Cirencester Friendly Income Protection

Monthly Benefit and Maximum Cover

Policyholders can insure up to 65% of their gross taxable earnings. The policy has a limit on the total earnings which can be protected which is £80,000 per annum. The minimum amount of earnings which can be protected is £6,400. Therefore, the tax-free monthly benefits can range from £346.66 to £4,333.33.

Incapacity Levels

Up until the policyholder’s occupational retirement age, this policy uses an “own occupation” definition to establish incapacity. This means that valid claims require that an illness or injury prevents the insured individual from carrying out the necessary tasks for their own occupation.

After the policyholder’s occupational retirement age, the policy switches to using a “suited occupation” definition to establish incapacity. This is to say that a valid claim will require that the policyholder’s illness or injury is substantial enough to prevent them from undertaking any employment in another role past training, experience or education would deem them suitable for.

Medical Exclusions

The health information provided before starting the policy may lead to certain exclusions.

Deferred Period

My Earnings Protected policies offer deferred periods of 1, 4, 8, 13, 26 or 52 weeks. However, there is also the flexibility to combine two deferred periods. This may be helpful for individuals who may first receive full sick pay from their employers but this then decreases to half pay after a period of time. It may also be of interest to those who simply wish to stagger the monthly benefit so that the policy provides greater protection against longer term incapacity.

Benefit Period

Policyholders have the option to take short-term cover where the benefit period (claims period) of the policy is limited to 24 months or long-term cover which covers the policyholder up until their chosen age (maximum 70th birthday).

Policy Duration

“This policy is designed to run until the policyholder reaches retirement and has two possible expiry dates: either the policyholder’s 70th birthday or the occupational retirement age set by the Society for the applicant’s occupation, whichever comes first.

GP Advice Line, Health & Wellbeing Services

GP24: This service provides 24/7 access to a helpline from which a telephone or online / virtual appointment can be made with a UK registered GP.

Friendly Voice: Telephone support from a personal nurse.

Your Halo: Personalised health and wellbeing service to assist with physical and mental wellbeing, diet and nutrition, sleep and exercise.

Children’s Critical Illness Support

In the event that a policyholder’s child is diagnosed with one of ten critical illnesses, Cirencester Friendly will make a lump sum payment of £2,500.

Terminal Illness Benefit

In the event a policyholder is diagnosed with an incurable illness which is considered likely to result in death within 12 months, policyholders can make a claim for Terminal Illness Benefit. In addition to any monthly benefit which will continue to be paid as normal, this pays out a lump sum equal to six months benefit.

Fracture & Hospitalisation Benefit

Available as an optional extra at a cost of £6 per month.

Fracture Benefit: Pays a lump sum of £1,500 for comminuted, complicated, compound, depressed and simple bone fractures. Fingers, toes and nose fractures are not covered.

Hospitalisation Benefit: Pays £50 per night for up to 21 consecutive nights in hospital (insured must have spent a minimum of 3 consecutive nights in hospital).

Immediate Death Benefit

An optional extra at £5 per month, this additional cover pays a lump sum of £7,500 to a nominated recipient upon the death of the policyholder. However, policyholders may wish to ask Black Lion Insurance what is the best Life Insurance for their needs before considering this option.