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low to insure four income

12th September 1981
Page 64
Page 64, 12th September 1981 — low to insure four income
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Which of the following most accurately describes the problem?

John C. Vann

POLICY new to the inrance scene is the income )tection plan, which is basily an accident and illness licy.

4n outstanding feature of s contract is that a flat amium is charged irrespec e of occupation. So lorry ivers pay the same amium as those, say, in afe" clerical jobs. Normally, vers have to pay extra amium for this class of inrance.

f the person insured is off work due to accident or illness, the basic benefit is'£120 a month. As regards accident, the cover is worldwide. In relation to illness you are covered in Great Britain, Europe, Australia, New Zealand, United States and Canada only — but that should be sufficient as regards geographical areas.

This benefit begins on the fourth day of disablement for a period up to six months, but there is an increasing benefit period bonus. The insurers, in fact, add two weeks to the benefit period for each six months that the plan is in force without claim up to a maximum of 52 weeks.

This means there is a total maximum benefit payable of £1,440 (that is, 12 months at £120 a month).

An extra bonus is possible. The amount of the monthly cash benefit will be increased by one-quarter in respect of current policyholders of the insurers' hospital income plan on at least a full unit of cover. So, for such policyholders the benefit of £120 a month increases to £150 a month.

It's good to know that benefit paid under this income protection insurance is not affected by any National Health Insurance benefits, union benefits, employer benefits, or benefits received from any other insurance company. Under present Inland Revenue practice, all benefits received from an come protection plan are f of tax.

What premium is requilie for this income protection surance? The half-yealli premium is £36 plus an service fee of £5, so the payment is £41 and then £9 each following six months.:' The name of the insurers i in the process of beih changed from Charterho0 Magna Assurance to Multi°1 Health & Life Assurance Co' pany Limited, subject to th approval of the Departm of Trade. For anyone reql..11 ing further particulars, di, address is Stephens° House, Brunel Centre, Blet ley, Milton Keynes MK2 (Tel: 0908641272).

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Organisations: Brunel Centre

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