Rental Income Protection Solutions

This insurance product pays out a monthly benefit for loss of earnings, if you are unable to work due to incapacity caused by illness or injury, while covered by the plan.

Why would I need rental income protection?

This insurance product could be used as support if you become incapacitated with illness or injury and you’re unable to work. Support such is help towards covering living expenses, rent, utilities, medical bills, childcare, and any other monthly outgoings. It includes all existing features from the Income Protection Benefit Plan such as Rehabilitation Support Service, access to Wellbeing Support, Income Guarantee, Linked Claims, & Hospitalisation Benefit

What options are available?

You can choose the type of cover for your policy based on your needs. There are three options to choose from.

  • Increasing Income Protection Benefit

This helps protect the monthly benefit against changes in inflation.

  • Low Cost option

This helps to reduce the cost of the plan, and includes the option that the benefit can be paid out for one or two years for each individual claim .

  • Stepped Benefit

This provides two deferred periods, and two different monthly benefits, all within one plan.

What are the details?
  • Minimum cover: No minimum monthly benefit. Driven by minimum premium.
  • Maximum cover: £240,000 per year (£20,000.00 per month). £168,000 per year (£14,000 per month) if increasing cover is chosen. £20,000 per year (£1,666.67 a month) if considered a houseperson – working less than 16 hours per week.
  • Type of cover: Level and increasing cover available. Increasing cover increases in line with changes in the Retail Price Index up to a maximum of 10% of current monthly benefit and the premium is multiplied by 1.5 subject to a maximum increase of 15% of current premium. Only available as a single life plan.
  • Minimum term: 5 years if over 45 when the policy starts.
  • Maximum term: Depends on the age of the client when the policy ends. The policy must end after the client’s 50th birthday but before their 70th birthday or their planned retirement date, whichever is earlier. For some occupations, we may restrict the maximum age at the end of the plan.
  • Minimum age: 18 to buy a plan. 50 at the end of the plan.
  • Maximum age: The day before 60th birthday to buy a plan. Policy must end by your 70th birthday. For some occupations, we may restrict the maximum age of the client at the end of the plan.
  • Premiums: Guaranteed. Payable monthly by Direct Debit.

What are the benefits and options?

Deferred Period:

You can choose from 4, 8, 13, 26 or 52 weeks.

Stepped Benefit:

Optional. Two levels of benefit can be chosen with two different deferred periods. Not available with the Low Cost Option.

Low Cost Option:

Optional. The benefit for any individual claim is limited to 12 or 24 months, depending on which option is chosen. Not available with Stepped Benefit.

Continuous Cover:

Automatically included.

Hospitalisation Benefit:

 Automatically included.

Income Guarantee:

Automatically included.

Increasing cover:

Increasing cover is available.

Waiver of Premium:

 Automatically included.

Linked Claims:

Automatically included.

Proportionate Benefit:

Automatically included.

NHS sick pay protection:

For NHS dentists, doctors, nurses, midwives and surgeons.

Wellbeing Support:

 Access to dedicated specialist nurses. This service is available from the day the policy starts and is provided by Red Arc Assured Limited.

Rehabilitation Support Service:

 Automatically included at the point of claim, provides back to work support, for mental and physical health

Fracture Cover:

Optional benefit 

Private Diagnostics:

Optional benefit 

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.

It is worth noting that Income Protection Benefit is not a savings or investment product and has no cash value unless a valid claim is made. This product does not include unemployment cover and therefore will not pay out if you become unemployed. The monthly benefit from this plan may affect your claim to benefits paid out under other income protection plans.

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