Drewberry™ uses cookies to offer you the best experience online. By continuing to use our website you agree to the use of cookies including for ad personalization.
If you would like to know more about cookies and how to manage them please view our privacy & cookie policy.
The ‘payment period’ is the maximum length of time that your policy will pay a monthly benefit should you have to stop working due to illness or injury. For example 12 months.
It’s important to note here that this is for a continuous claim. If you claim and then go back to work, you can still make future claims at a later date. However, you would still only be able to claim for the maximum payment length set out in your term.
To claim again for the same condition you would usually need to return to work for a period of time, which is typically 6 months long.
With Income Protection cover you have a number of different options. Typical payment periods are as follows:
For the last option (what are known as long-term plans), the end of the policy is typically aligned with your retirement age. This means your benefit amount would pay out until you retire if unable to work due to accident or sickness.
It’s a good idea to opt for a policy that doesn’t limit the payment period. This way you know that regardless of how long you are unable to work for, you will always receive your benefit amount. Naturally, the payout length may depend on your budget as the longer the payment period the higher the monthly premium charged by the insurer.
To see various options for yourself you can get an instant online quote or speak to one of our advisers on 02084327333.
I don’t get sick pay so I want to protect myself with income insurance for accident and sickness but in the quotes it says ‘payment period’. I’m not sure what this is, could you explain?
