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Income Protection at a glance

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

Guaranteed increase options (limits apply - please see the policy conditions for full details)

  • An increase in the mortgage as a result of moving home, or home improvements
  • An increase in rent as a result of moving into a new rental property or as a result of an increase imposed by the landlord
  • Marriage or civil partnership
  • Birth or legal adoption of a child
  • Their basic salary increases by more than 10%
  • Significant career progression if there's an increase in basic salary of at least 20% (once only during the lifetime of the policy)
  • An increase in the mortgage as a result of moving home, or home improvements
  • An increase in rent as a result of moving into a new rental property or as a result of an increase imposed by the landlord
  • Marriage or civil partnership
  • Birth or legal adoption of a child
  • Their basic salary increases by more than 10%
  • Significant career progression if there's an increase in basic salary of at least 20% (once only during the lifetime of the policy)

N/A

Extras
(included as part of the contract)

N/A

Key Documents

Online Services

Risk Reality Calculator

Highlight to your clients why financial protection is important using industry statistics in our Risk Reality Calculator.

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Flexible Protection Plan

Why not add Life cover or Critical Illness to your client's plan for a wider protection portfolio?

More about Flexible Protection Plan

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Tools and Calculators

Everything you need to support your Income Protection recommendations.

Income Protection tools and support

Medical bag icon

Personal Sick Pay

Income protection for clients in riskier jobs who can be more expensive to insure.

More on Personal Sick Pay

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Large Case Team

If your client wants cover for more than £5,000 a month, we can offer dedicated support.

More about our Large Case Team

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