Income Protection
Overview
Quote & buy using our Income Protection product, SafeGuard Protect.
This is an online quote & buy product, there is no manual application process or referral process if your client doesn’t fit the eligibility criteria.
Our Product
SafeGuard Protect is formed of three separate modules:-.
- Mortgage or Rent Payment Protection – covering job loss (unemployment) and/or Accident & Sickness and providing up to 12 months benefit with a 30 day excess
- Income Protection – covering job loss (unemployment) and/or Accident & Sickness and providing up to 12 months benefit with a 30 day excess
- Personal Accident providing a one off lump sum benefit following a bodily injury
Each module is a separate policy (with a specific policy schedule, IPID and policy wording) but the quote and application process is a single combined process. Premium collection is separate for each, so if multiple modules are selected the premium for each module will be collected separately (on the same day). The online quote and application process clearly identifies these separate payments as does the documentation at inception.
Product Cover
The maximum monthly benefit for the Mortgage/rent and plus up to an additional 50% is £2,000 per month or 65% of the client’s gross monthly income.
The mortgage/rent module can cover the monthly mortgage/rent figure plus up to 50% for additional related expenses. If the client’s gross monthly income is sufficient, they can then buy additional income protection, as long as combined this does not exceed the maximum £2,000 per month or 65% of gross monthly income.
The mortgage/rent and the income protection modules are purchased in blocks of £500 cover, so they can buy up to £500, £1,000, £1,500 or £2,000
If the mortgage or rent is, say £750 per month, they can buy either £500 or £1,000 of mortgage/rent protection (£750 + 50% = £1,125 but couldn’t buy £1,500 of mortgage/rent cover). If their gross monthly income was, say £4,000, they can therefore buy up to £1,000 of mortgage/rent protection plus a further £500 or £1,000 income protection up to the maximum of £2,000 or 65% of gross monthly income, whichever is the lower.
The personal accident module provides a lump sum benefit for specified bodily injury following an accident (see the policy wording for the table of benefits).
Each of the mortgage/rent, income and personal accident modules are independent and you can mix and match to suite the client.
The mortgage/rent and income protection policies provide cover for the proposer only. However you can also add the spouse/partner and up to 4 children under the Personal Accident module.
Product literature
As each module is separate, there are three policy wordings and three IPIDs, but the quote and application process is a single process. You don’t therefore have to quote three separate times and apply three times – its one simple combined process.
To view the policy wordings and IPIDs, log into our system and complete the short quote process. The documents are then made available.
Useful guides for advisers
To help you, we have produced several guides. These are for you only and not designed for you to give to your client.
We have a product guide and a short video which gives you more information on the product and how it works.
We have a how to use guide which explains how to use the quote system.