In a move designed to bring greater transparency Royal & Sun Alliance has simplified it's "free cove...
In a move designed to bring greater transparency Royal & Sun Alliance has simplified it's "free cover" limits on group income protection schemes.
Evidence of health "free cover" limits will now be expressed as an amount of member's salary, rather than an amount of benefit. This will allow the member and the IFA if determine the "free cover" available, without the need for complicated calculations, Royal & Sun Alliance says.
Free cover is the level of cover available under a group scheme before a member is required to provide evidence of good health.
Peter Anderson, corporate market leader at Royal & Sun Alliance, says: "By expressing free cover in terms of a member's salary we have taken away any need for complicated benefit calculations."
Expressing evidence of health limits in this way will not impact on the way Royal & Sun Alliance regards additional benefits.
Under its group income protection schemes additional cover for pension scheme contributions and employer's National Insurance Contributions are disregarded for evidence of health purposes. In effect, increasing the real value of evidence of health "free cover" limits by up to 50%.
World-wide funds managed by Royal & Sun Alliance Insurance group exceed £60 billion.
Achievements, charity work and other happy snippets
Appetite has suffered since Brexit vote
'Failure to pay attention can result in enforcement'
200,000 LISAs opened so far
From June 2019