Credit: Evan El-Amin/Shutterstock.com.

AIG Life has redesigned its YourLife Plan Income Protection insurance to make it easier to understand and provide wider access.

Income protection has been simplified by AIG, but it still adds new features and offers two income replacement options to match customers’ budgets and needs.

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In addition, AIG has removed suited occupation to underwrite all new customers in full-time paid work under their own occupation, which covers even more jobs including teachers, dentists and surgeons.

It now pays up to 60% of the first £60,000 ($76,160) of the customer’s salary plus 50% of anything after as a tax-free fixed monthly sum if the individual is too ill to work.

Furthermore, an income replacement guarantee means customers can claim up to £1,500 every month if their income has decreased since they bought insurance and no longer supports their chosen monthly benefit when they claim.

Neil Davies, chief operating officer for AIG Life, said: “We’ve redesigned our income protection to be more accessible in price and understanding because we want to help customers take action for the future and see the value of income protection. The number of working adults who are off work due to long-term sickness is rising, from two million people in 2019 to around 2.5 million people in 20221. Yet it’s income that fuels people’s lifestyles and allows them to do what they love. By revamping our financial and rehabilitation support, we make it easier for financial advisers to recommend AIG’s IP and help people return to a life they can enjoy.”

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