Our Key Person Income Cover for Sickness pays out a monthly income if your
clients are either unable to work because of an illness or injury or are unable
to carry out a number of work-related tasks. Payments continue until the first
of the following happens:
the person covered recovers and is able to return to work
the person covered no longer meets the definition of incapacity
the employment of the person covered by the business comes to an end
the business ceases to trade
the cover ends
the cover payment period ends
the person covered dies.
We automatically include Payment Cover for Sickness with Key Person Income
Cover for Sickness.
Key features:
Cover increase options
Choice of payment periods
Only 1 standard exclusion
Covers up to 75% of gross profit attributed to person covered
Helping Hand
Term of cover
5 - 20 years
Basis of cover
Single life
Guaranteed or reviewable payments
Guaranteed
Maximum amount of cover
75% of gross profit up to
£250,000 each year
Minimum age when cover starts
18 attained
Maximum age when cover starts
59 attained
Maximum age when cover ends
64 attained
Payment of cover
Income
Level
Increasing
Payment period
1, 2, 3, 4 or 5 years
Deferred period
4, 13, 26 and 52 weeks
Exclusions
We won't pay a claim if:
it’s the result of intentional self-inflicted injury;
it’s the result of an excluded cause shown on the cover summary;
the person covered doesn’t meet the definition of incapacitated in section D of the plan details, or
if any medical or other evidence is not supplied when we ask for it
Bright Grey offers 2 definitions of incapacity under Key Person Income Cover for Sickness:
Own occupation and
Working tasks
You can find full definitions of these in section D of our plan details booklet.
Increasing cover can be:
a fixed rate between 2% and 5%. There's an extra cost for this option
a rate based on the change in retail price index (between 2% and 10%). There's an extra cost for this option.
