Income Cover (Income Continuance Cover)
Five Suppliers - Various Options
As part of a group scheme Income covers normally need to be specified with mandatory death cover and can come with variuos options:
- Benefit is normally set at a maximum of 75% of income or a lesser agreed amount (that is all it will pay except that some companies may "boost" the benefit for a period of total disablement and/or in hospital).
- Various wait periods (4/8/13 weeks etc)
- Various benefit terms although the norm is 1 or two years of payment on claim (ensure your personal income covers do not conflict)
- Normally Indemnity style contracts (can be "agreed") which require proof at claim time and will be offset (reduced) by any other benefit received because of the same event (ACC).
Please tell me more about Group Income Cover
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