Independent Financial Advisors for IT Contractors
Published on 20th August 2009
Swine flu remains a topic of concern and with fears growing that we could see a rise in cases as we move into autumn, GP's have issued a warning to Insurers that there could be a severe delay in processing Income Protection claims.
If you fall ill or have an accident that prevents you from working then the you will claim on your Income Protection policy until you are well enough to return to work. In order to claim on this essential Contractor safety net you will need to have some proof that you are unable to work and for most insurers, this proof comes in the form of a GP report.
Normally, this is a relatively simple procedure and your claim is processed quickly and efficiently. However due to the Swine flu pandemic that we are currently experiencing, GP's are under added pressure and an increased workload that is preventing them from processing GP report requests. This could begin to have a significant effect on the number of claims processed per month and many claimants may be left waiting for their money to come through.
Similarly those wanting to take out cover ahead of the pandemic worsening
could find hard pressed GPs are struggling to provide the medical reports
that Insurers require so delaying the start date of cover at a time when
you need it most.
Many Insurers are now offering alternatives to a GP report as a means to making an underwriting decision and are embracing alternative methods such as tele-underwriting (where the Insurer will call you to go through any medical issues that you have had previously rather than request details from your GP) and even medical examinations at a location to suit you and carried out by trained non-NHS staff rather than a GP. Those Contractors who are looking to take out cover should be aware of making sure that the chosen insurer can be flexible with regard to the application requirements to ensure you are covered with a minimum of delay.
Similarly our '1st day income protection' from Dentists and General requires no GP report for short term claims and the Insurer has had many claimants over the past month who have self certified rather than have to go to the Doctors and risk spreading the infection further
If you purchase your Income Protection policy through an Independent
Financial Adviser (IFA) then they will be on hand to help you apply and
claim, alleviating the stress of chasing providers and GP's and leaving
you to concentrate on recuperation if ill. Your IFA should be able to
advise you on the cover that suits your needs as a Contractor (i.e. covering
salary and a split dividends) whilst also finding a provider that will
use alternative methods of assessment if your GP is unable to produce
a report.
At ContractorFinancials, we specialise in offering comprehensive insurance products to Contractors looking to replace the sick pay and death in service benefits that you left behind when you were a permi. Our award winning team will work with you every step of the way, from arranging the right cover for your individual circumstances, to helping you make a claim if you fall ill. We pride ourselves on having offered peace of mind to thousands of Contractors and we would be happy to help you protect your income and your family with insurance that suits your needs.
Steve BirchallThe whole process was so quick and easy with no worries...
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