With Agreed value policies, applicant will require to submit income proof at the time of policy application instead of during the claim. Commonly, this will be an average of 12 months earnings before application. Applicant will require to submit financial proof or evidence like pay slip as income proof.
This basically locks in your monthly benefits for the life of your policy and may help those whose earnings may vary month to month. If your earnings do enlarge substantially, you can change the plan at any time.
What is agreed value cover?
Agreed value cover is an amount that an insurer concurs to insure an asset for at the beginning of an insurance period and it will be paid if the asset is lost or been damaged.
Benefits of agreed value cover
You be on familiar with what benefit you’ll get, even if your income alters. You’ll be covered if your income goes down
If you get that your income enlarges significantly, you can change your plan at any time.