What's Income Protection Benefit?

What are your options?

Income Protection Benefit options

This information outlines the options available to you with Income Protection Benefit. For full information about what is and isn't covered please speak to one of our Financial Planning Managers.

1. Your level of benefit

Your 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 no more than 60% of your total gross earnings up to £60,000 per year, and 50% of your earnings over £60,000 per year, less any other income you receive whilst incapacitated.

There is a maximum benefit payable of £200,000 a year after taking account of any other income payable to you.

2. Your premiums

 Your premiums

Guaranteed premiums

  • Premiums remain the same. 
  • Benefits remain the same.

Full details are available in the Key Features Document (available in branch on request).

3. Your payments

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 monthly benefit could be needed much sooner.

To ensure payments start when you need, the plan offers four different periods (called deferred periods) after which you will receive payment of income protection benefits if you make a claim.

These deferred periods are 4, 13, 26 and 52 weeks. Generally, the longer the deferred period, the lower the premium is likely to be.

Returning to your occupation for reduced earnings (Proportionate Benefit)

If you make a claim then income protection 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

Our Income Protection Benefit plan can also provide benefits for housepersons and part-time workers (those working less than 16 hours per week).

Full details are available in the Key Features Document (available in branch on request).

Interested? Find out how to apply

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Important information

How to apply