What is an income protection deferment period?

What does this deferred period actually mean and will my claim be backdated if there is a deferment period? Is it cheaper to have one?

Question asked by Josh Lacey
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Answered by Andrew Jenkinson

Income Protection: The deferred period explained

The deferment period (also known as the excess period on short term income protection plans) is the period of time you have to be out of work due to illness or injury before any benefit will start accumulating and any claim payment will be made.

All other things equal the longer the deferred period on the plan the lower the income protection premiums as you will have to be unable to work due to illness or injury for a longer period of time before benefit payments commence.

How long after the deferred period is a claim paid?

With most longer term income protection policies the shortest deferment period available is 4 weeks, benefit payments are made in arrears and thus your first payment would not be until week 8. With short term income protection (also known as accident, sickness and unemployment cover) there is often an option to choose a deferred period with Back to Day 1 cover which means when a claim arises benefit payments will be paid back to the start of your claim.

Find out more…

For more information please see the page: Setting the deferred period with income protection or alternatively get in contact with one of our expert advisers who can answer any questions that you may have on 01273 646 484 or help@drewberry.co.uk

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excess period
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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