Get covered for having to give up work to care

[wendy]

By Holly Black For Money Mail

Published: 01:02, 3 December 2014 | Updated: 09:35, 3 December 2014


Friends Life has introduced its first income protection insurance policy with added cover in case you have to become a carer for a relative.

The policy pays out up to £1,500 a month for 12 months to cover the cost of care, or to provide income, if the policyholder acts as a carer.

The Family Carer Benefit will be included as standard on the Income Protection policy. It will also include a Best Doctors benefit, where the policyholder and their immediate family are entitled to a second opinion from a specialist if diagnosed with a serious condition.
Protected: The policy pays out up to £1,500 a month for 12 months to cover the cost of care, or to provide income, if the policyholder acts as a carer

Protected: The policy pays out up to £1,500 a month for 12 months to cover the cost of care, or to provide income, if the policyholder acts as a carer

Tom Conner, director at Drewberry Insurance, says: ‘A benefit like this has the potential to save lives and could even be viewed as more important than the monetary payout itself.



‘Carer’s benefit is a very welcome addition. It’s not uncommon that people have to take time off to care for a sick family member. The vast majority of other insurers do not offer this, so insurers need to be compared on more than just price.’

Currently, the only similar product is Ageas Real Life Cover. Income protection provides a replacement income if the policyholder finds themselves unable to work. More people in the UK have pet insurance than income protection.

Eligibility for the carer’s benefit is assessed on the ‘activities of daily living’ definition of incapacity, meaning an individual would have to fail three of six basic functional tests, to determine whether they qualify.

http://www.thisismoney.co.uk/money/news ... ative.html