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Nationwide : Income Protection Plan
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Product profile
Description
Protects your income in case you are unable to work due to an accident or illness. It provides long-term income replacement up until retirement if required, helping you maintain your lifestyle if the worst were to happen.
For
- Aged 18 to 54
- Employees, self employed, part-time workers, housepersons, the unemployed
Maximum amount payable
- 60% of your gross earnings
- £36,000
- State benefits for incapacity do not affect the amount of income protection benefit payable
Basis of cover
- Normal occupation
- Limited cover for non-workers
- Proportionate benefit if can do a job other than normal occupation
- Proportionate benefit if return to normal work on part-time basis
- Reviewable premiums after 5 years
Benefits
- You choose the amount
- Index linked benefits
- Guaranteed insurability
- Rehabilitation service
- Disability counsellors
- Death benefit if die during first 12 months of claiming
- Waiver of premium while benefits being paid
- Career break suspension of cover at houseperson level
Options
- Deferred period; 4/8/13/26/52/56/104/112 weeks
- Retirement age; 50/55/60/65
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Last updated: 25 January 2008