premium is paid monthly by direct debit. |
| Q | Do I have to pay towards the cost of a claim? |
| A | No, not at all. |
| Q. | What's the difference between Permanent Health Insurance and Income Protection Insurance? |
| A | Nothing at all, it is the same cover with a different name. |
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