Group Income Protection key product features
- Competitive Automatic Acceptance Limit (AAL) (free cover limit) - based on salary for easier communication to customers.
- Forward Underwriting - employees will usually only be underwritten once where schemes cover 50+ members.
- Temporary cover of up to 90 days for employees over the AAL who we require to be medically underwritten.
- Continuation of cover available for transferring schemes, subject to employees being actively at work.
- Maximum Income Benefit of £300,000 per annum (typically a salary of £400,000).
- Optional additional protection available for:
- Employer's pension scheme contributions up to the lesser of 35% of scheme salary or £50,000.
- Employer's national insurance contributions.
- Employee's pension scheme contributions.
- Maximum Benefit Formula: Normally 75% of scheme salary with a reduction for the State Employment and Support Allowance (ESA) with the Work Related Activity Component (WRAC).
- ESA deductible options available:
- Basic,
- Basic + WRAC,
- Basic + Support Component; or
- 'Integrated'
- No benefit limitation is applied in respect of an employee's own personal income protection policy.
- Limited benefit term options of: 2, 3, 4, or 5 years.
- Lump sum benefit option of up to 4 times salary, to a maximum benefit of £1,600,000, is available with limited benefit term schemes.
- Definitions of incapacity:
- 'standard' ('own occupation'),
- 'suited',
- 'benchmark'; or
- a combination of these.
- Cover available for employees aged 16 to 69.
