Expenditure Protection Insurance - Cover for utilities and finance against loss
Expenditure protection insurance is income insurance cover which pays the utility bills, such as gas, etc, and any existing finances, such as prearranged loans, if off work due to an illness or injury. The term for which the insurance cover continues payments will be dependant on the individual policies terms and conditions as will the illnesses or the conditions of how the injury was received.
Expenditure Protection Insurance Example
With utility bills the effect of expenditure protection insurance is very simple the bill is paid. How the bill is paid is subject to the policies claims procedure, the bill may be sent off directly to the insurer or the customer may have to pay the bill and then claim the amount back. Prearranged finance obligations however could be more complicated and if they are not insured separately payments could be subject to the insurance policies individual terms and conditions. Customers should always be aware of their insurance policies claims procedure, excess amounts and any exclusions
UK Income Insurances
UK income insurance covers the loss of earnings due to an illness and redundancy. Income insurance may also cover any medical bills or any charges raised in procedures to aid recovery.
Types of UK income insurance policies available include:
- UK Critical Illness Insurance
Provides a tax-free lump sum if suffering a serious or critical illness. - Earnings Protection Insurance UK
Provides an income if sick, disabled or made redundant. - Expenditure Protection Insurance
Pays utility bills and any existing loans if off work due to illness or injury. - UK Mortgage Protection Insurance
Pays the mortgage payments during unemployment or disability. - Mortgage Protection Life Cover Insurance UK
Pays off the mortgage in the event of death.
Insurance Information.
When taking insurance policies out consumers should always ensure that their individual policy covers their requirements and needs. Consumers should be aware of the claims procedures, aware of any exclusions and aware of any excess. For any claims the advice is simple, follow the instructions of the UK insurer or policy broker. They are trying to provide the service in the consumers best interests. Any exclusions should be noted and care taken to avoid action that may result in consumers not being insured. For any excess consumers should be aware of how much it is, or for how long a term the policy will pay out as a result of any claim.