This product is only available to individuals who are permanent UK residents.
The minimum age at entry is 18 attained.
The maximum age at entry 59 attained.
Maximum % of Income Covered
The maximum percentage of income which can be insured is 55%. How much benefit can be paid? When choosing the amount of benefit the life assured needs, remember that the maximum amount we can allow is the lower of 55% of their total earnings and £130,000 a year. The actual amount of benefit we will pay if they make a claim will be based on their pre-incapacity earnings. We limit the amount of the benefit because tax and National Insurance contributions are deducted from their normal earnings but not from the benefit amount we will pay them. By total earnings, we mean 'income that will be lost in the event of incapacity' so this could include: - salary - bonus - commission and overtime (as long as the life assured can prove that this has formed part of their normal salary over the last three years) - P11D benefits, which will be lost in the event of incapacity. If the life assured is employed Pre-incapacity earned income is the life assured's gross taxable earnings (including those listed above) averaged over the last 12 months before they became incapacitated. If the life assured is self-employed Pre-incapacity earned income is the life assured's net profit from their occupation, averaged over the last three years before they became incapacitated, as assessed for income tax and as shown on an agreed tax return provided by HMRC. If the life assured is a company director If the life assured is a company director of their own business, and they are also a shareholder, their pre-incapacity earned income means the salary and dividends received from the profit generated after deduction of corporation tax in the 12 months before a claim. If the life assured is a houseperson or not in paid employment If the life assured is a houseperson or not in paid employment, the maximum amount of benefit we can pay out is £1,250 a month. The 'activities of daily work' definition will apply. The minimum deferred period that applies to the houseperson's benefit is 13 weeks.
Maximum Annual Cover
The maximum benefit is £130,000 per annum, or 55% of the total earnings of the insured.
A fast quote facility is not available.
Minimum Annual Cover
There is no minimum benefit amount.
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