What does it do?
••• Income protection policies are designed to ‘bridge the gap’ when your customer is out of work for a short period of time, providing a cash amount if they suffer an event that prevents them from working, or provides a lump sum in the event of death.
These are primarily intended to cover a modest timeframe — usually up to a year. There are policies potentially paying until retirement, however these require individual assessment and are not provided by Maiden.
Who is it for?
Maiden has the scope to issue individual policies, although income protection insurance is usually included in ‘group policy’ products presented to organisations, and then subsequently offered to customers/members. These organisations include
Car manufacturers & their finance captives
What are the benefits?
Accident or Sickness:
Your customer selects the level of monthly benefit, and should they have an accident or fall ill and are unable to work, the policy will pay the chosen benefit.
Your customer selects the level of monthly benefit, and should they become unemployed, the policy will pay the chosen benefit. Policies sometimes also cover self-employed people if their business should fail.
The insurance would make a lump sum payment in the event that your customer dies. Not all policies will provide life cover.
Cover may be provided for cash sums if your customer stays overnight in hospital, or start making payments if they’re diagnosed with a critical or terminal illness. Voluntarily giving up work to become a full-time carer to a family member may also be classed as involuntary unemployment.