How to apply

Summary of cover

Protect your income

This information is only a summary of the plan, for full information please speak to your local branch.

Level of benefit

You apply for the level of benefit you would want to receive each month, based on your current earnings. This can be up to 60% of the first £25,000 of your pre-incapacity earnings and 50% of the remainder. There is, however, a maximum benefit payable of £180,000 per annum after taking account of any other income payable to you such as:

  • disability benefits from any other insurance policies you have
  • salary or wages
  • pension scheme benefits (excluding the continuation of regular pension payments which were being paid prior to incapacity)
  • continuing income from a business

State benefits for incapacity do not affect the amount of income protection benefit payable.  But income protection may affect a claim for some means tested State benefits.

Choose when payments should start

You tell us how soon you would like payments to start if you became incapacitated and were to make a successful claim. For example, if you have a company sick pay scheme that pays for six months, you may want the plan to start paying out after the end of this period. But if you are self - employed, a regular income could be needed much sooner. To ensure payments start when you need, the plan offers nine different periods (called deferred periods) after which you will receive payment of income protection benefits on making a successful claim. These deferred periods are 4, 8, 13, 26, 52, 56, 78, 104 and 112 weeks. Generally, the longer the deferred period, the lower the premium is likely to be.

Compensation for reduced earnings

If you make a successful claim then an Income Protection plan can also compensate you for reduced earnings if:

  • you return to your job in a reduced capacity with a reduced salary, or
  • you're unable to return to your previous job and take an alternative one at a reduced salary

Housepersons and part-time workers

The Income Protection plan can also provide benefits for housepersons and part-time workers (those working less than 16 hours per week). If you fall into one of these categories and

  • you become incapacitated so that you are not undertaking any work and are either;
    • consistently unable to perform at least 3 of the 'personal capabilities', or
    • suffer one of the 'serious conditions' listed in the Policy Wording (available on request)
  • and you make a successful claim

Aviva will pay up to a maximum benefit of £15,000 per annum.

Monthly premiums

There are three options you can choose that will affect whether your monthly premiums change.

  • Guaranteed premiums with level benefits. Your premiums and benefits will remain the same throughout and your premium is guaranteed not to change, unless you specifically wish to change your benefit
  • Guaranteed premiums, with increase option. Each anniversary, Aviva will increase your benefits in line with RPI to help keep pace with inflation; this will also increase your premium. You do have the option to reject this each year and if you do so your premiums will remain the same
  • Reviewable premiums with an increase option. Each anniversary Aviva will increase your benefits in line with RPI to help keep pace with inflation; this will also increase your premium. You do have the option to reject this each year and if you do so your premium will remain the same. However, unlike guaranteed premiums, Aviva have the option to reduce or increase your reviewable premium annually from the fifth anniversary onwards to ensure your premium reflects Aviva's current view of the future costs of such cover

Full details are available in the Policy Wording.

WARNING - This plan has no cash-in value at any time.

You may need a medical

In all cases, Aviva will require a fully completed application form and your medical information, which will be collected by teleinterview. Depending on what is disclosed on the application form and in your teleinterview, and taking into account your age, your medical history and the amount of benefit you require, Aviva may also ask you to attend a medical examination, or ask your doctor for a report.

Terms and conditions

This site provides only a very brief guide to the Nationwide Income Protection Plan. All information is provided as at August 2010 and may change.

You'll find full details of the standard cover and exclusions in the Policy Wording. You can ask for a copy at any Nationwide Branch. Non-standard terms may apply, depending on your circumstances.

You need to apply for the Nationwide Income Protection Plan and cover is provided only if you are accepted.

Your right to change your mind

When you receive your plan documents, you will have 30 days to examine them in detail, during which time you may cancel and receive a full refund.

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