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Income Replacement

Income Replacement - September 2015

22/09/2015

 

There has been a significant increase in the number of enquiries Pulse has received for their Income Replacement cover and the largest number to date in Pulse’s history of these enquiries converting into acceptance terms and going on risk.

So, a little bit about the Income Replacement product …

  • Pulse is not the risk carrier on any policies obtained by them. All Income Replacement policies, obtained through Pulse are covered by Lloyd’s syndicates.
  • Each and every case is underwritten on its own merit with individual circumstances taken into account. All policies obtained via Pulse and tailored made to suit each individual case.
  • Both individual policies and group schemes are available.
  • In the event of a claim, a monthly benefit (Total Temporary Disablement Benefit ((TTD)) is paid out for up to 5 years. At the end of the 5 years, if the client is still unable to return to work, a lump sum benefit (Permanent Total Disablement ((PTD)) is paid out and then the policy ceases.
  • The premium is annual and paid in full at inception.
  • There is no minimum premium.
 

The below case studies are genuine policies, currently on risk with Pulse:-

Location: UK
Date of Birth: Age 65
Occupation: Technologist
Policy Period: 12 months
Retirement Age: 70
Deferred Period: 13 Weeks
Escalation: Nil
TTD Benefit: GBP 750.00 per month
Payable for maximum period of 60 months excess of the deferred period
Annual Premium: GBP 903.00 plus 6% Insurance Premium Tax

Factors: Age
PTD was not available to this client due to their age


Location: UK
Date of Birth: Age 28
Occupation: Accountant
Policy Period: 12 months
Retirement Age: 63
Deferred Period: 13 Weeks
Escalation: Nil
TTD Benefit: GBP 1,000.00 per month
Payable for maximum period of 60 months excess of the deferred period
PTD Lump Sum: GBP 101,521.00
Annual Premium: GBP 419.00 plus 6% Insurance Premium Tax

Factors: Diabetes


Location: Ireland
Date of Birth: Age 64
Occupation: Architect
Policy Period: 12 months
Retirement Age: 70
Deferred Period: 13 Weeks
Escalation: Nil
TTD Benefit: EUR 3,542 per month
Payable for maximum period of 60 months excess of the deferred period
Annual Premium: EUR 5,221.00 plus 3% Government Levy and 2% Insurance Compensation Fund (ICF) Levy
Total payable EUR 5,482.05.

Factors: Age
PTD was not available to this client due to their age


Location: UK
Date of Birth: Age 55
Occupation: HGV Driver
Policy Period: 12 months
Retirement Age: 66
Deferred Period: 26 Weeks
Escalation: Nil
TTD Benefit: GBP 1,000.00 per month
Payable for maximum period of 60 months excess of the deferred period
PTD Lump Sum: GBP 28,930 .00
Annual Premium: GBP 908.00 plus 6% Insurance Premium Tax

Factors: Diabetes


Location: UK
Date of Birth: Age 32
Occupation: Working in the Oil and Gas Industry
Business Travel
Policy Period: 12 months
Normal Retirement Age: 60
Deferred Period: 4 Weeks
Escalation: Nil
TTD Benefit: GBP 1,875.00
Payable for maximum period of 60 months excess of the deferred period
PTD Lump Sum: GBP 160,981.00
Annual Premium: GBP 1,289.00 plus 6% Insurance Premium Tax

Factors: Occupation