Occupation Restrictions
There are some circumstances when some occupations and employment circumstances will deem that your client may not be suitable to take out an ASU or U Only income insurance policy, some guidance on this is provided below.
Please note that occupation restrictions do not apply if your client has taken out a new mortgage or loan in the 60 days immediately prior to the IncomeShield policy start date.
- Occupation restrictions may apply your client is taking an IncomeShield policy on a "standalone" basis (i.e. they have not taken out a new mortgage or loan in the 60 days immediately prior to the IncomeShield start date).
- Some occupations have been identified as potentially being at a higher risk of unemployment. Therefore we will refer these applications to our underwriter, Pinnacle Insurance plc, for manual underwriting assessment. These occupations include:
- Project and IT related work
- Directors - For underwriting purposes a Director refers to someone with board responsibilities, and who, as such are aware of key strategic decisions as well as having some control over them. This does not refer to people who simply have 'Director' in their job title
- General Managers - For underwriting purposes we would class a General Manager as the highest level of manager in a company. They would sit on the Executive Management Team and would be involved in significant strategic decisions, similar to a director. This does not refer to all managers who have 'general' responsibilities.
- Applications from clients working in the Building & Construction industry, taking an ASU or U Only IncomeShield policy on a "standalone" basis will not be accepted. This is because unemployment in this industry is currently three times the national average. Therefore we can only accept applications from clients working in this industry if they have taken out a new mortgage or loan in the 60 days immediately prior to the IncomeShield start date, as they will have met the lender's underwriting criteria.
All IncomeShield applicants must meet the standard eligibility and underwriting criteria to be accepted.
Next Steps
This page is intended solely for the attention of Directly Authorised or Exempt Firms as defined by the Financial Services Authority.