Explore our useful guides, jargon buster, and FAQs to understand your policy better and make informed decisions.
The Insured Person whose details are set out in the schedule.
Please note that all definitions are intended for general guidance only. As each insurer may have a different definition, you should double check the policy wording before you complete your application.
Paid work of at least 16 hours a week. This includes self-employed work and statutory maternity and parental leave but not temporary work.
Time period you have to wait before a claim is paid.
This means you are out of work directly due to circumstances beyond your control and you must be:
The information you provide on the application form is used by the insurers to assess the risk and helps them in making the decision as to whether a policy can be issued or not. Please ensure that you provide accurate answers to the underwriting questions as any wrong answer can result in your claim being disallowed.
Conditions on which the policy ( Income Protection, Mortgage Protection, ASU, Unemployment Cover, Redundancy Protection etc) is offered by the insurers.
This means you carry on a business in the United Kingdom alone or with others and pay Class 2 National Insurance contributions and are classed as Schedule D for income tax purposes. You can control the affairs of a Business you work for because you or a relative or a member of your household individually or jointly has a controlling interest in that busines
You will receive this as part of the policy documents along with the policy wordings and endorsements(if any). They are terms and conditions specific to you and should be read in conjuction with the policy wordings and endorsements.
This term specifies that the premium for your insurance can be reviewed. If your premium is reviewed by the insurer, you will get at least 30 days notice in writing. More information on premiums and reviews can be seen in the policy wordings.
Normally the final amount you receive from your employer if you are made redundant. Redundancy pay outs do not affect your ability to claim on our Payment Protection Insurance or Income Protection Insurance policy.
Means the amount you must pay for the policy cover. This can differ between insurance policy type such as Income Protection, Payment Protection to Unemployment only or Redundancy Protection only insurance.
Means any sickness, condition or injury whether diagnosed or not about which you knew or should reasonably have known at the policy start date or had seen or arranged to see a doctor during the 12 months prior to the policy start date
This describes the policy and is sent along with your schedule of insurance. The standard policy wordings template can also be downloaded from the policy wordings section of the website.
This refers to not declaring required information on the application form while buying an insurance policy. You have to answer all questions truthfully and disclose any relevant information that is requested. If information is omitted, partially disclosed or not disclosed, it could lead to the policy not paying out in the event of a claim.
Any changes to the details furnished by you in the application should be notified to us immediately. For example if you change employer, occupation, mortgage payments (in case of mortgage protection), and changes in your income etc. These are not a complete list and if you need more information, please feel free to call us before you buy these policies.
This policy pays out if you are unable to work due to Accident, Sickness or Unemployment (Involuntary Redundancy). Please check the waiting period or excess days as benefit will not be paid during those periods. The benefit amount will be paid only after the excess periods. Regardless of whether you are employed, self-employed or a contractor, mortgage protection insurance pays out the benefit amount free of tax up to a maximum of £1,500 or 50% of your gross monthly income, whichever is the lesser. You can cover your monthly mortgage repayments plus up to an extra 50%, up to a maximum of £ 1,500 per month.
This is a loan taken out through a recognised bank or building society for the purchase of the residential property that you occupy. The mortgage usually specifies payment periods and interest rates along with the loan amount.
This is the amount of benefit you have chosen to buy with the insurance policy. This amount is paid out in the event of a valid claim. It is paid up to a maximum period of 12 months
The period during which you are covered under this policy. This term commences at 00.01 hours on the start date and continues until 23.59 hours on the end date.
The date on which your cover begins as shown in your schedule
The document accompanying your policy which confirms the benefit period, policy start date, policy review date, waiting period and monthly benefit which you have applied for and which we have accepted.
The document which details the terms and conditions of your cover. It should be read in conjunction with your schedule.
The total monthly amount you have elected to insure under this policy, subject to a maximum of the lesser of:
A period of twelve months for which the claims are paid out of the Income Protection, Payment Protection, ASU policies etc.
The period after you buy a new policy or following a cover increase date where a claim cannot be made. ‘Initial Exclusion Periods’ are mainly used for Income Protection Insurance and Mortgage Payment Protection policies. This is applicable to Unemployment Cover or Redundancy Insurance only.
(If you have transferred income protection cover from an alternative insurer that has provided full unemployment cover for this commitment over at least the last 6 months, for which you have not made a claim in the last 6 months and you can provide proof of this prior cover then, subject to a limit of the same benefit amount, this initial exclusion period will be waived.) The ‘Initial Exclusion Period’ or ‘Qualification Period’ will be specified on your certificate of insurance.
Regardless of whether you are employed, self-employed or a contractor, income protection insurance pays out the Benefit amount free of tax if you are unable to work due to Accident, Sickness or Unemployment (Involuntary Redundancy). Please check the waiting period or excess days as benefit will not be paid during those periods. The benefit amount will be paid only after the excess periods.
Depending on the insurer and product, you can generally cover up to a maximum of £2,000 or 50% of your gross monthly income, whichever is the lesser.
An average monthly remuneration you receive before deduction of all taxes. The average is taken over the six months prior to the point of time under consideration.
Employed on a contract basis by the same employer for more than 6 months and the contract has been renewed at least twice.
Employed on a contract that has no restrictions or limitations as to when it may end or on an annually renewable contract under which you have been with the same employer for at least two years and the contract has been renewed at least once.
This means you are entirely without work solely due to the need to care for a partner or relative and you are registered with your local Social Services Department as a carer and entitled to carer’s allowance
These are specific conditions that are described in the policy wordings when a claim will not be paid out. It can be for pre-existing conditions, accident and sickness that happens when outside the UK or certain hazardous activities and pursuits.
The date on which the first of the events shown under the heading “Termination” occurs
Your work must either be full time on a permanent basis, or on a fixed term basis, or on a sub-contractor basis. You should be working for at least 16 hours a week and your sole source of income comes from that contract. Your employer should deduct PAYE tax and National Insurance (N.I.) contributions from your gross income.
You must have been in continuous permanent employment at the policy start date for a minimum of 6 months. Please check your policy wordings for full details.
A person qualified and registered as a medical practitioner who is not you or your family and who is recognised by the General Medical Council.
It is the date on which the payment will be taken from you towards the monthly payment of the policy. The insurer will use the account designated by you in the payments page on the application. Like all insurance policies, non-payment of the monthly premium can result in automatic cancellation of your policy. If you happen to change your account or the bank you deal with, please let us know promptly and we will make necessary changes in our systems.
The date a change to your policy has taken place.
Means a medical specialist, other than you, your partner or any of your relatives who is a member of a College and recognised by that College to be a consultant.
The obligation(s) for which you have to make a regular payment, which you have elected to cover under this policy.This can include your mortgage or other loan secured on your home or the rent payable for your home.
Employed on a contract for a specific term or undertaking. The minimum length of contract & number of times the contract has been renewed will vary depending on the insurer. Please refer to this section in the policy wordings to determine what will be applicable for you.
This payment protection insurance policy covers you for a tax-free monthly income generally for up to 12 months (please refer to your policy schedule for exact number of months) incase you are unable to work due to Sickness, Accident or Unemployment or Redundancy. The term ASU is also used to describe this type of insurance.
This payment protection insurance policy covers you for a tax-free monthly income generally for up to 12 months (please refer to your policy schedule for exact number of months) incase you are unable to work due to Sickness, Accident or Unemployment or Redundancy. The term ASU is also used to describe this type of insurance.
Our unemployment protection policies are designed to provide you with emergency income should you find yourself unexpectedly and involuntarily unemployed. You are not required to have a mortgage or other regular financial obligations (such as loan repayments) to be eligible for unemployment cover. However, if you do make regular payments such as these and your benefit amount meets the criteria of our redundancy protection insurance products, you might consider investing in the latter instead, as your monthly costs will be lower than they would be for a pure income protection policy.
The Best Insurance online quote system is built on intelligent logic and tailored specifically to guide you through to the right product based on your answers. All unemployment protection policies are subject to specific eligibility criteria; please refer to the policy wording for more information.
If you elect to have your benefit payments for mortgage or loan repayments paid directly to your mortgage or loan provider, it will be considered receipt of a monthly income via your unemployment cover. This may affect your eligibility for governmental “means-tested” benefits (e.g. income support).
As a general rule of thumb, the benefit amount for your policy has an upper limit of 65% of your gross monthly income and should not exceed £2,500. If you choose to purchase payment protection insurance, your benefit amount should not exceed your monthly mortgage, rent, or secured loan repayments.
Joint cover is not offered by Best Insurance for unemployment insurance and each policy for redundancy protection is specific only to the individual policy holder.
As with all income protection, payment protection, and redundancy protection policies, Best Insurance makes use of certain words and phrases that have certain weighted definitions assigned to them in the policy wordings. More details about these words and their meanings can be found under the “Definitions” section of the policy wordings.
Best Insurance Protection offers the following cover options:
Accident, sickness and unemployment cover
Accident and sickness only cover
Unemployment only cover that covers your payments
Unemployment only cover that covers your income
Depending on your requirement, the insurer may vary. The key facts documents and policy wordings for the each type of product is made available for you to download in the quote system
Best Insurance is underwritten by various insurers, depending on the product. The product that best suits your requirements will be offered from this range, based on the answers you provided to the various qualifying questions of our quote system.
Details of the administrators can be found in your policy wording.
The policy wordings can be found in a few areas of the website, such as under the policy documents section or on the declaration page of the quote system.
Yes, you can transfer cover from your current insurer, but you must ensure that the type of insurance policy (i.e., income protection; payment protection; accident, sickness and unemployment cover; redundancy cover) is the same.
Best Insurance accepts payments via monthly direct debit for all policies. For further details regarding the payment of your unemployment insurance, payment protection, or income protection policy, please refer to the payment page of the quote system or your policy wording.
To be paid your unemployment insurance benefits, you’ll need to satisfy the requirements of your claim. That means you’ll need to wait out your excess and waiting periods. Your excess period begins on the day you make your claims administrator aware that you’ve suffered a loss, though the length will differ depending on your policy. Your waiting period follows your excess period and is always 30 days longer than the excess period.
For example, an excess period of 30 days will mean that you will have to be off work for 60 days before you can start getting paid, with the first benefit payment made on day 61. Once the excess and waiting periods have been satisfied, the claim will continue to pay benefits pro rata for all remaining months until you find new employment.
You will receive monthly benefits from your Best Insurance payment protection insurance policy for up to 12 months. You can read more information about the length of cover available in the Policy Wording.
Best Insurance will allow you to cover up to 65% of your gross monthly income, or £2,500 of it – whichever is the lower amount.
Depending on which product you’ve selected, Best Insurance will provide either a month-by-month rolling contract or an annual policy, renewable on a twelve-monthly basis. Termination of your cover will occur should you retire, reach the age of 70, or reach the statutory retirement age – whichever is earlier. Some policies may terminate before the age of 70, but this depends on the policy. Further details regarding the end date of your policy can be found under the ‘Termination’ section of your policy wordings.
There are certain requirements you will need to meet in order to receive benefits from your Best Insurance redundancy protection policy. You must be confident that the following criteria apply to you when applying:
You are a UK resident;
In full-time active work (be you a full-time permanent employee, self-employed, or on a renewable contract) and working for more than 16 hours per week;
Regularly pay and are responsible for any commitments covered (applicable for accident, sickness and unemployment and payment protection policies);
You cannot be off work due to ill health at the point of application and inception of cover. Please note the pre-existing medical conditions exclusions in the key facts and policy wording documents;
Over 18 and under 60 at inception. All cover and claims payments cease on attaining age 65 or statutory retirement age;
Unaware of any impending unemployment or potential failure of the self-employed person’s business;
Able to sign the declaration without any reservation or qualification.
Self-employed individuals and those on renewable contracts have the same benefits as employees, but have separate qualifying criteria.
If you find yourself in a situation wherein you must make a claim, please contact the claims department whose contact details are listed in your policy wording. You should notify us and the claims department immediately after you have been made redundant, become a carer, had an accident/been hospitalised, or experienced any other change in your circumstances that will lead to a claim. Every policy stipulates the length of the time period within which you must contact the claims department and furnish the details of your claim.
You should always begin a claim as soon as possible. For accident and sickness policies, you should contact the claims administrator listed in your policy wordings as soon as you’ve suffered an injury or fallen too sick to work so that you can receive your benefits as quickly as possible. If you have an unemployment insurance policy, you should contact the claims administrator when you have been made redundant.
All policy wordings will stipulate the amount of time that you have to contact the claims department and begin outlining the details of your claim, so make sure you don’t leave it too late.
As with all unemployment insurance policies that cover accident and sickness there are certain exclusions which would mean you would not be able to make a successful claim. More details about when you can and cannot make a claim under an accident and sickness unemployment insurance policy can be found in the policy wordings.
If your cover has no excess period, then after 30 consecutive days of being unable to work due to unemployment, you are eligible to begin your claim. However, if you have opted for an excess period, you will have to wait for this period to complete. After your excess period has ended, your claim will begin to accrue; you will then begin receiving benefits 30 consecutive days after the start of your claim accrual.
Regardless of excess, you must make your claim within the stipulated number of days after your loss of employment. More details regarding when you should claim unemployment benefits can be found in your policy wording.
For more details regarding which circumstances would prevent you from claiming unemployment benefits, please refer to your policy wordings.
It is your responsibility to ensure that this policy continues to meet your requirements and correctly covers your commitment. If your circumstances change, you should refer to your policy and check your continued eligibility. Changes in circumstances that might affect your policy eligibility could include:
Changing your employment e.g., your work becomes temporary.
You voluntarily reduce your hours of work to less than 16 hours per week.
You leave the UK to live abroad.
You retire from work and do not intend to actively seek further work.
Your monthly outgoings change (in the case of payment protection insurance);
Your monthly income changes (in the case of income protection insurance);
If in doubt, please contact us and we will be delighted to assist you.
Our advisors will call you back if required to ensure you take out the appropriate insurance.
You can cancel your policy at any time by contacting us. You can contact us by:
Telephone: 0330 330 9465 (09:00 am to 05:00 pm Monday — Friday excluding bank holidays. Calls are charged at your standard network rate). All calls are recorded for training, compliance and claims purposes.
Email: customersupport@bestinsurance.co.uk
If you cancel your policy within 30 days from the day you bought it or the day you get your policy documents (whichever happens later), any premium paid will be refunded if you have not made, and do not intend to make, a claim. After the initial period of 30 days, you can cancel your policy at any time however you will not receive a refund.
Should you wish to make a complaint regarding Best Insurance or the service you have received in relation to taking out cover with us, your policy administrator will endeavour to take all measures possible to correct this for you. Please refer to the ‘Complaints’ section of your policy wordings for more details regarding the submission of a complaint.
Rated