https://www.aiglife.co.uk/intermediaries/products/yourlife-plan/income-protection Individual Protection from AIG

Income Protection

Many people insure the things they feel are valuable – their house, their possessions, maybe even their pets. But for most, the thing they value is their income.

Bridging the gap - Income Protection

Income Protection is the most over-looked protection product. Many people choose to ignore how they would manage the interruption of income due to illness or injury. It is also often viewed as too complex and difficult to recommend. This, in turn, contributes to the biggest gap in the protection market.  Yet, arguably, Income Protection is the most vital protection product your client should have.

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An introduction to our new Income Protection product and its range of best in class benefits.

Why recommend AIG’s Income Protection?

AIG wants to help you bridge the gap with its market-leading comprehensive Income Protection, offering a faster, stronger and better solution. In most situations, Income Protection can provide an essential safety net by paying a replacement income, while helping individuals get back into the workplace earlier with a range of rehabilitation support services.

Faster – Recovery with a range of early intervention support

Stronger – Quality features with best in class benefits 

Better – Choice for your clients menu plan

  • Occupation classes 1, 2, 3 and 4
  • Waiver of premium included as standard
  • Free cover during underwriting – up to £25,000 per annum
  • Houseperson’s benefit up to £20,000 per annum
  • Guaranteed benefit - if the monthly benefit is under £1,500, your client doesn’t need to prove their income at claim. 

Income Protection Calculator

Benefits of our cover


Early intervention support

Rehabilitation support
Our early intervention rehabilitation support services could help your clients from the moment they are unable to work due to illness or injury, by providing assistance during the deferred period to speed their recovery and return to the workplace.

Hospitalisation benefit
Hospital stays can be lengthy and costly. To help your clients cope, we will pay your client £100 per night after the first 6 nights, for every night they need to stay in hospital during the deferred period, up to a maximum of 90 nights.


Help getting back to work

Recuperation Benefit
Most people want to get back to work, but waiting lists or treatment costs can hold them back. Your client can claim an additional three times their monthly benefit (with no deferred period) towards advice or services, for example physiotherapy to help them get back to work sooner.

Proportionate benefit
If your client does return to work, but for a lower salary or fewer hours, we’ll top up their earnings to match their monthly benefit.


Support for families

Family Carer Benefit
If a family member becomes seriously ill, this could put a huge strain on family finances. To help your client care for them or pay for help towards care so they can continue working, our family carer benefit could pay your client a monthly benefit of up to £1,500 for up to 12 months if their spouse or child suffered an illness or injury which significantly impacted their lives.

 
Supporting your client when the worst happens

Trauma benefit
If your client suffers from one of the six traumatic illnesses or conditions we cover, we will pay six times the monthly benefit amount as a lump sum or £50,000, whichever is lower.

Terminal illness benefit
If your client is diagnosed with a terminal illness with less than 12 months to live, we will waive the deferred period and pay 12 times the monthly benefit upfront, as one lump sum.

Death benefit
If your client dies, we will pay £10,000 as a lump sum.

 

For further details about the benefits included within our cover, please read the Cover Details.

Flexibility


Payment periods
To help your clients budget, they can choose a claims payment period of 2 years (limited payment term), or full policy term.

Making changes to the policy
Major life changing events may mean your clients need to change their cover. They can make a number of changes to make sure their cover still meets their needs. We allow an increase of up to £835 per month or 50% of the monthly benefit (whichever is lower) without further underwriting for the following:

  • Birth/legal adoption
  • Increase in mortgage/loan
  • Marriage
  • Promotion or salary increase

For a full list of changes which can be made and any limitations, please see the Cover Details.

Value added benefits
As with all YourLife Plan covers, our Income Protection comes with access to Best Doctors and Winston’s Wish alongside our funeral pledge.

Limits of the cover

  • Minimum age at entry - 17
  • Maximum age at entry – 54
  • Maximum age at end of plan – 70
  • Maximum benefit - £250,000 per annum
  • Replacement ratio (based on pre-tax annual income) – 60% of first £30,000, 55% of £30,000 to £100,000 and 45% of the remainder (divided by 12)
  • Deferred period options – 4, 8, 13, 26 and 52 weeks
  • Available to single lives only
  • Benefits can be level or increasing (in line with RPI up to 10%)

Literature and support

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Income Protection Sales Aid

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Income Protection Key Facts

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Income Protection Cover Details

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Tuesday 20th November 3pm

Family Income Benefit               Qualifies for CPD

Explore AIG Life’s Family Income Benefit solution