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I want what options should I consider adding ?
When taking out a plan there are a number of different options you could decide to add should you think they would be appropriate to your circumstances. These need to be added at the start of the policy from the outset.
Waiver of Payment Benefit
Waiver of payment benefit can be added to most polices, this benefit if added means that you do not have to pay your premiums if you cannot work for six months or more as a result of illness or injury. Most of the insurers will expect the premiums to be paid on the policy for normally at first, however after normally about 26 weeks of incapacity the premiums will be waived.
The incapacity or waiver on a policy is normally assesed by something called Functional Assessment Tests and these are to be done without the help of another person.
Walking - the ability to walk 200 metres on the flat ground with or without the aid of a walking stick without stopping or experiencing discomfort.
Bending - the ability to get into and out of a standard saloon car and the ability to bend or kneel to pick an object up off the floor and straighten up again.
Communicating - the ability to answer the telephone and to take a message.
Reading - having the required eyesight(corrected if necessary) to be able to read a daily newspaper
Writing - having the physical ability to write legibly using a pen or pencil without aid.
Climbing - having the ability to climb a flight of 12 stairs without stopping or suffering severe discomfort.
These are only guides and should not be relied upon totally your broker, will be able to advise in individual circumstances
Conversion of Policies
Some brokers/assurance companies will offer the flexiblity to convert your policy to a Whole of Life Plan without providing further medical evidence. When taking this option there are some restrictions that need to be explored fully when adding it. Your financial advisor/ broker needs to advise you on this option carefully.
Indexation of Policies
This option is added to keep your policy up with inflation. Both the premiums and the amount of increase with the RPI (Retail Price Index) this can be up to 10% in any one year. Normally if the indexation option is added to the policy the opportunity to increase the cover will be given regularly but if it is declined it wont be offered again.
If you are ever in any doubt about what options to add to your policy then you should consult your broker and request the technical guides and key facts for the products being cosidered. is not complicated but it is important to pick the right policy with the right options from the outset.
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