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Income Protection technical summary

Income Protection

Budget Income Protection

Waiver of premium

Type of pay-out

Pays the plan monthly premiums after a waiting period

Types of cover

Level/inflation-linked

Level/inflation-linked

N/A

Term

Minimum 5 years

Minimum 5 years

Age 69 or the end of the plan term if earlier

Minimum age attained at entry

17

17

17

Maximum age attained at entry

59

59

59

Maximum age attained at the end of the policy term

69

69

69

Minimum premium

£5 a month

£5 a month

Based on the total plan premium

Percentage of salary

60%

60%

N/A

Cover limits

  • Level - £20,833
  • Index linked - £14,583
  • Level - £20,833
  • Index linked - £14,583

N/A

Occupation definition

  1. Own occupation
  2. or Homemakers
  1. Own occupation
  2. or Homemakers
  1. Own occupation
  2. or Homemakers

Maximum claim period

Whichever of the following happens first:

  • your client gets better
  • the policy end date
  • your client dies

Whichever of the following happens first:

  • 12* or 24 months claim period (multiple claims available)
  • your client gets better
  • the policy end date
  • your client dies

* Available on guaranteed premiums only.

Whichever of the following happens first:

  • your client gets better
  • the policy end date
  • your client dies

Waiting period

1, 2, 3, 6, or 12 months. The 1 and 2-month option is not available for a small number of occupations – please see our occupation guide for the full breakdown.

1, 2, 3, 6, or 12 months. The 1 and 2-month option is not available for a small number of occupations – please see our occupation guide for the full breakdown.

This will match the waiting period selected for Income Protection / Budget Income Protection. Maximum waiting period of 6 months

Split waiting periods available

Yes

Yes

N/A

Eligibility criteria

A permanent UK resident that has lived in the UK and has been registered with a UK GP for the last two years

A permanent UK resident that has lived in the UK and has been registered with a UK GP for the last two years

Your client must be a permanent UK resident

Extras
(included as part of the contract)

N/A

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Contact us about Income Protection

Quotes and questions: 0800 678 1890
More IP contact options

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FOR UK FINANCIAL ADVISERS ONLY
LV=, County Gates, Bournemouth, BH1 2NF, UK