Income Replacement Cover
An income replacement policy, which is a type of income protection, helps you maintain your standard of living by providing a monthly income should illness or injury** prevent you from working. That means you can get on with your life safe in the knowledge you're protected.
You arrange your income replacement policy so that it fits your individual requirements. You choose the level of benefit you would want to receive each month (restrictions apply), how soon you'd like the payments to start in the event of a claim and the length of the policy term at outset.
** Some types of illness or injury are not covered.
What are the benefits?
When you take out this policy you will be entitled to a whole range of financial benefits including:
- Guaranteed benefits - your policy will never be cancelled because of the length or number of eligible claims you make. Your monthly income is guaranteed until you return to work or the policy terminates.
- Rehabilitaion benefit - To help you back to work rehabiition benefit will be paid in the event you return to your normal occupation but your normal earnings are reduced or if you follow a different occupation with a reduction in your normal earnings.
- Waiver of premium - there are no premiums to pay all the time you are in receipt of benefit.
- Hospital benefit - after you have spent seven consecutive nights in hospital you will receive £75 for each extra night, provided it is in the deferred period, for a maximum of 90 nights.
- Guaranteed insurability option - this allows you to increase your benefit from your current level (within limits) without further medical underwriting in the event of a house move, home improvement, getting married, becoming a parent or receiving a significant salary increase.
- Free Temporary Accident Cover from point when the application is received to the point of underwriting.
All these options can be tailor made to suit your circumstances and your pocket. Your Financial Consultant will be able to explain what’s available, guide you through the options and answer your questions.
Again, you will receive personal face to face advice (or by telephone if you prefer) and this will clarify the areas you need to consider and enable you to prioritise and make informed decisions from our recommendations.
How much will it cost?
A personal illustration will show you how little it can cost. If you'd like more details, call 0800 056 4508*
Get a Quote* Calls may be recorded and/or monitored for training and data protection purposes.
EAF4664 02/12
