Pulse Independent Insurance and Financial Advisers is a trading name of -
R J Hurst & Partners Ltd, authorised and regulated by the Financial Services Authority
Registered in England (No: 492768) at 131.133 New London Road, Chelmsford, Essex.
CM2 0QZ.
Directors: G.M. BERNCASTEL | R. MCEWEN | S.A. SMITH
Pulse
Pulse Independent Insurance & Financial Advisers
Specialist Independent Advisers to the Medical Profession
Income replacement calculator
How do I calculate the maximum benefit I can insure for?
If you only want a rough idea of potential costs, then proceed to the quotes calculator. Input the requested information and you will be given a list of Companies who will offer cover, and the maximum benefit they would be prepared to provide based on the information given.
To calculate the benefit that would be more likely to apply to your own circumstances, you will need to firstly calculate your likely NHS Incapacity Pension, as this will be taken into account within the maximum benefit calculation.
Tier 1: Benefit = your pension accrued to date. (The NHS should be able to confirm this to you.)
Tier 2: Benefit = your pension accrued to date plus enhancement. (The NHS should be able to confirm your accrued pension to you.)
i.e. accrued pension + (average dynamised earnings x [length of future service x
2/3] ) x 1.4%
e.g. accrued pension + ( £95,000 x [10 x 2/3] ) x 1.4%
accrued pension + (£95,000 x 6.67) x 1.4%
accrued pension + £8,867
Once you have calculated your estimated Incapacity Pension you can then proceed to working out the maximum benefit to which you will be permitted.
Unfortunately, the Illustration Calculator will not take your Incapacity Pension
into account, even though the Insurance Companies will! There is, therefore, a 2-
The first step is to proceed to the illustration page and input all the information requested. Click the quote button and you will be provided with a list of the Companies who will offer cover to you and how much their maximum benefit would be.
You will then need to deduct your Incapacity Pension Figure from this and re-
The Calculator will then show you the premiums offered by each Company and you can then choose which you wish to proceed with.
Please ensure that you read the Company Key Facts closely as the benefits offered by each Plan do vary. For example, please note that although the majority of Companies will take your full expected Incapacity Pension into account, LV= will only take 60%, which means they can potentially offer you more cover. There are other differences in the way benefits are provided by each Company and you may feel that one Plan offers benefits more suitable to your individual requirements than another.
Once you are happy with your choice, simply click the ‘download a proposal’ button, complete the form and return to us and we will ensure that this is dealt with immediately for you.
Should you not wish to follow the above procedure and wish us to provide an illustration for you, then we will need to know some details from you and would be grateful if you could complete the questionnaire. If you do not have a recent estimate of your accrued pension to date from the NHS, you will also need to complete the Letter of Authority and return that to us in order that we may approach them on your behalf. Once we have all of the appropriate information to hand, we will then arrange an illustration and full details for you.