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This is a plan that is very important as its main job is
to help protect your standard of living if long term illness
should occur.
At the outset you choose how long you would like to defer
payment before the plan starts to pay out, normally 4, 13,
26,52 weeks and then should long term illness occur whichever
period you have chosen would need to elapse, before payments
would start.
Normally it would pay out up to 60% of your income and that
is vital if you consider that your employer may pay full earnings
for up to 6 months and then maybe half pay for 6 months and
then you would be on statutory sick pay which isn’t very
much to pay all your bills, and maintain your standard of
living.
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