My Earnings Protected

Members need to continue paying their premiums until their claim has been accepted and their deferred period has ended. After this, premiums won’t be collected whilst a claim is being paid.

Terminal Illness Benefit is included in the contract at no extra cost. If a Member is diagnosed with an incurable illness that, in the opinion of their Doctor, is likely to result in their death, they may be able to claim Terminal Illness Benefit. It’s paid as a single lump sum equivalent to six months benefit, and the Member will also continue to receive benefit in the normal way. Terminal Illness Benefit can only be claimed once.

For an additional premium, if a Member has to stop working because of one our ‘listed’ injuries, and as a result their earnings go down, they can claim benefit that will be paid from the first day they’re signed off work, subject to at least four consecutive days off work.

Any claim for benefit up to the chosen retirement age will be based on the Member’s inability to carry out their job. This is called Own Occupation Disability.

When a Member claims and their earnings mean that we can’t pay the full benefit amount, we’ll apply a Minimum Benefit Guarantee for a maximum of £1,500 a month. For a monthly benefit more than £1,500, we’ll guarantee to pay at least £1,500 a month and for a monthly benefit of £1,500 or less, we’ll guarantee to pay the chosen benefit amount.

If the indexation option is added, cover will be automatically reviewed annually against the Office of National Statistics Consumer Price Index (CPI).

There are two premium types available, and both are at guaranteed rates:

• Guaranteed Level – based on the Member’s age on joining which will stay the same throughout the contract*.
• Guaranteed Annual Escalating – based on the Member’s age on joining which then rises annually**.

*Subject to indexation and contract changes.

**Subject to age band increases, indexation and contract changes.

This valuable facility allows a Member to increase their cover by up to 10% of their current benefit (subject to usual conditions and not exceeding 65% of their income), without supplying medical information, when one of the following ‘lifestyle’ events occurs*:

• Marriage or entry into a civil partnership.
• Birth or legal adoption of a child to the Member or the Member’s partner.
• Increase of earnings.
• On taking out or increasing a mortgage on the Member’s primary residence.

*Evidence of the above events will be required.

In addition, cover can also be increased every fifth anniversary of the start date of the contract.

My Earnings Protected offers a choice of deferred periods, including split deferred:

After 1, 4, 8, 13, 26 or 52 weeks

Any two of these deferred periods can be combined so that the benefit payments have different start times.

The maximum that can be insured is 65% of gross taxable earnings, subject to the following upper and lower limits:

• A maximum taxable income of £80,000 a year.
• A minimum taxable income of £6,400 a year.

My Earnings Protected offers a choice of claim period to allow more flexibility:

• Long-term – benefit is paid until the contract ends or when the Member returns to work.
• Short-term – benefit is limited to two years for each illness or injury.

A Career Break allows a Member to temporarily suspend their cover for up to 12 months, subject to prior approval by us. Entitlement to benefit ceases during any period of Career Break. If a Member resumes paying their premiums within 12 months after the start of their Career Break, they’ll be able to recommence their cover to the level it was when they stopped their premium payments and be entitled to claim benefit.