If you have income protection insurance then it makes sense to expect enough to cover average car lease, food & utility bills, here’s the word;
Individual income protection specialists, Cirencester Friendly have introduced a minimum benefit guarantee of a maximum of £1,500 a month on their Income Assured and My Earnings income protection products. This is now available to both new and existing members on both products and available for all new claims.
The guarantee will come into force at claim if there is a discrepancy over earnings. For example, if the claimant has cover based on a monthly income of more than £1,500 but they are not currently earning that amount, they will be paid a minimum of £1,500. If the claimant is covered for a monthly amount of less than £1,500, there will be no change to their payments.
The new initiative means that even if a member’s circumstances have changed and their income fluctuates, their policy will still provide cover for essential everyday expenses. This is especially important to those who are self-employed or part of the gig economy as their monthly income can vary substantially month to month.
Director of Distribution, Alan Waddington: “Working lives have changed significantly over the past decade in the UK. Approximately 4.4 million adults in the UK are self-employed, with about half of those working as freelancers1. In addition, one in six adults work in the gig economy at least once a week2. These trends mean incomes for many are a lot more fluid than they used to be. If we are to continue to be there for Members when they need us the most, it’s vital that we recognise and adapt our products to reflect working life as it is today. Offering them a guaranteed minimum payment means they can still cover the everyday essentials and reduce any friction or stress around their claim.”
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