Income Insurance Cover Options
Our income insurance policy allows you to tailor your cover to your own individual needs and budget. You can decide on the right level of cover, how much cover you need and when you receive your benefits in the event of a claim. You can even choose to defer your first two months premium payments.
There are other providers of Short Term Income Protection and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at: www.moneyadviceservice.org.uk/yourmoney. A typical monthly cost for Paymentshield Short Term Income Protection is £5.15 for every £100 of monthly benefit.*
Choose your cover levels
- Full Accident, Sickness and Unemployment cover
- Accident & Sickness Only
- Unemployment Only
Choose your benefit period
- Up to 12 months benefit period cover for Accident, Sickness & Unemployment cover or Unemployment Only cover
- A choice of 12 or 24 months benefit period with Accident & Sickness cover
Choose how much cover you receive
- Choose an amount between £1 - £2,000, subject to a maximum amount of 65% of your gross monthly income (whichever is the lower)
Choose when you start paying
- The first two months premium payments can be deferred, or pay your premiums from the start of the policy for a cheaper monthly cost.
Choose your Qualification Period to determine when you receive your first payment
- 30 Day Back to Day One
Your first payment is made on the 31st day of your claim and payments are backdated to the first day of your claim. Your first payment is therefore for day 1 to day 30. Monthly payments will continue for the period that your claim remains valid.
- 30 Day Excess
No payment is made for the first 30 days of a claim. Your first payment is made on the 61st day of your claim and backdated to day 31. Your first payment is therefore for day 31 to day 60 and monthly payments will continue for the period that your claim remains valid.
- 60 Day Excess
No payment is made for the first 60 days of a claim. Your first payment is made on the 91st day of your claim and backdated to day 61. Your first payment is therefore for day 61 to day 90 and monthly payments will continue for the period that your claim remains valid.
- 90 Day Excess
No payment is made for the first 90 days of a claim. Your first payment is made on the 121st day of your claim and backdated to day 91. Your first payment is therefore for day 91 to day 120 and monthly payments will continue for the period that your claim remains valid.
- 180 Day Excess
No payment is made for the first 180 days of a claim. Your first payment is made on the 211th day of your claim and backdated to day 181. Your first payment is therefore for day 181 to day 210 and monthly payments will continue for the period that your claim remains valid.
Please note: You will not be able to make a claim for unemployment, if you are still within your Initial Exclusion Period. Please see our Glossary for a definition of the Initial Exclusion Period.
Tailor your Qualification Period to suit your needs
- You can select different qualification periods for Accident & Sickness and Unemployment cover, when taken together on the same policy.
- Selecting an Excess Qualification Period may be cheaper than Back to Day One cover
- Selecting a longer Excess Qualification Period can also lead to a cheaper premium!
For example: If you receive 3 months sick pay from your employer, you may wish to choose a 90 Day Excess period for Accident & Sickness cover but choose a 30 Day Back to Day One period for Unemployment cover, so that you’re covered from day one.
* The monthly cost is inclusive of Insurance Premium Tax (IPT) at the current rate of 6%. The cost is based on a customer aged 26-30 taking out our full accident, sickness and unemployment option with 30 day back to day one cover, 12 months benefit and no deferred premium period, protecting income of £755 per month.
IncomeShield is underwritten by Pinnacle Insurance plc.