Family and Personal Income Plan

  • A plan designed to provide a monthly benefit if the client dies or is diagnosed with a critical illness (if Critical Illness Cover or Critical Illness Extra are chosen) during the term of the plan. It also pays out if the life insured is terminally ill and they meet our definition, at any time during the cover in place.
  • Can be taken out as joint or single life policy.
  • Options available at outset for an additional cost include Waiver of Premium and Total and Permanent Disability (if Critical Illness Cover or Critical Illness Extra are chosen).
  • Increasing plans will increase in line with the changes in the Retail Prices Index (RPI) and multipiled by 1.5 subject to a maximum increase of 15% per annum. The RPI provides an indication on inflation on a monthly basis. The RPI measures and tracks the average change in the purchase price of goods and services such as housing expenses and mortgage interest payments. If changes to the RPI is 1% or less, then the premium and amount of cover will stay the same until the next review.
  • Cover can be increased using the Changing your policy (Previously Guaranteed Insurability Option) during the term of the policy without further underwriting.
  • Other changes can be made to the policy and will be assessed at the time.
  • At claim the client or their representatives can choose to take the monthly benefit as a lump sum, if they prefer.
  • Further Underwriting information.