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Health and General Insurance (Income Protection Insurance (Classification…
Health and General Insurance
Critical Illness Cover
Cover
Cancer
Heart attack
Stroke
Coronary artery disease
major organ transplant
Multiple sclerosis
Kidney failure
Uses
Long-term care
Accommodation alterations
Enhancing life
Mortgage repayment
Medical equipment
Tax-free lump sum
Income Protection Insurance
Classification premiums
Class 1 (lowesr risk)
Class 2
Class 3
Class 4 (highest risk)
Types of premium
Reviewable
Renewable
Premium reviewable on renewal date
Guaranteed
Deferred period
4, 13, 26, 52, 104 weeks
Benefit levels
50%-75% of earnings
Tax
Individual
Tax-free benefit
Group basis
Employer
Tax-deductible premium
Employee
Income tax, NI proceeds
Accident, sickness and unemployment insurance (ASU)
Deferred period
4 weeks
Cover monthly mortgage payments
Max 2 years payable
Restrictions
Minimum continuous employment
Pending redundancy
Minimum period before redundancy
Tax
Group basis
Employer
Benefit of Kind
Corporation tax-free premiums
Individual
Tax-free benefits
Premiums taxed
Private Medical Insurance (PMI)
Cover private medical treatment
In-patient charges
Surgical and medical fees
Out-patient charges
Premium rate factors
Location
Type of hospital
Standard of accommodation
Type of scheme
Age
Health risks (morbidity)
Exclusions
Pre-existing medical conditions
Routine dental treatment
Routine maternity care
Chiropody
Self-inflicted ailments
cosmetic surgery
alternative medicine
Tax
Individual
Tax-free benefits
Premiums taxed
Group
Employer
Contributions corporation tax free
Employee
Benefits of kind taxable
Long-term Care Insurance (LTC)
Care costs in later life
Benefit Criteria
Fail 2/3 ADLs
Washing
Dressing
Feeding
Using the toilet
Room to room moving
Preparing food
Tax
PLA
Interest taxable
20% at source
Immediate needs annuity
Benefits tax-free to care provider
Prefunded
Benefits tax-free
Buildings Insurance
Cover Against
Fire/lighting strikes
Explosions, subsidence and earthquakes
Storms and floods
Damage by vehicles and aircraft
Falling trees/branches/aerials
Contents Insurance
Cover
Accidental damage to goods
Personal property outside
Freezer contents
Extended contents cover
All-risk cover
Unspecified items
Not listed but valued
Specified items
Listed and above singe value
Private Motor Insurance
Third Party
Death or bodily injury to third parties
Damage to property
Legal costs
Third party, fire and theft
Standard third party cover
fire, lighting or explosion damage
Theft inc. damage caused
Comprehensive
Third party, fire and theft
Accidental damage on all-risks basis
Personnel items
Personnel accident benefits
Windscreen damage