What is the shortest deferred period I can have?

What is the minimum deferred period I can have with sickness insurance? I really need it to pay our from the first day I am ill but I am not sure if this is possible?

Question asked by Ben Sawyer
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Answered by Andrew Jenkinson

The deferred period explained in more detail

With the vast majority of insurers the shortest deferred period is 4 weeks. This means that you would need to be off work for at least 4 weeks before your policy would start accumulating benefit (i.e. one days worth of  benefit for each day you are absent from work).

Although we do not usually recommend payment protection plans when covering the risk of accident or sickness, these plans do sometimes have a ‘back-to-day-one’ option, where the insurer will backdate your claim to ‘day-one’ of incapacity after being off work for 4 weeks.

Can I have a deferred period shorter than 4 weeks?

With some long-term salary protection plans it is possible to have a deferred period as short as 7 days or, with one insurer, even as short as 1 day (provided you are out of work for at least three days, in which case the payment is backdated).

These options are only available to cover accident and sickness (i.e. not unemployment) and are particularly popular with self-employed people with little savings. One insurer to offer this option is Exeter Friendly.

Glossary: Some insurers call the deferred period an excess period or waiting period (all these terms mean the same).

Speak to an expert

At Drewberry we come across people who need a short deferred period every day. We can help you find the most suitable policy for your individual circumstances. Give us a call on 01273 646 484 or send us an email on help@drewberry.co.uk and we will get back to you as soon as possible.

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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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