Definition of Incapacity
Arguably the important feature - the incapacity definition is basically the test you must pass at claim to receive the income benefit from your plan.
The vast majority of plans offer an own occupation as standard. This means that you be assessed on your ability to undertake your occupation at claim. Ensuring you are insured against the occupation you have chosen rather than a similar occupation you are suited to - consider a teacher may be suited to work as an exam board examiner, would they however be fulfilled in this suited role?
Therefore we would always recommend an own occupation compared to a suited occupation policy.
Some lo-cost products may have an any occupation definition. You would then have to meet the demanding standard of being unable to conduct any occupation in the workforce.
Finally, if your occupation or medical history means that a typical income protection is unobtainable or unaffordable then all is not lost. You could consider a policy employing a definition based on a functional abilities test or activities of daily living. As the name suggests these policies are not occupation based, you will receive your income benefit if you fail a number of prescribed tests.
Consider the UnumProvident Essential Ability Cover, offering a market leading £25,000 of income protection based on a functional abilities test.
Deferment periods
Deferment periods, or the waiting period is basically the period of time you must wait until a claim can be made. For those in medical professions employed under a NHS contract your sick pay will be structured around your length of service. Therefore, your income protection plans deferment period should automatically adjust to meet your sick pay provision. Ensuring you don't pay for income protection benefit you cannot claim for.
The Friends Provident income protection plan is specially constructed to include a 'rolling' deferment period. It automatically adjusts your deferment period based on your length of service.
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