Barclays Guide to Income Insurance

You are eligible for Barclays Income Insurance if you are aged 18 to 69, employed or self-employed and resident in the UK at the start of the insurance policy.

Your Income Protection Insurance covers a pre-determined amount of money to protect your monthly financial commitments if you have an accident, are sick or in involuntary unemployment (depending on the cover selected). The sum of money, known as ‘monthly benefit’ is decided by you and can range from £100 - £2,000 up to 50% of your gross monthly income.

Accident and Sickness cover:
If you had symptoms, consulted a doctor or received treatment or medication during the 12 months prior to the start of the insurance cover you will not qualify to make a claim. You will also not be able to make a claim through your Barclays Income Insurance if your accident or sickness was deliberately self-inflicted.

Involuntary Unemployment cover:
You will not qualify to claim on Barclays Income Insurance for any unemployment that you were aware of before the start date. You are not covered if your unemployment was voluntary due to misconduct, or you retired or you were not in six months' continuous employment. Unemployment as a result of seasonal/temporary work or the end of a fixed-term contract is also not covered.
 

Your Barclays Income Protection Insurance premium is calculated as a percentage of your chosen monthly benefit and is dependent on your individual circumstances, including your age, gender and smoking status at the start date. Premiums will be collected monthly in arrears by Direct Debit from your nominated bank account.

So long as you continue to pay your premiums, your Barclays Income Protection Insurance will cover you. Once you turn 70 the cover is automatically cancelled and you will no longer be able to make a claim. We send you a reminder nearer the time.

When you apply for Barclays Income Insurance, you’ll be asked what period of time you are willing to wait before you start to receive payment from the time of the claim. This is known as a deferment period. You’ll be given a choice of 14, 30 or 60 days.

If you choose a deferment period of 14 days, we will pay a daily equivalent of your pre-determined monthly benefit for each consecutive day that you are unable to work from the first day of the accident, sickness or involuntary unemployment.

If you choose a deferment period of either 30 or 60 days, we will pay a daily equivalent amount of your monthly benefit for each consecutive day you are unable to work after the deferment period. The first payment will occur on either day 31 or day 61 respectively and it will not be backdated to the first day of the accident, sickness or involuntary unemployment.

With Barclays Income Insurance you can choose how long you would like to be covered for if you claim – either 12 months or 24 months. The benefit period is the maximum period of time that your benefit will be paid should you claim under accident or sickness.

You can choose how long you would like to be covered for in the event of a claim: either 12 or 24 months. This benefit duration determines the maximum period of time for which your benefit will be paid, should you make a claim under accident or sickness. The benefit will last until this period has been reached, when you return to work or when you no longer have a doctor’s certificate confirming your illness.

Barclays Income Insurance allows you to choose how long you would like to be covered if you were to claim – either 12 or 24 months. This benefit duration determines the maximum period of time for which you will be paid if you make a claim under involuntary unemployment.

The benefit will last until the end of the maximum benefit period you chose – either 12 or 24 months, or you return to work, you are no longer available and actively looking for work or you retire.

With Barclays Income Insurance you may qualify for accident and sickness cover if you suffer an accident or sickness that prevents you from doing your normal work for at least the duration of your chosen deferment period. You may only be covered for an accident or sickness which occurs after the start date of your policy. You’ll need a doctor’s certificate to confirm your accident or sickness and also confirmation from your employer that you are not at work.

You may qualify for involuntary unemployment cover if you become continuously unemployed beginning no sooner than 60 days after the start of your policy for at least the duration of your chosen deferment period. Your unemployment must be through no fault of your own and you must not have been aware of any impending unemployment. You will need to provide satisfactory proof that you are actively looking for work.

If you are self employed, your business:

• Must have ceased trading permanently, or
• Is being or has been wound up, or
• Is in the hands of a liquidator, or
• Your partnership has dissolved.

You have a 30-day cancellation or cooling-off period in case you change your mind.

The insurance can be cancelled at any point by providing 30 days’ notice by calling us on 0500 500 700 ³ or by writing to  Barclays Insurance (Dublin) Limited Policy Administration Department, PO Box 12146, Dublin 2, Ireland. If this is done within the first 30 days of the start date of your policy, there will be no 30-day notification period applied and you will receive a refund of any premiums already paid as long as you have not made a claim.

You must be under the age of 70 to be eligible to make a claim. Cover will end if you fail to pay the third of 3 consecutive monthly premiums. You will be notified in advance of this cancellation in writing.

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