20th August 2009
- Maximum basic benefit levels increase to £350,000 per year
- Four year limited benefit extended across range of GIP policies
- Employer’s pension fund contributions increase to 75,000 benefit p.a.
Unum, one of the UK’s leading Group Risk providers, has made a number of enhancements to its Group Income Protection (GIP) products as part of ongoing work to ensure its products remain at the top of the market.
The changes mean that the maximum levels for basic benefit and employer fund contributions will increase across all of Unum’s GIP products. The maximum basic benefit per member is increasing to £350,000 from £300,000 per annum and for employer’s pension fund contributions to £75,000 benefit from £50,000 per annum.
A limited term benefit payment period of four years, which was previously only available with Unum’s Dual Benefit GIP, will now be available for all Standard GIP, Capital Option and Pay Direct policies.
In addition, the tolerance level for inception data on new business cases also increases from 10% to 15%.
Wojciech Dochan, Head of Commercial Marketing at Unum, says: "This is part of our ongoing product management to make sure we are responding to market need and that our products are up-to-date and are the best available in the market. Together with the changes that we have introduced across our Group Life products, this also supports our goal of being the market leader in all aspects of Group Risk.”
These changes follow on from those introduced in February this year:
- Immediate reductions in the pricing structure on all Unum’s GIP schemes
- A significant uplift to the Free Cover Level (FCL)
- Adverse medical conditions will now be ignored up to the Free Cover Level for both new and existing members.
- Improved switch terms - Unum will take on any benefits underwritten by a previous insurer on a ‘no worse terms’ basis.
For further details, intermediaries can visit Unum’s recently launched dedicated adviser website www.unum4advisers.co.uk/group.
The latest changes detailed are effective immediately for New Business quotations and apply to rate reviews of existing products on or after 27th July 2009.
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