25 April 2007
Unum, the UK’s leading income protection provider, has announced that its facility to provide cover up to the age of 70 is now available through The Exchange, the leading online trading portal for the UK financial services industry.
Although Unum’s provision of income protection up to age 70 has been available since November 2006, IFAs have - until now - been unable to obtain quotes via The Exchange. But, to coincide with the launch of their new income protection quote service, The Exchange has made the facility available to its users, supporting Unum’s ongoing strategy to raise the profile and reach of this unique product feature in the personal income protection market.
Linton Penman, Head of Retail Marketing at Unum said:
It is no secret that people are living for longer, and the ability to save up for an extended retirement is increasingly a source of concern. If they can’t afford to save more in a pension and don’t want to take a lower retirement income by spreading their pension further, they now have the opportunity to work for longer.
If you still need to earn a living beyond the traditional retirement age of 60 or 65, especially given the increased risk of illness that is associated with growing older, it is advisable to take out income protection to cover your earnings for as long as you possibly can.
Unum developed this landmark product following last year’s implementation of the age discrimination legislation which is likely to see more people over the age of 60 employed in the work place and wishing to cover their income until they retire.
Unum‘s Individual Income Protection cover is available to people in most occupations until the age of 70, subject to underwriting, in the form of the following products;
- Personal Income Protection Plan, which allows both employees and the self employed to protect their earnings;
- Primary Income Replacement Plan, which can be used to cover the cost of fixed term commitments such as a mortgage or education and training cost;
- Executive Income Replacement Plan, which can be used by employers to offer selected employees enhanced sick pay arrangements
Unum’s decision to increase the age limit on its individual income protection products builds on its extensive work in the area of group income protection, where cover has also been extended to age 70 to enable employers to operate within the new age discrimination legislation by offering the same benefits to all employees.
For further information on Unum’s products, individuals should contact an independent financial adviser.
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