Always evolving; our latest improvements
Find out how our latest income protection options can benefit your clients.
Renting or buying? Income protection fit for the future
We work hard to make sure our income protection products are fit for the future for all our customers. This month we’ve improved the built-in flexibility of our Life Change Benefit option to ensure that both tenants and those with mortgages can increase their benefit if their monthly rent or mortgage payments increase.
From 28 June, customers with full term Income Protection+, 2-year benefit Income Protection+ and Living Costs Protection can easily increase their cover, if they’re on standard terms, without the need for further underwriting, if:
• There is an increase in rental payments imposed by the landlord, or
• There is an increase in rental payments due to a move to another rented property, or
• There is a move from rented to mortgaged accommodation.
These changes only apply to Income Protection+ and Living Costs Protection policies taken out from 28 June 2020. It’s worth remembering that the policy must have been on risk for 6 months before the Life Change Benefit option can be used.