Benefits and options
For Income Protection Benefit
Several benefits are automatically included in our Income Protection Benefit plan.
Several benefits are automatically included in our Income Protection Benefit plan.
Your client can choose to defer payment of their benefit for 4, 8, 13, 26 or 52 weeks.
Stepped Benefit provides a more affordable option to help clients with a restricted budget. Two levels of monthly benefit can be chosen with two different deferred periods. This first level of benefit can be set lower with a deferred period that coincides with the reduction in sick pay income from an employer. The second level of benefit is paid out later when sick pay stops altogether. Not available with the Low Cost Option.
Low Cost Option provides a more affordable option to help clients with a restricted budget. The benefit for any individual claim is limited to 12 or 24 months depending on what has been chosen at outset. Multiple claims can be made. For a houseperson, after the monthly benefit has been paid for maximum benefit payment period, which does not need to be consecutive, the policy will end. Low Cost Option is cheaper than full cover but is not available with Stepped Benefit.
Cover will continue if your client goes on statutory maternity/paternity/adoption leave, becomes unemployed or goes on a career break.
A payment of 1/30th of the monthly benefit, up to a maximum of £150 per night, will be made for each additional night the client spends in hospital after staying there for seven consecutive nights.
The payments will continue until the client leaves hospital, their deferred period ends, after 13 weeks of a hospital stay, the policy ends or the client dies, whichever is earliest.
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 at the start of their plan. If the client is a NHS dentist, doctor, midwife, nurse or surgeon the monthly benefit we pay will be based on the lower of £3,000 per month or the monthly benefit at the start of their plan. This could be made up of a combination of continuing income alongside the monthly benefit.
The Policy Summary gives examples of how this works.
If your client dies while the plan is in place, we'll pay out an amount equal to their annual premium, or 12 times the monthly premium.
If, on returning to work, your client becomes incapacitated from the same or related cause within 12 months, payment of the monthly benefit will resume immediately. If your client has the Low Cost option, the linked claim will only be possible if the most recent claim did not reach the maximum benefit payment period.
Access included as standard
Includes advice and support from experienced registered nurses in the following areas:
Access included as standard
Available at no extra cost when your client makes a valid claim. Offers qualifying claimants’ access to a team of healthcare professionals, who’ll support their quicker return to good health and work.
Insured by AXIS Specialty Europe SE. The support and services are provided by Trustedoctor, a sister company of Further Underwriting International SLU
Insured by AXIS Specialty Europe SE. The support and services are provided by Trustedoctor, a sister company of Further Underwriting International SLU
If, following a claim, your client returns to work in a different job or a lower income, as a direct result of the illness or incapacity, the monthly benefit will be reduced in proportion to the reduction in their earnings (from the 12 months before incapacity). Proportionate Benefit ends when earnings return to pre-incapacity level or the claim ends.
After your client's deferred period has ended, premiums will be waived for the duration of a valid claim whilst the monthly benefit is being paid.
Allows your client to increase their monthly benefit subject to eligibility criteria without providing further medical evidence:
Your client can change their plan up to three times in total and must make the change within six months of the event.
Some restrictions apply, but full details about when and how clients can change their policy can be found in our Product Profiles.
We will consider requests to make other changes to your client’s plan as well. If changes are made to the plan, then a new plan may be set up and different terms and conditions could apply.
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