Always evolving; our latest improvements
We’re always looking for ways to better serve your clients. Here you can learn more about the latest enhancements we’ve introduced to our income protection proposition.
We've streamlined our benefit calculation
From 1st December 2019 we changed our benefit calculation from a three-tier to a two-tier calculation giving your clients the possibility to cover a higher portion of their income.
• Our new calculation will be 65% of the first £60,000 of your customers’ gross earnings, plus 45% of any gross earnings above £60,000.
• Our maximum benefit will still be £20,000 per month (£240,000 per annum).
To make it easier to understand this change here is an example: If your client earns £40,000 gross per annum, our previous benefit calculation meant that we could offer a maximum benefit of £1,916 per month. Our new calculation increases this to a maximum benefit of £2,166 per month – £250 per month more!
Both of our calculators "Income protection maximum benefit calculator" and "Maximum benefit dual deferred calculator"- have been updated for the new calculation and can be found in the "Tools & calculators" tab.