WHAT IF? INCOME PROTECTION ADVISER GUIDE

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1 INCOME PROTECTION ADVISER GUIDE WHAT IF? 92% of advisers think that income protection is undersold. Your clients may not realise how vulnerable they are, so it s a worthwhile opportunity to talk to them about how they would cope if they were unable to work due to illness or injury. This document contains the information you need to help them find the right level of cover to protect themselves and their loved ones financially. This is not a consumer advertisement. It is intended for professional financial advisers and should not be relied upon by private investors or any other persons.

2 2 INCOME PROTECTION ADVISER GUIDE CONTENTS HELPING CLIENTS WITH EXPERT ADVICE SELLING INCOME PROTECTION KEEPING CLIENTS FINANCIALLY PROTECTED HOW IT WORKS MAKING A CLAIM 24-HOUR HELP AND ADVICE I would want face-to-face advice about this... I need to be confident I fully understand it. Legal & General Income Protection Consumer & Adviser Research 2014, Gusto Research

3 INCOME PROTECTION ADVISER GUIDE 3 HELPING CLIENTS WITH EXPERT ADVICE. People understand the issues they would face if they were unable to work. They also understand the value of a protection product. However, it s the details in income protection that can often leave them confused. That s where you can help. Our Income Protection Benefit Plan is a flexible yet complex product. It provides a monthly benefit for your clients if they are unable to work due to incapacity caused by illness or injury, but the complexity lies in the benefit calculations and the different options available. Your clients can use this monthly benefit in any way they like, from helping towards their mortgage payments, household bills or covering medical care, to simply helping to maintain their lifestyle. The monthly benefit is paid until they recover and can return to work or they no longer qualify. Many advisers have found that explaining some of the benefit calculations and different options available can often confuse clients. The information in this brochure can help you take them through the basics and help them understand that this product could be the right one for them. To help you with the monthly benefit calculations we have built a maximum benefit and stepped benefit calculator that s available on our adviser website.

4 4 INCOME PROTECTION ADVISER GUIDE SELLING INCOME PROTECTION. Despite concerns, most people do not have any protection in place, only one in six have income protection and 48% have never had any protection products.* Recognising which of your clients could benefit from income protection is the first step. Essentially, they re people who work and people who manage their households. The main thing to think of is, if they were unable to work because of illness or injury that resulted in a loss of income, what would the impact be on their daily lives? Income protection could be the right product for your clients at many stages of their lives. THE RIGHT ADVICE AT THE RIGHT TIME Our Income Protection Benefit Plan offers clear advantages for your clients. Highlight these and many will find it s the right solution for them, making it an easy and profitable recommendation for you. FAMILY LIFE Any client with a family wants to know their partner and children are financially protected. If they or their partner falls ill or suffers an injury, the other usually has to take on the family responsibilities. Earning a salary, looking after children and housekeeping are demanding enough for two people, let alone one. Our plan can offer relief by helping to pay medical bills, childcare costs and even school fees. SINGLE LIFE It may seem that single people are free of many of life s responsibilities. It s more than likely they have a mortgage or rent to pay, household bills and even childcare costs and school fees, with no partner to support them if they are unable to earn an income. Our plan can help give them the security they may need to help cover any lost income if they become ill or injured. SELF EMPLOYED Your self-employed clients may not have the same financial support your employed clients do. So being unable to work can be financially disastrous for them. Facing a sudden loss of earnings can be a daunting prospect. Without sick pay, their whole livelihood could be at risk. Many turn to their savings to support themselves and their businesses, but this is usually only a shortterm solution. Our plan offers a valuable safety net to help protect your self-employed clients. BUYING A HOUSE Taking out a mortgage is a big commitment. Our plan helps provide peace of mind that their monthly mortgage repayments can be paid, even if they re unable to work. If affordability is an issue, your client could use our plan, to simply cover their mortgage repayments. CHANGING JOBS If your client is promoted or changes employers, they may need to change their level of cover. They could be entitled to a different level of company sick pay or be earning significantly more or less than previously. This is a good time to review their protection needs to help make sure they are sufficiently covered. * Legal & General Income Protection Consumer & Adviser Research 2014, Gusto Research

5 INCOME PROTECTION ADVISER GUIDE 5 THE SALES PROCESS We ve produced a simple step-by-step flow chart to help you make the sale as simple as possible. 1 Help your client recognise their need for income protection. Our Income Protection in Everyday Life brochure could help you do this. 2 Introduce the income protection product. Our Income Protection Benefit Plan The Basics brochure could help you do this. 3 Find out their salary and determine their maximum monthly benefit. Use our calculator to help you do this. First monthly benefit and first deferred period. Standard Product Stepped Benefit YES Second monthly benefit and second deferred period. Use our calculator to help you do this. NO Low Cost Option Monthly Benefit Deferred Period 4, 13, 26 or 52 weeks Indexation Yes or No Expiry Age REMEMBER It s always important to contact your existing clients for financial reviews.

6 6 INCOME PROTECTION ADVISER GUIDE KEEPING CLIENTS FINANCIALLY PROTECTED. Taking an overall look at protection products can often reveal solutions for your clients. FILLING THE GAPS Many clients overlook income protection, because they believe the state will look after them, or they re already covered by critical illness cover. However, it may be risky to rely on these alone. The cover critical illness provides can be supplemented by income protection. Where critical illness cover only pays out for specific conditions, income protection will pay the benefit regardless of the illness or injury as long as your client is unable to work due to incapacity. Critical illness cover pays out as a one-off lump sum, whereas our Income Protection Benefit Plan is paid monthly. Both can work well together to help protect your client s quality of life. Almost one in three people surveyed have close personal experience of being unable to work due to illness or injury. 60% who experienced being out of work due to illness were unable to work for more than three months. Legal & General Income Protection Consumer & Adviser Research 2014, Gusto Research

7 INCOME PROTECTION ADVISER GUIDE 7 IPB PREMIUM EXAMPLES Age at outset Retirement age Monthly Benefit Deferred Period Monthly Premium Low Cost Premium , weeks , weeks , weeks , weeks , weeks Rates correct as of February 2015 and are subject to change. Males and females have the same premium Occupation class 1

8 8 INCOME PROTECTION ADVISER GUIDE HOW IT WORKS. There are some basics your clients need to know about our Income Protection Benefit Plan, so they understand our product and what it does and doesn t do. PREMIUM, MAXIMUM MONTHLY BENEFIT AND DEFERRED PERIOD THE PREMIUM your client pays each month depends on their individual circumstances. THE MAXIMUM MONTHLY BENEFIT our plan offers for anyone in work is 16,667 per month. Everyone s maximum monthly benefit is different, as it s based on their earnings. If your client is a houseperson, the maximum they can receive is 1,667 per month. THE DEFERRED PERIOD is the time between the date from which your client is unable to work until we start to pay their monthly benefit. It s up to them how long they choose to wait it can be 4, 13, 26 or 52 weeks, but they ll need to choose this at the start of the policy. We ll pay their benefit one month after the deferred period ends, and then we pay them monthly in arrears. OPTIONAL FEATURES STEPPED BENEFIT. This option lets your client choose two deferred periods, and two different monthly benefits, all within one plan. Sometimes an employer reduces an absent employee s income after an initial period of incapacity. This means they may only need a small amount of benefit at the start of a claim, as they are still receiving some income. After their income is reduced, they can receive a higher amount of benefit. Stepped Benefit is not available on the Low Cost Option. INDEXATION. This option increases your client s monthly benefit in line with inflation. The benefit will increase in accordance with the Retail Prices Index (RPI) up to a maximum increase of 10% in any one year. If the RPI increases by 1% or less in any one year then we won t increase the benefit at that time. LOW COST OPTION. This will reduce the premium of the policy, however the benefit is only paid out for a maximum of five years for all periods of incapacity. Once five years benefit has been paid the plan will end. CALCULATE THE MAXIMUM MONTHLY BENEFIT: 60% of the first 30,000 gross annual income + 50% of gross annual income over 30,000. WORK IT OUT INSTANTLY, ONLINE Starting with their income, you and your clients can use our new calculator as a guide to help work out what s right for them, including: Their maximum monthly benefit. Stepped Benefit amounts. Now you ve explained this I understand it. But it s quite hard to get your head around it without support. Legal & General Income Protection Consumer & Adviser Research 2014, Gusto Research

9 INCOME PROTECTION ADVISER GUIDE 9 AUTOMATICALLY INCLUDED FEATURES NEW! OWN OCCUPATION. This means we will pay your client if their illness or injury stops them from doing the essential duties of their occupation. Occupation classes 1 to 4 will have the Own Occupation definition of incapacity for their entire claim. LINKED CLAIMS. This feature covers your client if they return to work after claiming. If they are then unable to work again within 12 months, for the same reason as their previous claim, the payment of their benefit will start immediately. PROPORTIONATE BENEFIT. If your client returns to work on reduced earnings, we will continue to pay the monthly benefit in proportion with the shortfall in earnings. CONTINUOUS COVER. If your client is on maternity, paternity or adoption leave, becomes unemployed or goes on a career break, at the time of becoming incapacitated, they will still be able to make a claim. MAKING CHANGES. The Guaranteed Insurability Option lets your client increase their monthly benefit when key life events happen. They can also change their deferred period, change the policy term and also decrease the monthly benefit. WAIVER OF PREMIUM. If your client is making a claim on their policy they will not have to pay their premiums whilst we are paying the monthly benefit. HOSPITALISATION BENEFIT. A stay in hospital can be expensive. This additional benefit can help by paying 1/30th of the monthly benefit (up to a maximum of 150 per night) for each night s stay, if your client is spending more than seven consecutive nights in hospital. NEW! INCOME GUARANTEE To help protect your client s chosen monthly benefit we ve introduced an Income Guarantee. This means that if your client needs to make a claim, and their salary is lower than it was when they bought the product, the monthly benefit we pay will be based on the lower of 1,500 per month or the monthly benefit on their policy. This could be made up of a combination of continuing income alongside the monthly benefit. Four out of five advisers believe our new product enhancements would encourage them to sell our Income Protection Benefit Plan. Legal & General Income Protection Consumer & Adviser Research 2014, Gusto Research These are simplified descriptions of the features. For a detailed explanation of the product and its features, please refer to the Key Features documents. Terms and conditions apply. Limitations and exclusions apply.

10 10 INCOME PROTECTION ADVISER GUIDE MAKING A CLAIM. Our Income Protection Benefit Plan offers more than just financial assistance. To help your clients through their most difficult times, we have a dedicated Claims Service team on hand to offer practical and emotional support throughout a claim. When your client makes a claim they will be assigned a claims assessor. They re trained by the Samaritans to manage each individual claim compassionately and treat every claimant with respect and empathy. The Samaritans have provided our claims assessors with training in simple and effective tools and techniques, to equip them with the skills and confidence to handle emotional situations. STATE BENEFITS. We will not deduct any employment related non-means tested state benefits (such as contributory Employment and Support Allowance (ESA) and Statutory Sick Pay) from the monthly benefit or guaranteed benefit amount. However, the benefit we pay may affect your client s ability to claim to some means tested state benefits.

11 INCOME PROTECTION ADVISER GUIDE 11 YOUR CLIENTS CAN MAKE A CLAIM BY CALLING OUR CLAIMS DEPARTMENT. We ll then send them a claim form to complete and return to us Between Monday and Friday 9am-5.30pm. We may record and monitor calls.

12 FOR MORE INFORMATION: Please speak to your usual Legal & General contact. 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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