Income Protection Insurance

FAQs

• What does the insurance policy cover?
  

• - Salaried employees: Unemployment + Temporary Disability.
  - Self-employed Workers: Temporary Disability + Termination of Activity.

• What exclusions does the Income Protection product have?
  

• • This insurance policy is not available for civil servants. Only salaried employees with a temporary or open-ended contract and self-employed workers may take out this insurance policy and take advantage of its benefits. If a different employment status is declared, the insurance policy cannot be taken out.
    
    Workers with fixed-term seasonal employment, workers with a contract of less than 13 hours per week, workers who have not been working continuously in the last 6 months, and individuals those without paid employment.
  • Temporary workers with less than 180 consecutive days of service are excluded.

• Is there a minimum income requirement to take out this insurance?
  

• Yes, there is a minimum monthly net income of €300.

• What type of compensation will I receive?
  

• The compensation received by the Insured will be a daily amount for each day of unemployment, termination of activity or temporary disability, although it will be paid every month.
  
  It is calculated as follows:
  
  
  Daily compensation = 1/30 x contracted benefit amount.
  
  The benefit has a monthly maximum equal to the amount selected when taking out the insurance. For example, if the Insured were unemployed for 2 months and 15 days and had contracted a benefit of €600 per month, the compensation amount would be calculated as follows:
  
  
  Daily compensation = 1/30 x 600 = €20.
  
  
  In the event of being unemployed for 75 days, you would receive a total benefit of €1,500: €600 for each of the first two months and €300 for the remaining 15 days.

• What is the payment holiday period of an insurance policy?
  

• This is the period of time the Insured must wait once the policy is taken out to benefit from the insurance coverage included in the policy.

• What is the retroactive deductible?
  

• It is the time during which the Insured's policy must be active to enjoy the benefits, starting from the date of the end of the payment holiday.

• When does the insurance end?
  

• The final annual extension will occur in the year in which the Insured turns 67, with the Policy being cancelled at the end of that year. The policy will also terminate if the payment of benefits has reached the maximum amount insured under any guarantee.
  
  In the event of a change in the Insured's employment status, the Insured must inform the company. In some cases, this change may result in the termination of the policy.

• What types of compensation are available?
  

• You can choose between three compensation options: €300, €600 or €1,000, as long as this amount exceeds 40% of your declared monthly income. The compensation will be paid with a maximum of 10 consecutive monthly payments or 20 non-consecutive payments.