Overview
What is My Sick Pay?
It’s one product, with one set of terms and conditions, to make life a lot simpler.
Although it’s one product, we’re offering more flexibility than ever before around how you set it up for your clients.
This includes the choice of:
- Age based prices that start off lower and go up with age (great for clients on a tight initial budget), or level prices that stay the same over time
- Sick Pay that pays out for 1 year, 2 years or to an age of your choice for each claim
- Guaranteed or reviewable prices
These choices mean that for every client there is a really wide range of price options - hopefully something for most budgets.
Who’s My Sick Pay for?
All the options we’ve mentioned are available to everyone we’ll quote for, from accountants to zookeepers. They’ll get a fair price, based on their job and whether or not they smoke.
No nasty surprises
We’ve designed My Sick Pay so you can recommend it with confidence.
It’s been rated as a 5 star product by Defaqto, who provide and independent rating of the quality and comprehensiveness of financial products.
But we’ve also made sure there are ‘no nasty surprises’ when it comes to My Sick Pay. For example:
- Your client can claim if they can’t work in their own specific job. Other providers tend to look at ‘own occupation’, which is broader. ‘Own job’ is the narrowest claims criteria available and the easiest to claim on and understand.
- There are no standard exclusions like HIV, drugs and alcohol or war
- If your client moves to a riskier job, or even a job we wouldn’t have covered in the first place, we’ll continue to protect them in their new job and the price won’t change
- If your client wants their Sick Pay to keep up with the cost of living, we’ll increase both the amount of sick pay they have, and what they pay for it, by RPI. In comparison, a number of other insurers increase their cover by RPI and what they pay for it by RPI x 1.5, which can mean your client pays significantly more over time. Especially when inflation is on the increase, as it is now.
- Your client won’t need to pay anything during a claim – that happens automatically
- We don’t deduct state benefits from your client’s Sick Pay
- If they pick Sick Pay that pays out for up to 1 or 2 years, they can still make multiple claims, including for the same condition.
There are many other things we could talk about. Like the generous 65% of earnings before tax that your client can insure, to help you replace more of their income. The ‘Life Changes Guarantee’ that allows your client to increase their Sick Pay when certain life changes happen (to do with work, family and home), without any health questions. Or our Drop in Earnings guarantee that guarantees a certain level of Sick Pay even if their earnings drop after they buy it. It’s all explained in our terms and conditions.
The easiest to read literature in the UK?
Speaking of terms and conditions, we set ourselves the goal of having the easiest to read terms and conditions in the UK. We’ve removed the jargon, ‘defined terms’, passive language and made it friendly, conversational and straightforward. Head over to our LinkedIn and YouTube channels to find out more.