We’ve so far discussed how our new comprehensive Income Protection offers cover for diabetics and more occupations. Our new Income Protection has a wide range of outstanding features and benefits, our focus this time will be the terminal illness benefit, death benefit and family carers benefit.

While income protection is predominantly taken out to be used to help people while they are unable to work and, in most instances, aid them to get back to work, here at AIG Life we do recognise that there are other situations where people need support too. That’s why we aim to offer the most comprehensive and suitable insurance to cover all eventualities, supporting your client when the worst happens.

If your client is diagnosed with a terminal illness with less than 12 months to live, under our income protection policy we will waive the deferred period on their policy and pay 12 times the monthly benefit upfront, as a lump sum. If your client lives beyond the 12 months following diagnosis of a terminal illness, we will pay the monthly benefit.

We’ll also pay £10,000 as a lump sum if your client dies to help with funeral costs and provide financial support to their family in their time of need.

We have created different scenarios within our Spencer family story to illustrate some of these features and this scenario of Elliott Henderson* provides an example of how our terminal illness and death benefit can be used:

Elliott was diagnosed with a terminal brain tumour and given less than 12 months to live. With AIG’s Income Protection policy, the deferred period, in this case of 26 weeks, was waived and 12 months benefit amount was paid immediately as a lump sum.

Elliott then sadly passed away after a few short months and AIG paid an additional £10,000 on his death to support his wife and two young children.

We are also aware that sometimes, issues do not always affect the policyholder directly but their immediate family such as spouse or children.  Family finances can take a knock if other family members are seriously ill. For this very reason, we have created a Family Carer Benefit. If the policyholder’s spouse or child were to suffer a serious illness or injury, the policyholder would be entitled to claim a monthly benefit (limited to £1,500 max) for a 12 month period to support the cost of paying for a carer for their spouse or child.  This gives the policyholder the option to remain in work for a longer period of time and lessens the financial burden of the provision of care.

As an example of how this can be used, we revisit Elliot Henderson with another of his scenarios below:

Elliott’s wife Kathryn received a diagnosis of primary progressive multiple sclerosis during the term of his income protection policy. Due to the aggressive nature of the condition she had to give up work as she was unable to lift heavy objects, hold a pen or get in and out of a car. It soon became clear she needed a carer as she lost her strength, but they could not afford for Elliott to give up work too.

Elliott was able to claim £1,500 per month for 12 months to cover part of the cost of paying for a carer through his AIG Income Protection policy under their Family Carer Benefit option.

Alongside these three additions to our income protection, your clients will also have access to Best Doctors**, Winston’s Wish and our Funeral Pledge. Value added benefits which can offer the most vital support when your clients need it most.

To understand how Income Protection Insurance could benefit your client, take a look at our dedicated webpages here. Alternatively, you can contact our Business Development Team on 0345 600 6829.