When choosing an income protection policy to recommend, don’t settle for own occupation.
At Guardian, our Income Protection pays out if illness or injury prevents a client from doing their own job, not just their occupation. That may sound like a minor point, but it makes a big difference to the quality of the cover, and it gives your clients much more certainty when they want to make a claim.
For example, Rita is unable to do the manual aspects of her job right now because of a frozen shoulder. She works in an oncology ward that has an attached daycare clinic. Her role is solely on the ward and involves helping patients in and out of their beds and chairs, and with washing and dressing.
If Rita had a policy with an own-occupation definition, her claim would be declined because she’d still be able to work in the daycare clinic, where she doesn’t need to do the same level of manual handling. Under our own-job definition, we’d pay her claim until she’s able to return to work in her own job.
John is a packer. He’s developed asthma which is triggered by working in the dusty environment created by the materials he uses, so he can no longer work in that area. There are packing teams in other parts of the warehouse where this isn’t a concern, but there are no roles in any of these teams at the moment.
If John had a policy with an own-occupation definition, his claim would be declined because he’s well enough to work in another part of the warehouse where he wouldn’t be exposed to the dust. Under our own-job definition, we’d pay this claim until a role is found for him in another team.
And then there’s Jacob. He’s an HGV night driver, but he’s developed night blindness as a result of glaucoma so can’t drive after dark anymore.
If Jacob had a policy with an own-occupation definition, his claim would be declined because he’d still be able to drive during the day. Under our own-job definition, because his job specifically requires him to drive at night, we’d pay his claim until he found a suitable job that involved driving only during daylight hours.
These examples illustrate how important it is to take account of the specific duties of someone’s job. But that’s just the start.
We have a choice of cover options. With a Guardian Income Protection policy, your clients can choose a full-term payment period, or a 2-year payment period which will reduce their premiums. They can cover a maximum of 65% of their annual earnings up to £60,000, 50% of annual earnings over £60,000 and up to £100,000, and 45% of annual earnings over £100,000. We even have a £1,500 Minimum Cover Guarantee to protect against a future drop in earnings.
Also included with our Income Protection are a wide choice of deferred periods; a choice of weekly or monthly claim payout dates; annual statements; our lifestyle promise; hospital cover; waiver of premium; the option to add children’s critical illness cover; an unpaid work break option; a guaranteed increase option; and, finally, our invaluable support services HALO and Guardian Anytime.
So, say goodbye to own occupation and hello to a better way that provides your clients with more added-value benefits and more certainty at claim.
To find out more, please see https://adviser.guardian1821.co.uk/just-the-job/
Guardian Financial Services is an appointed representative of Scottish Friendly Assurance Society Limited. All products are provided by Scottish Friendly.