1. CHOOSE YOUR LEVEL OF BENEFIT
You apply for the level of benefit you would want to receive each month, based on your current earnings. This plan has no cash-in value at any time.
2. CHOOSE YOUR MONTHLY PREMIUM OPTIONS
There are three options you can choose that will affect whether your monthly premiums change.
GUARANTEED PREMIUMS, LEVEL BENEFITS
GUARANTEED PREMIUMS, WITH INCREASE OPTION
REVIEWABLE PREMIUMS
You tell us how soon you would like payments to start if you became incapacitated and were to make a successful claim.
For example, if you have a company sick pay scheme that pays for six months, you may want the plan to start paying out after the end of this period. But if you are self – employed, a regular income could be needed much sooner. To ensure payments start when you need, most plans offer different periods (called deferred periods) after which you will receive payment of income protection benefits if you make a claim. These deferred periods are 4, 8, 13, 26, 52, 56, 78, 104 and 112 weeks. Generally, the longer the deferred period, the lower the premium is likely to be.
