If you are employed, it would be wise
to check the level and structure of any
sickness pay arrangements offered by your
employer. Often employers elect to pay
your usual salary for a given time before
decreasing or, perhaps, stopping it altogether.
The information available from your employer
will make it possible to work out the
deferral period most appropriate to your
circumstances. Ideally you would claim
benefits from the policy at the end of
the period where your employer provides
income. This would ensure you always have
sufficient income, from either your employer
or the policy, to provide for your needs.
Check the wording of all policies, especially
the insurer's definition of disability.
You would also be wise to consider any
restrictions that are placed upon the
type of work you might be allowed to do,
were you unable to continue your normal
Certain occupations are statistically
more likely to cause illness or accidents,
this means the risk of a policyholder
making a claim is greater for the insurer.
This extra risk has two ways of showing
itself, either through higher premiums
for such occupations or in a greater number
of restrictions under the policy.
If you require guidance on whether your
occupation is considered a higher risk
than the norm, please contact us