New Low Start Income Protection

29 September 2020

Putting protection in everyone's reach

In recent years, income protection policies have seen a significant increase but in 2020, they saw a 9.5% reduction*. For some, getting the protection they need can be a real struggle, especially if they don’t have the finances to cover the cost.

That’s why we’ve launched a new Low Start Income Protection plan, helping to make income protection available to more people.

How it works

The premium increases with the clients' age and the amount of risk they represent. So, the starting premium starts lower, and increases each year with age.

It means that clients don’t have to miss out on cover for short term affordability – allowing people to protect one of their most valuable assets, their income.

Greater flexibility and choice

The new product sits alongside our existing Income Protection Benefit plan, and shares many of the same features, such as our range of benefits and options like Stepped Benefit and Low Cost option. Increasing Low Start Income Protection is also available. This means that advisers have even more choice so they can tailor the right cover for their clients’ needs.

The key differences

The main differences between Low Start Income Protection and Income Protection Benefit are the potential payouts.

As you’d expect with a lower premium, Low Start Income Protection's maximum monthly benefit limit for level term is £10,000 (up to £120,000 per year) or £7,000 a month for increasing (£84,000 per year). Whereas our Income Protection Benefit plan pays a maximum benefit limit of £20,000 a month for level term (£240,000 per year), or £14,000 a month (£168,000 a year) for increasing.

“Our new plan complements our existing income protection offering, and gives advisers the opportunity to provide their clients with more flexibility. We can now offer either a level costed or annually increasing product, this means they can tailor their plans depending on their needs and budget.” 

Craig Brown, Director of Intermediary

Extra support that comes as standard

Low Start Income Protection shares many of the features and benefits that are available with our current Income Protection Benefit plan.

Clients will have access to a range of support services - at no extra cost. These include our experienced in-house Rehabilitation specialists, who offer early intervention treatments for physical or mental-health related issues. Plus access to Wellbeing Support, provided by Red Arc Assured Limited, their dedicated specialist nurses can help with mental health problems, and provide a second medical opinion for serious illnesses.

Adviser toolkit - Helping you have good conversations

Designed to support intermediaries, to help clients understand the need and benefit of income protection. It includes features such as benefit calculators, guides, sales aids, links to workshops and our latest webinars. 

Adviser Toolkit

Find out how you can tailor the right cover to suit your client’s needs and budgets for today, for tomorrow. 

Income protection 

*Swiss Re Term & Health Watch 2021