Insurance, Mortgages, Financial Matters & Risk Management since 1978
Copyright R M Brown & Moneynotion Limited 1978 -
We are Authorised and Regulated by the Financial Services Authority; registered number 137380. The FSA web site is http://www.fsa.gov.uk Terms of use | Privacy policy
Incorporating R M Brown -
How is working like this when you’re sick going to help you to recover?
Your ability to work is your biggest financial asset. Without an income you may lose your home. And who pays the bills if you can’t work?
3 main ways to insure:
- Sickness and Accident cover
- Permanent Health Insurance
- Critical Illness cover (provides a lump sum benefit)
This page should help you to understand and compare the differences between the 2 and to make a judgement whether one, the other, or a mixture of both is best for you. Assess this, then contact us for a discussion and further details.
All policies depend on factors, including health, age, occupation, smoking habits etc.
Sickness and Accident Cover -
Covers sickness, accident, or both (and often Unemployment -
- It’s annually renewable, so either you OR the insurer can decide not to renew cover for another year. It also means that YOU have a continuing responsibility to disclose ALL facts which may affect the insurer’s assessment of your risk, including any changes. If the insurer doesn’t like it, they can increase the premium or cancel cover at renewal!
- Premiums can vary from year to year.
- Weekly Benefit usually starts after a short period (can be as low as 7 or 14 days).
- Weekly Benefit usually stops when you return to work or in any event after a prescribed period, often 104 weeks (2 years). There is no further weekly payment after that time.
- Lump sum payments are often included for accidental death, loss of limbs/eyes, permanent total disablement.
- In recent years a newer form of this cover has emerged, with unemployment cover included.
This is usually known as Accident Sickness and Unemployment (ASU) cover -
see below.
Permanent Health Insurance -
- Covers inability to work due on health grounds.
- It’s a permanent contract up to the maximum age you’ve selected (often your retirement
age). The insurer cannot decide to cancel cover or increase premiums because of
the number of claims you’ve made, or on any change in health. The insurer can only
increase your premium in a pre-
agreed way, e.g. inflationary increases the level of cover and premium. Changes in occupation can give rise to changes in premium or to availability of cover. - Weekly Benefit usually starts after a longer period. This can be as low as 4 weeks,
but it’s usually 13, 26, 52 or even 104 weeks -
usually to coincide with the period after which an employer allows sick pay. - Weekly Benefit only stops on your return to work or at a pre-
agreed time, say age 50, 55, or more usually 60 or 65.
Accident, Sickness & Unemployment (ASU) Cover
For buying on-
British Insurance Limited is the exclusively appointed provider of protection insurance to members of The British Insurance Brokers’ Association (BIBA). The firm has been recommended in local and national newspapers and magazines including The Times, The Telegraph, The Guardian, The Mail on Sunday and The Financial Times. In addition, its products have topped “Which?” magazine “best buy” surveys.
When you click on the button below, it will take you to the British Insurance Limited website, where you will be able to have a no obligation and confidential instant quote, together with all the information you require to apply online for accident, sickness and unemployment insurance.
British Insurance Limited is directly authorised and regulated by the Financial Services Authority under registration number 302674. Be aware that responsibility under Financial Services Authority regulations will therefore be assumed directly by British Insurance Limited if you purchase accident, sickness and unemployment insurance from them. Having said that, we are always available to give you help and advice should you need it.
Click HERE for more details on ASU and to arrange cover.
Critical Illness cover -
- Pays a lump sum on contracting one of a list of debilitating illnesses. Intended to cover such things as:
- pay off your mortgage, credit cards etc. now you can’t work
- alterations to your home to cope with disability
- provide a financial buffer for repairs & replacements.
- Cover ceases at a pre-
agreed time. - Cover is initially granted subject to satisfactory evidence of health, occupational risk, lifestyle etc.