What is the difference between Income Protection and Accident, Sickness & Redundancy (ASU)?
Income protection ASU Accident and sickness; Accident, sickness and unemployment Maximum monthly benefit Between 50-75% of gross income Mortgage payments plus 50% Level of underwriting Longer and stricter underwriting. The insurer may need doctor’s reports and a medical examination No medical underwriting, however chance of the insurer paying a claim is not high Deferred period Options of day 1 cover, 1 week, 4, 8, 13, 26, 52 or 204 weeks are available Deferred period of 30, 60 or 90 days. However claims can often be backdated to day 1 Number of claims Unlimited claims (including unlimited claims for the same illness) throughout the policy term When you claim the policy stops How long can you claim for? Until your selected retirement age of between 50 and 70 A maximum of 12 or 24 months Can you receive employer’s sick pay at the same time No. The deferred period can be set so that the policy starts from when your employer’s sick pay ends This depends on the insurer What can the money b
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