Increasing Income Protection Benefit

Designed to pay out if your client is unable to work due to incapacity caused by illness or injury, resulting in a loss of earnings, while covered by the plan and protect the monthly benefit against inflation.

Cover overview

The monthly benefit is paid for the duration of a valid claim until the client recovers and is no longer incapacitated, the policy ends, or they die, whichever happens first.

The amount of benefit your client receives depends on their income when they claim, how long they want the benefit to last and what benefits their employer may provide. Payment begins after your client’s chosen deferred period.

The amount of cover increases in line with changes in the Retail Price Index (RPI) on each policy anniversary with no need for further medical evidence.

Our Low Cost Option can often provide cover for a potentially lower premium. Multiple claims are permitted, with each individual claim payable for up to 12 or 24 months, depending on which option is chosen at outset. However, if your client is classed as a houseperson then the plan will end after their monthly benefit has been paid for their chosen claims period.

Stepped benefit is available with our Income Protection Benefit and Increasing Income Protection Benefit plans. This option provides two deferred periods, each with a different monthly benefit.

Plus, we’ll apply an income guarantee to the plan to help protect your client’s chosen monthly benefit if their earnings go down before they make a claim. Terms and conditions apply.

Increasing Income Protection Benefit is not a savings or investment product and has no cash value unless a valid claim is made. This product does not include unemployment cover and therefore will not pay out if your client becomes unemployed.

The monthly benefit we pay out under your client’s plan may affect their claim to benefits paid out under other income protection plans.