Income Protection Insurance For Maternity Leave

Effectively income protection insurance policies will be suspended or put on temporary hold during maternity leave as the policyholder is recognised as being able to contribute to their usual means of employment irrespective of them having had a child in the interim period and as such declared fit for purpose in other words.

Income protection insurance for maternity leave. Here we explain all you need to know about income protection and whether or not it helps cover maternity leave. 15 april 2010 at 12 11pm edited 30 november 1 at 1 00am in insurance life assurance. Your cover level may be affected if you are on reduced pay during your leave so you should seek some advice. We also take a look at other possible call us free on 0800 1075545.

With income protection as with all insurance you prepare for the worst but hope for the best. There is no stand alone supplemental maternity insurance policy. There are also income protection policies available which allow you to pause your premium payments during maternity leave. This is known as a pregnancy premium waiver.

Most employers do not provide paid maternity leave benefits so families must find a way to cope with one less income while medical expenses are rising unless they purchase supplemental insurance to cover maternity leave. Supplemental maternity leave insurance is any insurance that can supplement your income or provide coverage for costs resulting from your pregnancy and childbirth. Supplemental maternity leave insurance. An income protection plan pays you a monthly income if you are unable to work due to any illness accident or injury.

Instead the term supplemental maternity leave insurance refers to add ons or additional insurance options you can. I would take the oppotunity whilst i am at home to sort out our finances and would appreciate some advice on how maternity pay affects life insurance and mortgage income protection. Rest assured that when you return to work you can apply to return to default cover if you hold income protection insurance. 3 replies 7 3k views mrs.

I m self employed can i still claim income protection while claiming statutory maternity allowance. You can ensure you continue to meet your monthly mortgage repayments and household bills and maintain your current standard of living. This is an extreme case but it happens. The lower earner s income protection policy was a lifesaver without it they would have had to rely on the state.

Providing you are deemed unfit for work due to accident or sickness and your premiums are all up to date.