This week the Shepherds Friendly Society has released to the public and intermediary adviser market its updated Simple Income Protection plan.
The plan, which is designed to provide a regular tax-free income if sickness or injury prevents you from working, is available to anyone wishing to protect their income.
A handful of practical and important changes have been included into the plan, such as:
- The introduction of career breaks – career breaks allow members to suspend their plans for up to 24 months. A career break can be used more than once throughout the lifetime of a plan, which means the plan now offers greater flexibility for anyone wanting to travel or take time off to look after their children.
- Confirmation that the full level of benefit selected will be paid throughout the course of a plan – We will now pay 100% of the agreed defined benefit throughout the lifetime of the plan, no matter how long you are absent from work due to sickness or accident.*
- A clearer distinction between own and suited occupation rates, which sees those choosing a waiting period between 2 to 13 weeks receiving their benefit as long as they cannot carry out their own occupation
Kim Harris, managing director of Shepherds Friendly Society said:
“Here at Shepherds Friendly we continually strive to keep our products at the highest standard possible for our members. That’s why we are very happy to announce our improved and updated Simple Income Protection plan. The introduction of career breaks as well as the revised defined own and suited occupation rates mean our members get more flexibility and a clearer outline about what is available to them.”
Why is income protection important?
Income Protection provides you with a monthly benefit if you’re not able to work and earn money due to an accident or illness. The cover continues until you can go back to work, or if you are unable to go back to work, until you retire.
For just a small amount of money per month you and your family can be looked after financially, even if you are unable to work.
If you would like to protect your Income should you ever become ill or have an accident, Income Protection could be your best bet. No matter how much money you have paid into the plan, if you become ill you will still be covered until you get better, or until you retire.*
If you would like any more information about Income protection, please read our income protection guide here. We have also put together an income protection jargon buster, to help you understand all the terminology used when purchasing income protection.
If you are interested in the Shepherds Friendly Simple Income Protection plan, please call our friendly customer service team on 0800 529 249 or visit the Shepherds Friendly website.
*As long as premiums are paid and terms and conditions are not broken.