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Banking, Finance & Investment: Nationwide announces five star rated income protection cover
 

Nationwide announces five star rated income protection cover


Nationwide Building Society has announced enhancements to the Income Protection policy offered to its customers, to provide greater peace-of-mind. The new cover has been assessed and benchmarked by independent financial research company, Defaqto, and has achieved a prestigious Defaqto five star rating, reflecting its superior levels of features and benefits.


[UKPRwire, Tue Aug 17 2010] Nationwide Building Society has announced enhancements to the Income Protection policy offered to its customers, to provide greater peace-of-mind. The new cover has been assessed and benchmarked by independent financial research company, Defaqto, and has achieved a prestigious Defaqto five star rating, reflecting its superior levels of features and benefits.
Enhanced benefits include:

* Increased maximum benefit - up to 180,000 (1) of a customer's salary can now be insured per year.
* Choice of between four and 112 weeks before any benefit payments begin.
* Policy termination age can be up to 70 years old.
* Choice of guaranteed or reviewable premium rates - fixed for the life of the policy or reviewable each year after the first five years.
* No standard exclusions for HIV, war, drugs and alcohol.

Robin Bailey, Nationwide's director responsible for protection comments: "If you couldn't work, could you still pay your mortgage, council tax, utility, and grocery bills? It is easy to think 'it will never happen to me', but every day hundreds of people in the UK are affected by sickness and injury. The enhanced Income Protection policy helps to give customers the peace of mind that comes from knowing there will be a safety net in place, should they fall ill, giving them the time to recover, with less stress."

A study conducted by Aviva UK Health (2) suggests that 78% of UK employees would be prepared to jeopardise their long term health by returning to work from sickness absence before they are 100% fit - with money worries as the root cause of this worrying statistic. The research suggests that, without further borrowing, the average British household could access just 914 disposable cash. That would cover less than two weeks' worth of average weekly household spending (3) and highlights the fact that protecting earnings is an issue that needs urgent attention.


Notes
Nationwide's Income Protection policy is underwritten by Aviva, one of the UK's leading insurance companies.

1. Benefit level is calculated by taking 60% of the first 25,000 of earnings, and then 50% of the remainder up to a maximum of 180,000pa.
2. Source: Research carried out for Aviva Life by Opinion Matters through poll of 1,008 population aged between 16 and 80, January 2010.
3. Without further borrowing, the average British household could access just 914 of disposable cash - less than two weeks of the average weekly household expenditure of 471.








Company: Nationwide Building Society
Contact Name: Neil Gatherum
Contact Email: neil.gatherum@nationwide.co.uk
Contact Phone: 01793 655198
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