New IncomeShield criteria opens the market for advisers
We've enhanced our IncomeShield cover to provide you with an insurance product that is now suitable for a wider range of clients.
IncomeShield now offers broader eligibility criteria for applicants and improved cover for those with pre-existing medical conditions, which in turn provides you with greater opportunities to quote for more of your clients.
In summary the enhancements to the product include:
| Previous Eligibility/Exclusion |
Improved Eligibility/Exclusion |
| Clients must have been in employment with their current employer for at least 12 months (or 24 months if self-employed or fixed term contract workers). |
Clients must have been in continuous full-time employment with their current employer or continuously self-employed for a period of at least 6 months. |
| Clients must not have been registered as unemployed in the last 24 months |
Clients must not have been registered as unemployed in the last 12 months |
Pre-existing medical conditions: includes illnesses your client has received medical treatment for, or reasonable been aware of on the 12 months before the policy start date.
Your clients cannot claim for an illness relating to a pre-existing condition if they have seen a doctor or received medical treatment relating to this in the 12 months immediately prior to their claim. |
Pre-existing medical conditions: includes illnesses your client has received medical treatment for, or reasonable been aware of on the 12 months before the policy start date.
However if your client does have a pre-existing medical condition but they are symptom free and have not consulted a doctor or received treatment for the condition for at least 12 months from the policy start date, then they will be able to claim. |
| When transferring cover: Your client must not have been registered unemployed in the last 3 years |
When transferring cover: Your client must not have been registered unemployed in the last 18 months |
James Watson, sales director at Paymentshield, said:
"Some intermediaries may still have a perception that income protection is restrictive due to the eligibility criteria. We have responded by further enhancing IncomeShield's eligibility criteria to provide advisers with more opportunities to take advantage of the growing demand for income protection.
"Paymentshield has responded to direct feedback from brokers to deliver a more comprehensive product to support intermediary sales and provide additional income potential. The changes to IncomeShield are part of a wider commitment to support brokers. We will continue to develop our products to complement their clients' needs."
For more information and to discuss the opportunities that Income Insurance provides to you and your clients, please contact your Account Managers.