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What is a free limit?
A major benefit of a group arrangement is that members below the free limit don’t normally have to be medically underwritten. The maximum free limit is different for all our Group Protection products.
The free limit only applies to flex plans where there is a core benefit.
| What does this mean? | We can provide cover up to a certain amount without the member having to provide medical evidence about their health and pastimes. |
| How it works | We’ll set the free limit when we quote for a scheme. The free limit will depend on the number of eligible members joining and the level of benefit entitlement. It will also depend on whether the eligibility conditions include membership to a pension scheme, where membership is voluntary. If we don’t know this when we produce our quote, we’ll assume that at least 75% of eligible employees will have joined the pension scheme at the policy start date. We’ll reduce the free limit we quoted if this is not the case. We’ll usually set it as an amount of scheme earnings to make it easier to identify members who will need to provide medical evidence because their benefit level is more than the free limit. |
| Maximum free limit | Group Life Assurance and Dependants’ Pension £1.25 million benefit. For schemes with over 5,000 members or a £500,000 annual premium, the free limit may be increased to track the standard lifetime allowance. Group Income Protection £120,000 scheme earnings Group Critical Illness Cover £500,000 benefit We’ll tell you what the free limit is when we send you a quote. |
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