Shepherds Friendly has improved its Income Protection Policy benefit payouts at no extra cost.
The policy was originally launched in March, but in line with Shepherds' policy of ensuring it gets its products right, it has
maintained premiums but increased benefits.
Year one payout still provides for 100% of the protected income benefit (previously 100%), but year two payout has been increased to 100% (previously 50%), while year three has been lifted to 80% (previously 25%).
Shepherds' Income Protection Plan is aimed primarily, but not exclusively, at self- employed people and is most competitive between the ages of 30 and 45.
In the event of sickness or accident, the aim of the plan is to pay the policyholder up to 60% of his/her regular income when employed, or 60% of net profit if self- employed subject to the maximum allowed – no matter how many times he/she makes a claim.
Geoff Spencer, Chief Executive, Shepherds Friendly Society, says; "Our upgraded Income Protection Plan provides more than competitive pricing and flexibility to the market place and will be medically underwritten by a dedicated tele-underwriting organisation, making it massively attractive. It is designed to provide benefit to the self-employed or anyone who does not receive an income, or limited income, from their employer in the event that they are unable to work due to accident or sickness. There is also the option to add children to the policy to cover for more than four weeks absence from work to nurse them back to health in the event they are unable to attend school. Cover will continue until the age of 16 and any number of children can be included and added or removed throughout the life of the plan."
The plan is highly flexible; the level of benefit can also be increased or decreased to suit the policyholder's circumstances, such as a change of job.
Shepherds Friendly Society Limited, one of the world's oldest mutual insurers, is based in Manchester and has 25,000 members.
Income protection: News update: June 2007
