Compare Income Protection Providers

Here at Black Lion Insurance, we want to make absolutely sure that should your ability to earn be compromised by illness or an accident, the ONE thing you won’t have to worry about is money.

Black Lion Insurance is a team of committed insurance consultants with in depth knowledge and understanding of what many consider a tricky area of the market. Namely, income protection.

But we aim to make it as simple as possible.

Income Protection that’s just for you

Imagine a mustard company generating profits from what’s left on the side of your plate. Well, we’re NOT that!  You’ll only pay for an insurance product (or products) that’s entirely tailored to what you need, and no more.

Your policy will be set up in such a way that you understand exactly what’s covered – and what’s not.

Simply click on each of the above drop-down menus to learn more about each of the providers with whom we work. 

Notice anything?

You’ll see that there are differences, sometimes substantial, between what each provider offers and their attitude towards risk.  Therefore, it’s best to take insurance advice as obviously, one size doesn’t fit all.

A Useful and Simple Guide to the Key Terms

Deferred Period

The time that you need to allow between stopping work before your income protection policy kicks in.

Be aware

Longer deferred periods are likely to be cheaper than Day One cover.  If you can survive on your savings for a number of weeks or months, you could save money on your monthly premiums.

Benefit Amount

The amount of money to which you will be entitled when you claim on your policy.

Be aware

Income protection normally covers between 50-65% of your earnings, so you will need to think carefully about your “must-have” income versus your “nice-to-have” benefit amount.

Definition of Incapacity

The terms you must meet in order to qualify for your policy to pay out.

Be aware

We would recommend that you take out an “own occupation” policy.  Why?  Because it enables you to make a claim as long as you are unable to do what your own occupation entails, rather than any job.

For example, if you are a dentist, an “own occupation” policy is best, as it means that you can’t do dentistry and are therefore incapacitated.  An “any occupation” policy would mean that you could do another job and therefore you wouldn’t be able to receive payment.

Premiums

The regular (normally monthly) payments that you make for your insurance policy.

Be aware

There are different types of premiums, each offering distinct features and benefits dependent on your circumstances:

Reviewable: as it sounds, premiums that are reviewed regularly and which could be increased and decreased as per your needs.

Age Banded: premiums that are increased by a fixed or reviewable percentage as you get older

Guaranteed: premiums which remain the same.

Underwriting

The work and analysis undertaken by insurers to uncover, price and recommend the best policy and level of cover.

Be aware

We would recommend Full Medical Underwriting.  Why?  Because it involves insurers drawing together all your information at the start of your cover in order for them to recommend what’s best for you.  In general, we think it’s the best type of underwriting.