INCOME PROTECTION THE BASICS WHAT IF?

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1 INCOME PROTECTION THE BASICS WHAT IF? If you couldn t work due to illness or injury, could you cope financially? We all hope we ll never find out, but the reality is nearly a third of us will have close personal experience at some point in our lives. Ask your adviser about our products and services that can help meet your budget and protection needs.

2 2 INCOME PROTECTION THE BASICS CONTENTS WHAT WOULD YOU DO IF YOUR SALARY STOPPED? HOW MUCH WILL IT PAY YOU? HOW MUCH DOES IT COST? DO YOU NEED IT? COULD YOU RELY ON STATE BENEFITS? GETTING YOU BACK TO WORK WHY CHOOSE US? million people a year are off work due to illness or injury. One million of these are off long term. Health at work an independent review of sickness absence, November 2011, Department for Work and Pensions

3 INCOME PROTECTION THE BASICS 3 WHAT WOULD YOU DO IF YOUR SALARY STOPPED? With our Income Protection Benefit Plan you can help protect your income and your lifestyle if an illness or injury prevents you from working. Income protection is a way to help protect lost income. Our plan will pay you a regular monthly benefit, if you can t work because you are ill or injured. It s a safety net you can use however you wish, to pay towards your bills, mortgage payments, food or to fund your lifestyle. INCOME PROTECTION BENEFIT PLAN: steady monthly benefit; pays out until you retire, return to work or die; guaranteed premium unless you change your plan or link it to inflation; and return-to-work support services. EXPERT ADVICE: Your adviser is best placed to help you with income protection. They can explain: if you need it; how it works; all the available options; how much you ll get paid; and how much you ll pay.

4 4 INCOME PROTECTION THE BASICS HOW MUCH WILL IT PAY YOU? You can work with your adviser to calculate how much you would need each month from an Income Protection Benefit Plan. This is called your monthly benefit. STEADY MONTHLY BENEFIT When you re coping with an illness or injury, having money coming in regularly can give you some well-needed peace of mind. Our Income Protection Benefit Plan does that, with regular monthly payments. INITIAL WAITING PERIOD Your monthly benefit payments are paid to you after a set length of time has passed, this is called the deferred period. When you apply you can choose between 4, 13, 26 or 52 weeks to wait. Your benefit payments are made a month after this. OPTIONS AND ADDITIONAL BENEFITS Our Income Protection Benefit Plan is a flexible product, with a range of different features and benefits you can choose from, and each one can affect your monthly payments. Talk to your adviser about how your benefit is worked out, when the benefit starts, our Low Cost Option, Stepped Benefit, and the additional benefits included at no extra cost, such as linked claims and continuous cover. CAN OTHER TYPES OF PROTECTION COVER YOU? The best solution is to work with your adviser to weigh up what suits you. However, it s best to know that not all protection products are the same, income protection is different to critical illness cover and life insurance. For instance, these products usually pay a lump sum, and only if you suffer a critical illness or die. Our Income Protection Benefit Plan pays you a regular benefit if you can t work due to illness or injury. WORKING OUT YOUR MONTHLY BENEFIT The monthly benefit you would need and when you need to receive it is based on a few factors, including: your income; what benefits your employer may provide; how long these benefits might last; when you would need the benefit to start paying you; and how many years you would like to have income protection. Most of our customers have a monthly benefit of between 500 and 2,250. Limitations and exclusions apply. For example, this policy does not include unemployment cover therefore will not pay out if you become unemployed. Tax laws may change which could affect the monthly benefit our policy pays out.

5 INCOME PROTECTION THE BASICS 5 HOW MUCH DOES IT COST? Here are a few examples of Income Protection Benefit Plans with premiums: Age at outset Monthly Benefit Deferred Period Monthly Premium Low Cost Premium 30 1, weeks , weeks , weeks ,000 4 weeks weeks Assumed an expiry age of 65, and Occupation Class 1 for Income Protection Benefit Plan. Rates correct as of February 2015 and are subject to change. Your monthly premium is worked out from a number of factors, such as your health, your age, how much your benefit is, and the type of work you do. Your premium will be based on your individual circumstances. LISA S STORY This is an example of how income protection could work in real life. Lisa was a fit and healthy 32-year-old office worker, living alone and renting in London. She wanted to help protect her lifestyle and rental payments, in case she was unable to work due to illness or injury. Her financial adviser recommended income protection, so Lisa took out a plan with a monthly benefit of 1,500. Lisa s work provides her with full pay for the first six months if she is unable to work, so she opted for a 26 week deferred period on her policy. A couple of years later, Lisa was suffering from extreme stress related to her work environment, eventually not being able to work. She made a claim on her income protection, and, following her deferred period, began receiving her 1,500 a month benefit. Income protection let Lisa focus on getting well, by helping to take some of the financial pressure off her.

6 6 INCOME PROTECTION THE BASICS DO YOU NEED IT? It s worth thinking how you would pay your bills, your mortgage and maintain your lifestyle, if you couldn t work due to illness or injury resulting in a loss of income. How would you manage? Would you have enough savings to live on? If you have any doubts about surviving financially, our Income Protection Benefit Plan could give you some financial peace of mind. I had cancer before... you never know what s around the corner, so it s best to be covered. Legal & General Income Protection Consumer & Adviser Research 2014, Gusto Research

7 INCOME PROTECTION THE BASICS 7 These startling facts highlight the impact illness and injury can have on your ability to work: 1 2 The most common causes of long-term work absence are stress, mental ill-health and musculoskeletal injuries. 1 Musculoskeletal injuries are particularly common for manual workers, while stress is more common for non-manual workers % of people with musculoskeletal injuries do not return to work % of people with stress do not return to work.2 18% of people with back pain and 25% of people with mental ill-health do not return to work. 2 The top five conditions we paid out claims for in Musculoskeletal Mental ill-health Neurological Cancer Chronic Fatigue Syndrome/ME/Fibromyalgia 1 CIPD Absence Management survey report Health at work an independent review of sickness absence 3 Legal & General Claims Department

8 8 INCOME PROTECTION THE BASICS COULD YOU RELY ON STATE BENEFITS? You may be entitled to sick pay, and you may have employee benefits as well as savings to fall back on. After they re exhausted, there may be state benefits. But will they be enough? SICK PAY By law, your employer must pay you statutory sick pay for up to 28 weeks. But after that, you may have to depend on state benefits. STATE BENEFITS With austerity measures and welfare cuts, state benefits have been systematically eroded. Could you survive on them? It s worth looking at the maths with your adviser. WAITING FOR STATE BENEFITS Rely on state benefits and you could be waiting for 128 days until you re paid and that s just the average waiting period. The average length of time to assess a claim on an Income Protection Benefit Plan is only 48 days. EMPLOYEE BENEFITS It s important to check what benefits your employer provides if you can t work because of an illness or injury. Whether you re in a new job or been in your current one for a while, you can check your contract or ask your HR department.

9 INCOME PROTECTION THE BASICS 9 During 2013, we paid over 1.4 million in claims, that s nearly 27,000 a week. INCOME PROTECTION CAN PROVIDE COVER WHERE OTHER PRODUCTS DON T. Plan ahead now to help ensure that you or your loved ones don t struggle with finances, at the time financial security is needed most. YOUR MONTHLY BENEFIT AND STATE BENEFITS. Any non-means tested state benefits you receive will be in addition to your monthly payment from your Income Benefit Protection Plan. We won t reduce your income protection payments simply because you are entitled to these benefits.

10 10 INCOME PROTECTION THE BASICS GETTING YOU BACK TO WORK. We understand that when you re off work because of an illness or injury, you most likely want to get back to your job as soon as possible. That s where our special support services can help. MORE THAN JUST PAYING A MONTHLY BENEFIT A steady benefit amount takes the pressure off having to return to work before you re well enough. You have time to focus on your health and recovery, so you can go back when you re ready to work, rather than when you need to. We don t just pay claims. We also want to try and help you recover and return to work as quickly as possible. As part of your claim, we can help by providing you with rehabilitation specialists and workplace reintegration programmes. BACK TO HEALTH, BACK TO WORK Returning to work after a long period of absence can be difficult. Our support services take that into consideration, with a structured and phased approach designed to gradually treat you and help you back to work. Our rehabilitation services can start to get you active, do more and feel better it s the first step to help you return to work. When you re ready, we ll work with you to organise a controlled return back into your work environment. OUR SPECIALIST SERVICES CAN HELP YOU TAKE CONTROL OF YOUR HEALTH AND HELP YOU RETURN TO WORK: Working towards Wellbeing provides occupational and psychological support to people with long-term conditions, including cancer, chronic pain, chronic fatigue, diabetes, heart disease and common mental health problems. PhysioWorld provides physiotherapy treatment and rehabilitation solutions through highly effective techniques. Their services can help you on the journey to health and wellbeing. Ergocom is a provider specialising in vocational rehabilitation, specialist assessments and return-to-work solutions. Innovate provides occupational therapist treatment services, including physical therapies such as physiotherapy, osteopathy and chiropractic, and psychological services, counselling and psychiatry. Obair Associates provides customers with various support services such as occupational therapy in the home for individuals who are struggling with their independence in daily living.

11 INCOME PROTECTION THE BASICS 11 WHY CHOOSE US? At Legal & General, our customers always come first. Our call centres are based in the UK and our staff are experienced, friendly and helpful. We aim to offer products and services that meet your needs and offer great value for money. We aim to keep things simple, straightforward and easy to understand. If you need to make a claim, we ll help you every step of the way to help reduce any stress. Over 9 million people (as of 31 December 2014) already rely on us for protection, pensions, investments and general insurance plans. WHAT S NEXT? Talk to your financial adviser to see if income protection is right for you. They will support you and take you through all you need to know. The average age of a person claiming on our income protection is 42.

12 FOR MORE INFORMATION: Please speak to your adviser. Legal & General Partnership Services Limited Registered in England and Wales Number Authorised and regulated by the Financial Conduct Authority. Legal & General Assurance Society Limited Registered in England and Wales Number Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office for both firms: One Coleman Street, London EC2R 5AA W /15

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