Setting up a policy.

We don’t normally need to know about salary increases during the scheme year, unless the increase takes the benefit over the free limit. Our rate guarantee is normally for two years, and any changes in benefit increases will be swept up at the next renewal date along with new entrants and leavers, depending on the accounting basis chosen. You may need to tell us about some joiners and leavers including late or early entrants plus company changes.

Rate guarantee

We normally guarantee premium rates for two years (or a period agreed at the quote stage). We won’t be able to guarantee premium rates if:

• The benefit or membership varies by more than 25% during the policy year.
• The eligibility conditions are changed.
• The benefit formula or scheme earnings definition is changed in anyway.
• A new employer joins the scheme or an existing company leaves it. You'll need to let us know if this happens so we can review our terms.

You need to know

We’ll continue to provide cover and pay any valid claims as long as the employee meets the definition of incapacity that are set out in the quote and premiums are paid and the terms are met. Policy terms will be unique to each business and there are some circumstances where we won’t provide cover. We’ll give you the terms and any exclusions with our quote and you should read this together with our technical guide.