Claiming by the hour
PROFESSIONAL BROKING - 1ST JUNE 2003
Lawyers, accountants and other professionals that charge by the hour can now buy what the underwriting agency Burgesses has claimed is the first policy that calculates benefits based on lost chargeable hours.
Simon Burgess, managing partner of Burgesses, said the policies that companies often buy for the death and the loss of key people rarely covered temporary absences from work, perhaps for recovery from over-working. “Most contracts do not fulfil the contracts do not fulfil the needs of business,” said Mr Burgess.
The three main parts of Burgesses’ DisabilitySAFE are: cover for accidental death and/or accidental loss of limbs, eyes, speech or hearing: income protection: and cover for permanent disability.
In addition to cover for lost chargeable hours. DisabilitySAFE provides full cover for the self-employed and key person protection to 100% of profit.
The policy also provides individual or group cover of up to £1m per person after a two, four, 13 or 26 weeks deferral without the need for medical underwriting.
Intermediaries will get a 20% commission on DisabilitySAFE.
As an example, Burgesses’ said that a chief executive in their mid-30s would pay an annual premium of £250 for £1m of cover against permanent disability through accident, or £3,000 to also cover illness.
