The Exeter has increased the maximum benefit it pays out to Income First customers to 65% of income as part of a series of product updates.
This amount has now increased from 60% for the first £100,000 and 40% above £100,000.
The changes also see the mutual provide greater clarity for members who have been on parental leave for less than 12 months and need to make a claim by assessing their earnings prior to their leave.
While previously the benefit limited claims to £1,500 per month or 50% of the benefit in line with the mutual’s stance on housepersons benefit, The Exeter will now assess earnings based on the 12 months immediately prior to the start of their leave and treat a claim as if the claimant is still working.
A further update sees the mutual has extend access to rehabilitation support with the previous 24-month limit being removed to allow members to receive assistance for as long as they need it.
And finally, the mutual has reduced evidence requirements for its fixed benefit option meaning the previously three years of evidence for directors and self-employed people has now been reduced to two years following feedback from advisers.
Continuous evolution
Jack Southcott, head of protection proposition at The Exeter, (pictured) said: “These enhancements reflect our focus on continuously evolving our proposition to support our members when they need us most. Increasing the maximum benefit limit provides broader financial protection, while clearer guidance around parental leave removes uncertainty at important life moments.
“Extending access to rehabilitation ensures members can rely on support that’s shaped around their recovery, whilst our fixed benefit option meets a real customer need, especially for those with fluctuating incomes. Ultimately, these changes are about delivering long-term value and strengthening the confidence advisers and members place in our Income First product.”
