If I have to make a claim when would I receive payments?
This varies enormously from one contract to another and is often the source of much confusion. Our advice is to ensure that any policy you purchase has "back to day 1 cover". This means that you will receive your payment at the end of the month from when the loss occurs.
In the case of Accident, Sickness or Loss of Employment your first payment will therefore be made on the 31st day following the day you are first prevented from working. This is obviously the best because you would receive a payment when you would normally be receiving your salary, so you won't run into problems paying your mortgage or other expenses.
Some polices give you an option called a deferment period. This means that your payments are delayed for say 30 or 60 days. If you choose one of these policies it would mean that the first payment won't arrive until 30 to 60 days after you are prevented from working, and even then you may have to wait until the end of the month. This can cause serious (although temporary) financial hardship.
Are there any restrictions to the number of claims I can make?
There are no limits to the number of times you can claim. Each claim, however, will normally be subject to expiry of the Waiting Period and at least 6 months continuous employment.
