other

Question 1

Personal accident and sickeness insurance

Answer 1

• sickness insurance that is renewable
• weekly sickness benefit
• medical expresses refunded
• usually max number of weeks
• many now only for accident
• can have group-
• not tax relief and if it’s non contributionary premium it’s benefit in kind and subject to income tax
• they are short term and not the same as income protection

Question 2

PMI

Answer 2

• will only pay costs
• will pay for accrue otherwise need LTCI
• may exclude cancer care or limit it - can select NHS
• basic plans - low cost costs of accommodation and drugs - lower if go to gym
• standard - more things covered and choose of hospital
• comprehensive - much more hospitals ambulances and nursing - budget plans will restirct which
• can have co payment of excess. Excess can be percentage of the contributions
• dependants and spouses can get on it.
• children under 21 or 25 and studying and is subject to moratorium ie previous 5 years and free of treatment
• getting rid of pre is cheap
• payment is made to hospital. It’s tax free and not relievable unless it’s group and employer funds premium

Question 3

Mortgage protection Insurance

Answer 3

• Mortgage protection insurance pay the mortgage when sick and not employed . Usually subject to a percentage of salary for set time.
• support for mortgage interst is a loan by gov
• Mortage protection insurance is 18-64 must work for 16 hours a week and have worked for 1/2 year before. Will be deferred period if at least 30
• usually monthly but some now offering guarantees over years
• can be cancelled or withdrew with 90 days notice or amended in 30
• under sixty five

Question 4

Accident Sickness and Unemployment

Answer 4

-Similar to mortgage but does not have to be spent
- Called short term income protection - they include unemployment
- weekly or monthly payment and will have deferred payment
- max payment period of two years

Question 5

health cash plans and dental

Answer 5

• waiting period of 6 month
• will pay for treatment and pay cash for days spent in hospital
• health cash plans are less generous than PMI
• dental plans are similar for checkups.
• Capitation schemes are subject to medical exam first to limit the costs

Question 6

payment protection

Answer 6

• usually offered with credit cards
• not specifically linked to mortgage
• with credit cards it was subject to the minimum payments

Question 7

Other General Renewable Short Term Policies