We will be making to our Income Protection Benefit (IPB) plan sold through all applicable channels, effective from 12th May 2019.

Summary/Key points

L&G continue to improve our IPB plan and remain focused on delivering changes that bring value to the proposition.

  • The changes are:
    • Removal of the generic drug and alcohol exclusion
    • Expanding overall allowable benefit limits – on standard, low cost and increasing plans1
    • Addition of an Income Guarantee for NHS doctors, nurses and surgeons
    • Introduction of Nurse Support Services2
  • Only exclusion(s) that are determined through underwriting of the customer’s health and lifestyle could potentially be applicable.
  • Higher monthly benefit allowable (assuming supported through earnings) – £240,000 a year / £20,000 a month.
  • Maximum benefit at outset for increasing plans improved to 70% of the overall maximum allowable benefit – £168,000 a year / £14,000 a month.
  • New Income Guarantee for NHS doctors, nurses and surgeons set at £3,000 a month.
  • Nurse Support Services offering a range of support services via team of registered nurses, throughout the length of the policy. Main areas of support including but not restricted to, serious illness and disability, mental health, trauma and PTSD, bereavement support, help at home and carer support and second medical opinion. All subject areas have a range of support resources, counselling services and advice available.
  • All other benefits currently included in the Income Protection Benefit plan remain available.
  • Changes go live on 12th May 2019.
  • All major portals will be updated for launch.
  • Maximum and Stepped Benefit calculator will be updated.
  • New versions of the Adviser and Customer guides will be introduced.
  • Literature will be updated to reflect the changes:
    • Income Protection Benefit Policy Summary QGI12845
    • Income Protection Benefit Policy Booklet QGI12745
    • Application form W11904
    • Product profiles W12549

1 No change to current replacement ratio – 60% of the first £60,000 income and 50% thereafter or the houseperson limits which remains at £20,000 a year (£1,667 a month)

2 Partnered with RedArc. Available to policyholder and immediate family (spouse, partner and children living at home)