Family and Personal Income Plan

Protection Solutions for Family and Personal Income. We broker insurance protection for your income and your family in the event you become ill or pass away. This insurance product provides a monthly financial benefit if you die while covered by the policy.

What is family and personal income protection?

This protection plan is specifically designed to provide you and your family with a monthly benefit in the event of your death or if you are diagnosed with a specified critical illness during the term of the plan. Critical illness cover is optional when you are taking out your plan.

Although Family and Personal Income Plans are designed to pay a monthly benefit, a commuted lump sum payment can be taken instead when a claim is made.

What is included in the cover?

The benefit is paid out when you die, when you are diagnosed with a terminal illness (with a life expectancy of less than 12 months), or is diagnosed with a specified critical illness, whichever occurs first. Family and Personal Income Plans are designed to pay out as a monthly benefit however in some circumstances a lump sum payment can be taken instead.

What are the details?
  • Minimum cover: No minimum sum assured. Driven by minimum premium.
  • Maximum cover:
    FPIP only: £10,000 a month.
    Increasing FPIP: £10,000 a month.
    FPIP with Critical Illness Cover or Critical Illness Extra: £4,000 a month.
    Increasing FPIP with Critical Illness Cover or Critical Illness Extra: £4,000 a month.
  • Type of cover: Level and increasing.
  • Minimum term: 5 years.
  • Maximum term: 40 years. 50 years if bought with Critical Illness Cover or Critical Illness Extra.
  • Minimum age: 18. It is possible for a life of another policy to be taken on a 17 year old by an adult with insurable interest. This policy can then be placed in an Absolute Trust with the 17 year old as the beneficiary. Minimum age at the end of the plan is 29.
  • Maximum age: 64. Plan must end by 70th birthday or 75th birthday if purchased with Critical Illness Cover or Critical Illness Extra
  • Premiums: Guaranteed or reviewable depending on the type of cover.
  • Joint life policies: The cover is paid when either life insured dies or is diagnosed with a terminal illness (and our Medical Officer has confirmed the illness is expected to lead to death within 12 months) or is diagnosed with a specified critical illness (if that option is chosen), whichever occurs first.

What are the benefits and options?

Accidental Death Benefit:

Automatically included.

Accident Hospitalisation Benefit:

Automatically included if Critical Illness Cover is chosen

Changing Your Policy (also known as Guaranteed Insurability Option):

Can increase cover on certain specified events, without need for further medical evidence. Eligibility criteria and restrictions apply.

Other changes - You can request to make other changes to policy:

Additional underwriting may be required.

Increasing cover:

Increasing cover available.

Critical Illness Cover and Critical Illness Extra:

Can be added for an additional cost at outset.

Children’s Critical Illness Cover:

Automatically included if Critical Illness Cover is chosen. Can be upgraded to Children’s Critical Illness Extra for an additional cost.

Joint life policy separation on divorce or dissolution of a registered civil partnership:

Can be requested unless a claim has been accepted.

Wellbeing Support– Provided by RedArc Assured Limited:

Automatically included.

Terminal Illness Cover:

Automatically included if life expectancy is less than 12 months unless term is less than 2 years.

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