Drewberry™ provide pensions, investment and insurance advice for Money to the Masses readers throughout the UK.

Unum

Unum Executive Income Protection

Executive Income Replacement

Founded

1848

Documents

Policy Terms PDF
Key facts PDF

Company Type

Public Limited Company

Company Overview

Formed from the merger of two competing insurance companies Unum is currently the worlds largest disability insurance company. Protecting more than 1.8 million lives in the UK and 25 million people worldwide.

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Type of Policy
Income Required
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Income Protection Overview

One of the few insurers to offer an executive income protection policy. The product is designed to provide an employee with an income protection benefit should a group scheme not be in place. It is also used by Limited Company directors as an alternative to a personal income protection plan.

 

Unum use an ‘Own Occupation’ incapacity definition for the vast majority of occupations…

 

The Unum product has a core premium which is guaranteed for the full term of your policy…

 

It is important to note as is still the case with many insurers Unum do not publish their claims statistics…

 

The Unum product has an application which includes full medical underwriting so you know exactly where you stand from the outset…

 

Unum’s Policy Conditions

An overview of the key policy details of Unum’s Income Protection Solutions proposition.

Overview of Key Policy Details

Policy Type

Income Protection
(Accident & Sickness Only)

Underwriting

Public Limited Company

Premium Type

Guaranteed
Reviewable option also available

Maximum Claim Duration

Unlimited
In addition limited benefit payment periods of 2, 3 or 5 years are also available.

Incapacity Definition

Own Occupation
Incapacity definition for the majority of occupations. Only the most high risk occupations having a work tasks definition.

Deferred Period

4 / 8 / 13 / 26 / 52 weeks

Indexation

Optional
When selected Unum will annually increase both the level of cover and the premium by inflation.

Waiver of Premium

Included

Maximum Cover
(% Income)

Taxable Earnings
Although the policy can be structured to pay out up to 80% of gross taxable earnings any benefit payable will be taxed accordingly. This differs from a personal protection policy where the benefit is paid out tax free.

Maximum Cover
(£ per month)

£25,000.00

Max. Policy Cease Age

70 years old

Min. Policy Term

5 years

Min. Entry Age

18 years old

Max. Entry Age

65 years old

Guaranteed Insurability

  • Mortgage Increase
  • Marriage or Civil Partnership
  • Childbirth or Adoption
  • Over 10% Increase in Salary
  • Every Third Policy Anniversary

Guaranteed Benefit

Not Available

Overseas Travel

The Unum plan is only available to UK residents. But the policyholder is covered if they decide to live, work or travel anywhere in the world.

However, Unum will only cover the policyholder’s non UK taxable earnings providing they arise in the currency of one of the following countries; Australia, any member state of the European Union, Canada, Channel Islands, Gibraltar, Iceland, Isle of Man, Japan, New Zealand, Norway, Saudi Arabia, South Africa, Switzerland, United States of America.

Policy Exclusions

No Standard Exclusions

We have taken care to ensure that the information on this Drewberry owned website is accurate. However we can give no guarantee as to the accuracy of the content of the site. We accept no liability for any losses whether direct or indirect arising from errors on our part.

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REVIEWS
EXCELLENT
4.92 / 5 Average
1,263 Reviews
Anonymous
Overall Rating
SAM Carr was exceptional, he made my life very easy by explaining all the details very clearly whilst giving me the best advice possible for myself.

Would recommend to a friend!
Anonymous
Overall Rating
Provided the advice & guidance that I needed
M
Overall Rating
The overall experience which I have had can be summarized by Professional, Swift and friendly. I would recommend the service to others.
D
Overall Rating
Extremely helpful and rapid service at short notice.
A
Overall Rating
Very clear explanations of the options and then efficiently processed the transaction