AIG in their own words
AIG’s income protection (IP) gives your clients a monthly payment if they can’t work because they ill or injured. You might want to explain it to your clients as a bit like a replacement payday for when they’re ill.
Income is the thing that keeps a roof over our heads, food on the table, and clothes on our back. It’s also what helps us do the things we love. We like to think of income protection in two parts:
- The financial side: keeping money coming in every month to take care of day-to-day bills
- The wellbeing side: making sure your clients are happy and healthy, helping them back to work
We want to help your clients support themselves and their families. Financially, physically, and mentally.
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Prevention / Rehabilitation / Financial Protection
We’ve all heard the saying ‘prevention is better than cure’. Life happens and you can’t always stop an illness or injury. But AIG want to put your clients in the best position possible to look after their health and wellbeing.
Let’s introduce you to Smart Health*, AIG’s health and wellbeing service. Available from day one of the policy, it offers six different ways for your clients to stay at their best – whether that’s mental health support or a 24/7 online GP. Accessed via the app or website, it’s unlimited and includes partners and children up to age 21 too.
*Smart Health is provided to AIG Life Limited customers by Teladoc Health. These services are non-contractual, which means they don’t form part of the insurance contract. If AIG’s partnership with Teladoc Health ends, these services could be changed or withdrawn in the future.
If client’s do end up needing to take some time off, AIG will offer services to help get them back on the feet straight away.
From the moment your clients are unable to work, they can get help from vocational rehabilitation specialists to speed up their recovery.
When it’s time to go back to work, your clients can get access to services to help them do just that. Whether it’s physiotherapy, counselling or retraining, AIG could pay up to 3 x their monthly benefit amount to help cover the cost.
If your clients are in hospital for a long time the costs can rack up. That’s why AIG will give them £100 a night from the seventh night of their stay – making life that little bit easier.
The last thing your clients need to be worrying about when they’re poorly is paying the bills. Income Protection puts a stop to these concerns – making sure they get a monthly payment to look after day-to-day expenses.
AIG will pay up to 60% of the first £60,000 of their salary, plus 50% of anything after that.
General Product Features
Take out a plan at any age from 17 to 59 with the latest expiry at age 70
Types of Cover
Level and Increasing (RPI with a maximum increase of 10%)
4, 8, 13, 26 and 52 week deferred period options
Full term benefit payment period or a limited payment period of 2 years
£250k per annum if working or £20k per annum if a houseperson
Tops up the clients income if they’re earning less when they go back to work
Linked Claim Period
AIG will waive the deferred period if a client returns to work after a claim and then becomes ill again with the same or a linked illness within a 12 month period
If your client claims within 30 days of becoming unemployed, AIG will use their previous job to make a decision about their claim.
Unemployment waver of premium
If a client is made redundant, AIG will pay their premiums for up to 6 months so they stay covered.
If there are any exclusions, AIG will consider removing them if the clients’ health changes in a way that means the exclusion isn’t needed.
GIO’s for renters and significant career progression as well as marriage/civil partnership, having or legally adopting a child, mortgage increase or getting their first mortgage.
Income replacement guarantee
As long as the client was working the minimum number of hours, AIG will guarantee to pay up to £1,500p.m. regardless of the clients income pre claim.
Specialist occupation features – Doctors, Dentists, Surgeons and Teachers
Sick pay guarantees
AIG’s cover is designed to complement the sick pay arrangements of dentists, doctors, surgeons and public sector teachers. If your client is working for the NHS in one of these occupations or a teacher in the public sector, the deferred period will complement the NHS or relevant education department sick pay entitlement as long as a 52-week deferred period is applied for.
Sabbatical break cover
If the client is a dentist, doctor or surgeon, AIG will allow them to take a sabbatical break of up to 2 years without impact on their cover. The client will need to keep paying premiums, however if they become ill in this period and unable to work, AIG will assess their claim against their earnings in the 12 months preceding the incapacity as long as they can prove they have guaranteed employment as part of the sabbatical.
£3k income replacement guarantee
As long as the client was working 32 hours a week or more, AIG will guarantee to pay up to £3,000p.m. if their income has fallenat point of claim.
- if their current monthly benefit is more than £3,000 and the income replacement calculation is less than £3,000, they will pay £3,000
- if their current monthly benefit is £3,000 or less, AIG will pay the current monthly benefit