8th June 2007
Unum, the UK’s leading disability insurer, today announced that it has increased the Free Cover Level (FCL) on its Group Income Protection (GIP) products. The FCL for new business will be increased to 10 per cent of the total insured incomes or £2,500 per member, whichever is the lesser, to a maximum of £100,000 per annum total benefit.
Unum will also apply the new FCL to existing policies at the next scheduled rate review.
Wojciech Dochan, Head of Commercial Marketing at Unum commented:
We have been reviewing our Free Cover Levels for the last couple of months as part of our ongoing move to grow the GIP market and maintain our position as market leader. We are now in a position to go ahead with the increase.
This move means that our customers continue to enjoy having the highest maximum Free Cover Levels for group schemes of five lives or more.
Policies which receive an enhanced FCL as part of a preferred supplier arrangement remain unaffected by this new formula.
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