Setting up a policy.

You’ll need to decide the eligibility conditions including who can join and when, as well as, the level of benefits you want to provide. 

What happens next

Once you’ve accepted our quote and all the information we asked for in the quote has been provided, starting cover is very straightforward.

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.

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 a participating company leaves it. Let us know immediately if this happens so we can review our rate.

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 is 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. More benefits and exclusions can be found in the technical guide.