Income Protection Insurance is a special type of insurance that covers you if you lose your monthly income due to serious illness and injury. The insurance can be availed in case of unexpected sickness or accident that renders you incapable of working normally, compromising your monthly income.
Since pregnancy is neither unexpected nor having a newborn makes you completely incapable of working soundly income protection does not cover maternity.
Pregnancy is commonly more of a planned venture that married couples embark on after consideration of all factors, hence it cannot be described as unprepared for or
unexpected. The insurance companies mostly list pregnancy or child-birth under the list of exclusions along with other conditions such as alcohol abuse and pre-existing medical conditions.
Why Income Protection Insurance does not cover Maternity?
It can be argued that pregnancy, childbirth, and maternity are three different things.
Pregnancy is usually the nine-months long process leading to child-birth, which is the active welcoming of a newborn to this world, and maternity is the period following the act of child-birth where the parents try there best to provide for the new-born and make him comfortable. While these three things describe different stages of a long process they are viewed as a clubbed entity by the insurers.
The income protection insurance only provides in case of unforeseen events and accidents while the collective act of pregnancy, childbirth, and maternity is none of that. Moreover, it is contended by the insurance companies that individuals are fully aware of the consequences of having a child on their job performance and eventually on their income and have enough time to prepare for the extra monetary demand of child-birth.
Therefore, Income Protection Insurance remains suspended during maternity and does not cover any loss of income throughout that period.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00