Unum has changed individual income protection insurances to give customers greater accessibility to more comprehensive cover.
Unum is now offering access to its full range of deferred periods, including four, eight and 13 weeks, for all occupations that it covers. It has also extended access to cover to any age up to 70.
Linton Penman at Unum explains, “State support is coming under increasing pressure and people simply cannot expect the government to take care of them in the same manner as they have in the past. With state pension ages increasing, and age discrimination legislation supporting longer working lives, potential periods of incapacity later in working life mean people’s incomes need protecting for longer. At that stage in life, income protection could not only preserve a person’s lifestyle, but also ensure their retirement planning remains on track at a crucial time. Income protection benefits that pay out sooner mean that people will need to rely less on their savings in the event of an illness or injury preventing them from working.”
The availability of shorter deferred periods will appeal particularly to the self-employed and those whose employer provides little or no extended sick pay arrangements.