Standard Life boosts income protection cover

Standard Life has introduced improvements to its Income Protection Plan

Maximum benefit increased to £150,000 from £125,000

All exclusions including pregnancy and HIV are removed

Andrew Cook, Product Marketing Manager, Standard Life says:” Protecting your income should be as important as insuring your life or home. The changes to our plan will make it easier for customers to understand “

A study conducted by Standard Life in 2006 found that:

  • Over 2 million British professionals have lost income through being off work because of illness or injury
  • With 13% of people said they lost between 1,000 and 5,000 while off work and 11% said they had lost between 5,000 and 40,000

Currently, the state will pay a maximum of £81.35 per week through Incapacity Benefit. In 2005 2006, the average UK household spent on average£ 443 a week, the majority of which was spent on household essentials like transport, food, housing, fuel and power.

Andrew Cook adds:” Many people are under the illusion that their employer will continue to pay their wages while they are off work, but our research shows that only 11% of employers continued to pay people while they were off work. That is why it is important that you have some protection in place to cover you at a vital time. Income Protection is an essential part of the financial planning jigsaw and covers your income, not just your mortgage, so you can still afford to live without resorting to borrowing from friends, family or the bank.”

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