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Adviser Centre

Income Protection Benefit Plan.

  • Defaqto 5 Stars 2014 for IPOur plan is designed to pay a monthly benefit to the client if they are unable to work due to incapacity caused by illness or injury, resulting in a loss of earnings. 
  • New 2 year Low Cost Option – multiple claims permitted, with each individual claim allowable for a maximum duration of two years.
  • Improved replacement ratio used to calculate the maximum benefit based on amount of annual income. Can now cover 60% of the first £60,000 of annual income and 50% of any annual income exceeding £60,000.
  • Income Guarantee - If the client needs to make a claim, and their salary is lower than it was when they bought the product, the monthly benefit we pay will be based on the lower of £1,500 per month or the monthly benefit on their plan. This could be made up of a combination of continuing income alongside the monthly benefit.
  • Own occupation is available for all clients, except for housepersons, meaning fewer people will be assessed under the Activities of Daily Living.
  • Employment related non-means tested State Benefits are not deducted from the monthly benefit paid at claim.
  • Full and partial premium discounts are included for some 'Mental Health' and 'Spine' exclusions.
  • Other options available at outset include Stepped Benefit.
  • Benefits automatically included from outset are Waiver of Premium, Hospitalisation benefit, Continuous cover, Proportionate benefit, Linked claims and Life cover.
  • Cover can be increased using the Guaranteed Insurability Option (GIO) during the term of the plan without further underwriting. Other changes can be made to the plan and will be assessed at the time. 
  • Available for housepersons, those that work less than 16 hours per week, are not in paid employment, or are not working at the point of claim.
  • Only available as a single life plan.
  • Income Protection Benefit Plan should be reviewed regularly with your client.
  • This is not a savings or investment product and has no cash value, unless a valid claim is made.

Limitations and exclusions apply.

Income Protection Benefit Plan - product details