Our definitions explained...
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Accident
A unexpected occurrence causing you bodily injury. Your injury can be
assessed in many differing ways dependant on your cover. Do you qualify
for capitol benefits or a replacement income. For the later you will have
too be unable able to work for a deferred or qualifying period before
benefit is triggered. |
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Income
Income replacement benefit is designed to pay you a regular income in the
event of being unable to work. Due to current Inland Revenue restrictions,
you can only insure part of your income - 50% in most circumstances.
Remember, benefits are normally paid as a tax free income and in addition
to any qualifying state benefits or compensation payments. |
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Lump Sum Benefits
Some policies pay a lump sum benefit upon accidental injury or death.
These policies are often designed to cover
capitol benefits only, and work out very cost effective. Common
benefit areas are loss of sight in one or both eye's, loss of limbs and
even digits; ideally suited to those in more hazardous occupations such as
saw mills and metal work. |
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Capitol Benefits
These are serious injury benefits such as loosing a thumb, hand, arm or
leg. Also damage to your eyes are often covered. Additionally, most
policies will pay for accidental death and/or total disability. Less
serious accidents such as broken bones (even if they cause long to medium
term disability) would not be covered under such a plan.
Capitol benefit schemes will pay a tax-free lump sum upon presentation of
eligible claim, they do not provide any form of income. |
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Occupation
If you work in a specialised occupation you should check with your adviser
whether you would be expected to work in any occupation, any suited
occupation or work-task specific. This can make a big difference in some
cases - more so with longer-term incapacity claims. |
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Illness
If you have an Accident Only policy you would not be able to claim for any
conditions caused by illness or disease. It is important if you are
self-employed or lacking employer support to have adequate insurance in
place.
Rather than buy the first policy that looks attractive, we recommend that
you speak to an adviser to ensure that the policy you take is able to meet
your benefit requirements. |
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Unemployment
Some policies will also cover unemployment or redundancy as a benefit. You
must ensure that you are familiar with the terms of these policies as many
have qualifying periods and you must not have known about or volunteered
for redundancy.
You should speak to your adviser if you are in any way unsure. |
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Burgesses
Burgesses is a market leading innovator in the field of protection
insurance and is authorised and regulated by the Financial Services
Authority. Their products have been recommended
in a considerable number of trade, local and national newspapers including
The Times, The Guardian, The Observer and The Sunday Telegraph. In
addition to their products topping Which? Best
Buy Surveys, they are the exclusively appointed
provider of protection insurance to the members of the
British Insurance Brokers’ Association.
Burgesses charge less than the vast majority of its competitors
because they simply take lower commissions and
their highly efficient administration system
vastly reduces their operating costs. With this
saving, they obtain high quality insurance
products for our clients from insurers committed to paying genuine claims.
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[click here]
to get a free quote for
Accident, Sickness (and/or)
Unemployment cover |
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Motorcycle Cover
This policy is specifically designed with motorcyclists in mind. It is
aimed at non-professional riders and does not cover any competitive
sports. However it is ideally suited to anyone who rides a motorcycle or
takes part in motorcycle activities.
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[click here] to get a free quote for
Rider Guard from Pinnacle Insurance |
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Amateur Sports Cover
A special policy aimed a non-professional sports players... enjoy going to
the gym, playing football, squash or martial arts - then this plan is
ideally suited to your needs. Benefits for sports injuries, broken bones
and even hospitalisation... If you are a professional sports player - we
recommend you first consult you professional sports association for advice
on special schemes.
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[click here] to get a free quote for
Sports Accident from Pinnacle Insurance |
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Period of insurance
Most policies are designed to pay or cover a limited period. Your policy
will only pay eligible claims so long as you have paid your premium. Some
policies become void once a claim has been presented, speak to your
adviser if you are looking at a long-term or short-term policy as some may
be more limited than you require.
Most policies are sold on an annual contract basis, this means each year
you will be invited to renew your plan, adjust your cover and premium if
necessary. |
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Long-term disability
If you require long-term peace of mind such as 'permanent and total
disability cover', speak to your adviser as you might benefit from having
two policies working side-by-side. Accident, sickness and
unemployment cover normally only pays for one or possibly two years, if a
condition stops you from returning to work beyond this point, you would
need to consider permanent health insurance. |
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Income Replacement
By the nature of their name, this policy provides you will with a
replacement income from as little as one year or to retirement - dependant
on your needs.
If you run your own business or are self-employed, income replacement
cover is a must have as state benefits are designed to provide only basic
standards. Speak to an adviser or your financial adviser regarding these
matters.
Schemes can also easily be set up as an employee benefit to protect key
staff against unexpected illness or injury stopping them working. |
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Company Paid Benefits
All forms of health insurance are available in company schemes; allowing
the employer to build a benefit structure pertinent to their nature of
business. Most schemes are classified as benefit in kind; this means the
company pays the premium on behalf of the members, the cost of their
benefit is counted as income and therefore they only pay tax on the cost
of the cover...
Such schemes are also an excellent way of protecting the interests of the
business against the unexpected loss of a key team member. Benefits can be
used to employ locum cover, agency staff or simply the cost of replacing a
member of staff. As tax is paid on the premium paid to the insurer -
benefits are classified as tax-free unless linked with PAYE and pension
cover. |
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P11d - Taxation issues
As health insurance is seen as an employee benefit in kind, it is
classified as a P11d benefit. This means that in addition to an employees
income, you must inform the inland revenue the premium value of the
benefit provided. The employee pays tax on this cost and it is classified
as an income.
Company paid benefits are by far the most cost effective way of buying
health insurance. Speak to an adviser about which benefit package might
suit you the best... |
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