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Safeguarding you and your loved ones from life’s unexpected setbacks with a variety of benefits, each providing a financial safety net that can relieve the stress of illness, injury, or loss. By having these protections in place, you reduce the worry that financial strain can bring, allowing you to focus on recovery, family, and overall wellbeing.
Life assurance provides a sum of money that can be used to pay off mortgages, clear debts or provide a regular income to your beneficiaries should you die whilst employed by BNP Paribas and under the age of 75. Through membership of our UK pension plans, BNP Paribas provides you with a core level of registered life assurance cover.
You can also choose life assurance for your partner in increments, subject to acceptance by the insurer and completion of medical underwriting, if appropriate. The cost is dependant upon your partner's age (maximum 70 years) and will increase as they get older.
Personal Accident Insurance through Millstream covers you for a range of injuries and accidents with variable payments. Coverage ranges from accidental injury to permanent disability or death. The bank provides you with a core coverage level of £250,000, which automatically includes any dependent children. You have the option to increase your cover, as well as to cover your partner up to a maximum of £500,000. You can opt out or reduce the core benefit coverage level.
Group Income Protection (GIP) provides a monthly income in the event that you become injured or ill and are unable to continue working. The Bank covers you at its own cost for a core level of 70% of your pre-sickness salary (capped at £175,000 a year). You may increase your level of cover at your own cost, or decrease and receive the difference in cash. The benefit is paid as regular monthly taxed income if you are unable to work for a continuous period of 28 weeks and meet the insurer’s definition of incapacity.
Critical Illness Cover is provided through a group policy insured by Canada Life. You can select cover for yourself up to a maximum of £500,000 and a maximum £250,000 for your partner. Partner cover cannot exceed your cover level and can only be selected in addition to your own coverage. The amount of cover you choose is payable as a tax free cash lump sum should you (or your partner if receiving cover) be diagnosed with a specified critical illness or undergo certain operations. At no extra cost, your children aged between 30 days and 18 years (22 years if in full time education) will also be covered if they are diagnosed with any of the recognised conditions stated by Canada Life. The cost of this benefit is based on age at the start of the year and will normally increase each year as you or your partner get older.
