Unum increases maximum benefit limits

Unum has increased its maximum benefit limits, offering annual cover of up to £250,000 a year on its personal and primary income replacement plans.

The income protection provider has also upped the maximum cover available under its executive income replacement plan, which now offers annual cover of up to £300,000 a year. In addition, Unum will provide cover for national insurance contributions, and life and pension contributions payable by an employer where cover is written as part of an employee’s sick pay arrangement

Linton Penman, head of retail sales and marketing at Unum, said: “Long-term illness is a real threat. Everybody is talking about unemployment at the moment, but the reality is that there are still more people currently claiming State incapacity benefits, with 75% of these having been off work for more than two years.

“We have increased our benefit levels so that Financial Advisers can protect more of their high-earning client’s income. We are also aware that these days, people are generally time-poor and our underwriting philosophy accommodates this by not having standard medical underwriting limits. This reduces the need for GP reports, Medical Examiner reports and HIV tests, as we request them only when absolutely necessary.

“This also means that even clients who are asking for the maximum benefit could realistically have their application processed and terms issued within two or three days.”