Individual Income Protection Insurance Age at Policy
COMPANY AEGON
0845 600 1402 Aviva 0800 158 3119
(Policy type) min/max (years) ages Personal Protection/ 19/60
Plan Name
Income Protection (Prot only)
19/55 5/51 Solutions (Prot only) 5/46
entry term Range of Range of Minimum (nb) min/max ceasing deferment monthly/ periods
annual
Any age 4, 8, 13, 26 £5/£60 up to 65 or 52 weeks
Yes Yes 5 yly RPI
† Pension benefits / Continued income / Other insurances: Deducted only if it takes the total income above the maximum allowable benefit. Income Protection
50 - 70 † 4, 8, 13, 26, £10/£120 Yes† Yes † 52, 56, 104 or 112 weeks †
RPI †
PREMIUMS MAXIMUM BENEFITS
Definition of disability
max 10% or inability to perform a number of ADWs
Own occupation
60% of first £25K, plus 50% of remainder
£180,000
† Range of ceasing ages: Housepersons, Part-time workers and Unemployed max ceasing age 60. Deferment periods: Dual deferred periods are also available. Guaranteed/Reviewable Premiums: Premiums are guaranteed as standard been received prior to incapacity. Other Insurances: Yes, if they arise due to incapacity and result in regular payments on the policyholder’s behalf. Career break/Houseperson: Restricted benefit available to anyone who stops working has been paid in total, the plan will cease. Protection promise provides free accident cover during underwriting, and exclusion discounts subject to terms and conditions. Worldwide European Cover: subject to maximum benefit time
Bright Grey
0131 247 1500 British Friendly
Society 01234 358344
Cirencester Friendly Society
01285 653073 or 01285 652492
5/49
(WP with Investment Element or Prot only)
Personal Protection 19/60 Menu (Prot only)
Protect Long Term 18/64 Plan (Prot only)
5/48 Up to 65 4, 13, 26 or £5/£60 52 weeks
5/52
50 - 70 Day 1 or 1, 4 £1.30/ 8, 13, 26 or 52 £15.60 weeks
50 - 65 † Day 1, or 1, 4, £2.10/ 8, 13, 26 & 52 £25.20† weeks
Yes No - RPI or No Yes † Own occupation or one year own 50% including P11d 2% - 5% occupation
5% or RPI Own occupation max 10%
† †† RPI
Own occupation, own/suited occupation or houseperson’s cover †
70% of gross annual income in the 12 mths prior to incapacity
60% £45,500
† Premium review: no review before 1 January 2017. Deductions: State benefits after first 12 months of claim. Pension benefits: If related to ill health. Low cost: Available as short term policy. Worldwide Cover: Benefit will be paid Income Assured Plus 17/60
£40,950
† Retirement ages: Option for those selecting retirement age of 65 years to increase automatically in line with State Retirement Age. Premiums: Premiums are set but rise against a published sliding scale dependent on age and are with the society. Definition of disability: Own occupation - claims paid in full for first 52 weeks after completion of the deferred period, reducing to 75% of benefit in the next 52 week period and 50% thereafter. Own/Own suited - functions of a bona fide houseperson. Pensions Benefits: These are not deducted unless the benefit resulted from the actual incapacity. Other Insurances: Proportion of benefit paid, agreed with other provider. Worldwide European Option to mix and receive parts of commission on indemnity and enhanced non-indemnity. Option to provide enhanced client bonus from commission.
Cirencester Friendly Society
0800 587 5098 dg mutual 0121 452 1066
Dentists’ Provident Society a
020 7400 5700
Exeter Family 0300 123 3203
My Earnings Insurance 18/54 (Prot only)
5/52 70 or set Day 1, or 4, 8, £6.25/£75 retirement 13, 26, & 52
age for wks. (also split occupation deferred periods)
† Premiums: Choice of guaranteed level or guaranteed annual escalating premiums available. Pensions Benefit: Not deducted unless as a result of early retirement due to the incapacity covered. Other Insurances: Proportion dg mutual Income
Protection Insurance (WP)
Long Term Savings Plan (WP)
17/59 Policy (Prot with Investment Element)
16/51 No min/ 55 or 60 Day 1, or 4, £2.40/ 44
13, 26 & 52 £28.80 weeks
42
weeks or 104 £8.88 weeks
† Worldwide/European cover: conditions apply, subject to limits on duration and benefit payment. Income Protection
5/selected 50 - 65 Day 1 or 4, retirement age
†
8, 13, 26 or 52 weeks
† †† Fixed 3% Own or suited occupation by education, training or experience.
escalation during claim Houseperson’s benefit 3 out of 6 ADLs
† Premiums: Rates are guaranteed to rise on a pre-determined basis at 5-yearly intervals. Deductions - other insurances: non-income protection policies are regarded as irrelevant. Income Protection and 18/50 No min/ 50 - 60 Day 1, 1 - 52 £0.74/
out of 6 ADLs Proportionate benefit: max claim period
No Yes Yly Consumer Own occupation, if unemployed 3 60% Price Index Max 5%
No Yes †
Average of Own occupation † RPI & AEI up to 10%
65% £93,600 66% of net pre-tax profit £62,400 Yes † No - AWE
Own occupation with level benefit
65% £42,640 £150,000 % of income Own occupation, suited occupation 55% per annum £130,000
£37,440
† Minimum monthly/annual premiums: There is no minimum premium, but the minimum number of shares a policyholder may have is 10, entitling them to £7.80 per month benefit. The premium will also depend on the age of the experience benefit will either be stopped or paid at a reduced level at the discretion of the society. State benefits: May be deducted after 52 weeks of a claim if over-insured. Pension benefits: Not deducted if received when policyholder
Exeter Family 0300 123 3203
Pure Protection (Prot only)
17/59
5/selected 50 - 68 Day 1 or 1, 4, 1.53/18.36 No Yes † retirement age
8, 13, 26 or 52 † weeks
Average of NAE & RPI
up to 12% when claiming
† Minimum monthly/annual/reviewable premiums: Rates guaranteed for the first 3 years. Premiums are then subject to annual age banded increases as per published rate table. State benefits: If after 52 weeks of the claim income involve a regular payment made on the client’s behalf. Career break: On paying a premium from the outset of career break, a career break longer than 52 weeks can be selected and cover can be reinstated without supplying medical
Exeter Family 0300 123 3203
Income One † (Prot only)
17/59
5/selected 60 - 68 Day 1 or 1, 4, retirement age
Forester Life 0333 600 0333
Friends Life Individual Protection
0845 600 3122
Holloway Friendly 01452 526238
01452 526238
Legal & General 01737 370 370
Classic Plus Plan (WP) 19/55 Purely Income 19/55
Lifestyle Protection 17/60 Options (Prot only)
19/60 (Prot only)
5/48 Up to 65 3, 6 or 12 months
5/52 Any age up to 70 or 24 months †
8, 13, 26 or 52 weeks †
£10/N/A Yes No - RPI max 10%
† Worldwide/European cover - EU, Switzerland, North America, Australia and New Zealand. Income Protection
1, 2, 3, 6, 12 £8/£84.50 Yes Yes 5 yly RPI or AWE Own occupation, suited occupation, 65% to £10K, 55% over (max 10%) 3% or 5%
in some cases 2 out of 5 ADLs £10K
Alternative contracts available: Fixed Term and Retirement Term. † Pension Benefits: If client receiving pension income due to medical retirement, deducted from maximum benefit. If receiving benefit due to early retirement, decided out the life of a policy subject to conditions.” Worldwide/European Cover: Terms and conditions apply. A restriction of no more than 13 weeks outside of certain countries.
5/NRA 50 - 70 4, 8, 13, 26 or None †† † 52 weeks
Protection Plan (Prot only)
5/NRA 50 - 70 Day 1 or 4, 8, 13, 26 or 52 weeks
£10/£120 †† † RPI RPI Own occupation for first 104 max 10% weeks, then suited occupation Own occupation 60% gross max 10% 18½/60 5/47 Benefit (Prot only)
50 - 70 4, 13, 26 or 52 £6/£60 weeks
Yes No - RPI Own occupation for occupation 60% of first £30K 60% gross
£34,000 gross
(Classic Plan also available) † Charges: Initial charge - An amt not exceeding 90% of first year’s prems. Annual charge 20% of first 2 years’ prems. Premiums: Rates g’teed in as much that they rise annually at a pre-determined amt with age attained as stated Holloway Friendly
£34,000 gross
† Premiums: Rates guaranteed in as much that they rise annually at a pre-determined amount with age attained as stated in published table. Worldwide/European Cover: Travel within EU & Territorial waters is covered. Outside this Income Protection
£200,000
1% - 10% classes 1,2, 3 & 4. Housepersons 50% of £30K + definition assessed under ADLs.
† Continued Income: Continuing income will be deducted from the chosen monthly benefit stated in the policy schedule, or the maximum monthly benefit calculated at the time of the claim, whichever is greater. If the maximum Worldwide/European Cover: Conditions apply.
LV= 01202 292333
Scottish Provident 0141 275 8000
Zurich Assurance 0500 546 546
Flexible Protection Plan - 18/60 5/Subject 50 - 70 to max age at expiry
Income Protection (Prot only)
5/40 Term Personal & Term
Income Protection Plan - Premier Cover
17/60 5/ †
1, 2, 3, 6, 12 £5/ or 24 months
Maximum 4, 13 , 26 or age is 65 52 weeks
Yes Yes † Not available
† Premiums: After 5 years initially, annually thereafter. Pension benefits: 60% ill health or retirement income
deducted.Continued income: 60% of continuing income is deducted. Other insurances: 100% any sickness or accident Self Assurance Mortgage/ 19/60
£5/£60 †† † RPI Own occupation or 1 year own max 10% occupation
60 - 65 1, 3, 6 or 12 £11/£110 No Yes † months
† Maximum policy term - up to age 65 or normal retirement age. Premiums reviewable in line with NAEI.
RPI during Own occupation claim, NAEI outside claim
50%, 50% of lower salary £126,000 if joint life benefit is chosen
Business (Prot only) † Premiums: Clients have the option of having premiums guaranteed or reviewable annually after the first 5 years. Additional features available: Guaranteed Increase Option, Children’s Income Benefit, Commutation Option and
60% of income up to £45K, £100,000 33% over £45K
commission. N/A = not applicable. amc = annual management charge. prot = protection. mly = monthly. yly = yearly. ADL = activities of daily living. ESA = employment support allowance. WRAC = work related activity component. 30 March 2015
= Investment Life & Pensions Award Winner - See page 5 for details. † = note. a = Contracts restricted to individuals who are resident and qualified to practice dentistry in the UK, Republic of Ireland, Channel Islands or the Isle of Man. RPI = Retail Price Index. AEI = Average Earnings Index. NAE = National Average Earnings. NRA = normal retirement age. RA = State retirement age. WOL = whole of life.
r = regular. s = single. prem = premium. comm = RPI Own occupation 55% £150,000 £150,000 Own or suited occupation Yes † - - RPI Own occupation
65% of income up to £60K, £100,000 45% over £60K†
† Policy is targeted solely at professional and class 1 occupations. Range of deferment periods: Level guaranteed premiums 4, 8, 13, 26 and 52 weeks. Minimum monthly/annual/guaranteed premiums: Minimum benefit £866 per in the event of a successful claim. State benefit: After 52 weeks of a claim. Pension benefit: Pension payments received due to ill health are deducted. Unemployed benefit: If you are unemployed prior to incapacity and unable to seek
66.66% of income No maximum Own occupation
65% of income up to £60K, £120,000 40% over £60K
Guaranteed Reviewable
How often? Benefit
Indexation
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