Global Income protection insurance plan - key features

Some types of illness or injury are not covered. Please view principal exclusions.

Your commitment

To make monthly or yearly payments for as long as you wish your cover to remain in force. You may continue your cover up to age 65.

To give us all the information we ask for when you apply for your plan and when you are claiming benefit. If you fail to give us all the information we have asked for, we may not pay your claim.

To tell us if you change your occupation, your country of residence, if you retire or if you become unemployed.

To tell us if you intend to participate in any hazardous pursuits.

To select a suitable level of cover and review it regularly to make sure you have enough cover for your needs, but not more that we will pay.

Your Occupation

If your occupation exposes you to greater risk than an office based occupation, we reserve the right to impose a loading on the premiums quoted on our website or to decline your application. If your occupation is not office based, please contact our Sales team for a quotation providing a full job description.

Risk factors

You won’t be covered if you stop paying premiums.

The plan has no cash-in-value at any time.

The cover may be less than you need if you don’t review it regularly to keep it in line with your earnings.

If your income does not support your chosen cover, we will reduce the income benefit we pay and we won’t give you back any payments you have made to us if this happens.

Assessing how much cover to buy

You select the features of the plan to make sure that the cover is right for you.

	How much income benefit you need.
	How soon you need the income benefit to start- i.e. after 3 months or after 6 months.

You make regular monthly or yearly payments to keep the cover in force.

You tell us when illness or accidental injury has stopped you working for a period equal to or greater than your chosen deferment period.

We pay you a monthly income for as long as the claim is valid.

The amount of income benefit that you can claim

In the event of a claim, the maximum income benefit we will pay you will be the lower of:-

	The amount of benefit you have insured, or
	75% of the gross annual salary you are earning at the time of your disability, LESS any other income being paid to you whilst you are disabled.

The maximum annual income benefit we will pay is £90,000 or US$144,000 or €144,000.

Other income that may reduce your benefit

We will reduce your benefit if any of the following take you over the maximum allowable income explained above:-

	Continuing payments from your employment – such as sick pay
	Pension payments
	Other insurance benefits arising because of your incapacity

If your benefit is reduced we won’t refund any of your premiums.

We won’t reduce your benefit if you receive investment income.

The earnings on which to base your cover

When choosing your cover remember that if you claim, we will pay benefit based on your pre-incapacity gross annual salary. This means that if you are:-

Employed, your gross annual salary before income tax.

Self-employed, your gross earnings from your business, before the deduction of tax, during the 52 week period before you became incapacitated. If your earnings fluctuate, we will take into account your gross earnings from your business, before the deduction of tax, during the 3 year period before you became incapacitated. We will use the average gross earnings during this three year period when we assess your gross annual salary.

We don’t take into account income from savings, drawings and investments.

We will require financial information to support your claim. You will have to provide this financial information at your own expense.