Wageguard Income Protection Insurance

How Are Monthly Premiums Paid?


Monthly premiums are payable in arrears and calculated as a percentage of an Insured Person’s total Income. The percentage used is agreed between Hannover and U-Cover and will be provided to You before You become a Participating Employer. Premiums for the previous month are due by the 15th day of the subsequent month.

Before the first business day of each month U-Cover will request the prior month’s payroll information from You in electronic format. The information should be easily obtainable from Your payroll system and downloaded to an excel spreadsheet in the format indicated in the example to the right of this text.

The information will reflect the payroll history of the prior month and will be used to determine the total premium payable. Within 48 hours of U-Cover receiving Your payroll information You will be issued a WageGuard Monthly Premium Statement.

The WageGuard Monthly Premium Statement sets out:

  • employees covered under WageGuard;
  • period of coverage;
  • type of coverage including any special conditions or Policy endorsements;
  • amount of premium due;
  • due date for payment; and
  • payment instructions;

The premium payable is calculated as a percentage of Your employees’ salaries and the number of eligible employees insured. If You do not pay the premium when due then cover may cease and Your employees may not be covered by WageGuard.