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Frequently Asked Questions

We answer some of the most popular questions about income protection insurance. If you don't find an answer to any questions you might have below then please do contact us, our experienced advisers are on-hand to support you.

Cover2Me can provide instant policy with benefits of up to £2,000 (or up to 65% of your annual salary before tax, whichever is the lower figure) per month for periods up to 12 months, if you can't work due to unjury/illness or unemployment.

Benefit is subject to excess periods. Cover for unemployment will depend on the policy you have chosen and is subject to an Initial Exclusion Period (IEP).

The sooner you take out the policy the quicker your cover will kick in when you need it. Income protection insurance policies are subject to an Excess Period (the period of time after you make a claim before you can begin to recieve the monthly payout (benefit)). For policies covering unemployment, there is also an Initial Exclusion Period (IEP), which is a period of time you will need to wait before you can make a claim for unemployment after taking out the policy. The level of these is up to you to select, to suit your own requirements, so don’t delay in getting cover.

Not all cover is the same, and we have worked hard to get you good quality cover with competitive pricing. We offer the fastest quote in the market, we can also give you a price and you can purchase it online immediately. Most other providers will need to call you back.

For maximum affordability, we are able to offer you a price that is calculated in real time – this means we can give you clarity and control over the amount of monthly benefit you can receive based on what you can afford.

Income Protection isn't the same as PPI (Payment Protection Insurance). Whilst often limited in terms of cover, PPI can be a useful product designed for lump sum debt repayment that has been miss-sold in the past.

By comparison, Income Protection Insurance can provide a more versatile benefit in the form of a regular monthly amount paid to you to help to cover the costs of living for up to 12 months. Income protection insurance covers you if you are unable to work due to accident, sickness or (depending on your policy), unemployment. As such, you can decide how to use the monthly benefit you receive more freely.

There is usually a waiting period, in the event that you are unable to work, before you can begin to receive the monthly benefit amount (payment) provided by your policy.

In many cases, other sources of income, such as redundancy pay or statutory sick pay can assist in the immediate weeks following loss of working income. Please check the full policy terms and conditions in your Policy Wording document for further guidance on this exclusion period.

Whether you are covered for redundancy will depend on the cover provided by your individual insurance policy.

Accident, Sickness & Unemployment policies can cover redundancy (depending on your policy and the individual circumstances which led to the redundancy).

Accident & Sickness (only) policies typically do not cover situations such as redundancy.

Please check the full terms, conditions and sections of cover for your chosen policy prior to purchase. Further information about what is and is not covered can be found in our Policy Wording

Typically, income protection is calculated as a percentage of your regular working salary (gross income).

Key factors which help to describe your personal needs include your current salary, your age, the industry you are working in and the length of cover (policy term) you have chosen.

This information is used to determine your monthly premium; this is the indicative monthly cost of your policy that you will need to pay each month to retain your cover. Please ensure you are comfortable making the monthly premium payment before purchasing your policy.

In order to ensure your insurance remains valid in the event of a claim, it is your responsibility to notify us of any changes to your circumstances, this can include:

  • A change in your job, profession or working arrangements
  • A reduction of your working hours to less than 16 hours per week
  • You move outside of the UK
  • You retire
  • A change in your monthly income

If you have any questions, please don't hesitate to contact us on: 020 8667 8985.

The amount of benefit that is available to you (monthly payment received from your policy in the event of a claim) will depend on your personal circumstances.

Your circumstances will include your current salary, your age and the industry within which you are working at the time of taking out the policy.

The length of time income protection lasts can refer to both the period of cover (policy term) and the claim duration (duration of monthly benefit payments available as part of your policy if you should need to make a claim).

Period of Cover / Policy Term
The period of cover, meaning how long your policy will continue to cover you prior to making a claim, will depend on the policy term chosen when purchasing the policy.

Claim Duration
The claim duration is a separate, shorter length of time and will also be determined by your policy. This outlines how long you can continue to receive your monthly benefit amount in the event of a claim.

For more information on Period of Cover / Policy Term and Claim Duration, please check your Policy Wording.

Yes, however, if your policy covers Accident, Sickness and Unemployment, and you are self-employed, in order to claim for unemployment, you need to:

  • Have ceased to trade because you could not find enough work to meet all your day-to-day business and living expenses; and
  • Have declared the above to HM Revenue & Customs; and
  • Present the claims administrators with a copy of your Jobseeker’s Agreement and ongoing proof that you are registered as unemployed with the Department for Work and Pensions, or provide suitable alternative proof of unemployment.

For more information, please check our Policy Wording.

Income Protection should be considered before there is a known direct risk to your employment, such as sickness or redundancy, and where your ability to meet existing financial commitments would be affected if you were to unexpectedly find you are unable to work.

Income Protection does not cover situations where a specific risk to your employment is already known or experienced, such as awareness of an employer's redundancy exercise which is due to take place, or an event that has already occurred, such as accident, sickness or redundancy.

In the event of a successful claim, income protection can be useful to help you to meet financial commitments such as household bills, mortgage payments or rent in the short term when you are unable to work and receive your regular working income.

Whilst you are working, cover can provide extra financial peace-of-mind if you are concerned about what effect an unexpected loss of income could have on your ability to maintain your current financial commitments.

Most people are eligible for some form of cover. However, some people working in what can be considered high risk industries would be declined cover under general income protection policies.

Often, this can be because their job is considered to be at a heightened risk of redundancy, or to involve high risk activities. In many cases, those declined cover due to high risk factors may wish to seek cover from alternative, specialist insurers.

To make a claim under your policy, click on 'Customer Zone' and log-in using your details and policy number. Once logged in, click 'Make a Claim' to begin.

You can check the status of your claim online, 24/7.

Please check our Policy Wording

Income Protection Benefit relates to Income Protection Insurance and refers to the amount of money a policy will pay the claimant each month for a set period in the event of a successful claim.

This is usually calculated as a percentage of the claimant's working income before they became unable to work.

No, in most cases cover does not include events which were, or can be foreseen, such as planned time away from work to care for a new-born baby, where the pregnancy was known about prior to the child's birth.

For more information about what is and is not covered, please check our Policy Wording

What does Income Protection cover?

Depending on your policy, cover can help protect part of your income for a set period if you cannot work due to:

  • Accident
  • Sickness
  • Ill Health
  • Unexpected Redundancy

What’s usually not covered:

  • Being medically unable to work due to a medical condition known about prior to the purchase of the policy (unless otherwise stated in the Policy Wording)
  • Redundancy, where risk of redundancy was known prior to policy purchase
  • Dismissal from work due to misconduct or personal negligence