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Highly rated by our clients on independent reviews website reviews.co.uk

Highly rated by our clients on reviews.co.uk

Income Protection Insurance

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Income Protection Insurance

Despite careful planning, life is not predictable. Do you have a Plan B? Could you and your family live on your savings with little or no notice? If not, then speak to us about income protection insurance.  Whether you’re employed or self-employed, we can help you.

Essentially, Income Protection Insurance could be your clear path to a financial safety net, should the unexpected happen.

Have you considered income protection insurance?

Firstly, we need to be rather blunt.  Redundancy, serious illness, an accident that prevents you from working or even your death (or that of your partner) could mean that overnight, money stops coming in.

If you were suddenly not here, how would your loved- ones cope?

Sadly, Every year, families experience serious debt when affected by illness, injury, loss of employment of the death of a main breadwinner.  Beyond this, financial hardship on top of grief and stress will be hard to bear.

Surely, this is the sort of worry no one deserves.  Do not let this happen to you.  We all have a hard-wired instinct to protect the ones we love.  Therefore, it makes sense to make practical provisions, too.

Are you self-employed? Are you the sole income provider? Or, does your financial security depend on a joint income?

Yes?  In brief, it’s vital to consider income protection to mitigate any potential for sudden loss of earnings.  Importantly, our  advice is particularly suitable for Contractors.  Why? Because we understand the nature of your work flow and can offer you our advice.

Income Protection – How it Works

In summary, income protection insurance protects up to 70% of your gross income, both short and long term.

As whole of market advisers with access to a wide range of insurance products, Black Lion is here to help.

With a manageable monthly premium, should your claim be accepted you can receive a regular income for an agreed period.  Of course, this not only keeps a roof above your head (mortgage, bills etc), but also provides for other essentials, such as a loan or car payments.

Should your circumstances change suddenly, your insurance policy can become active as soon as you need it.  Moreover, it’s tax-free.  And, it can be paid alongside any company sick pay you may be entitled to.

Our Approach to Income Protection Insurance

Not only do we have the expertise you need, we’re also here to share our knowledge with you.

After an in-depth fact find – confirming what you already have in place, for example – – we’ll do our research of the products available and present the most appropriate choices.

Of course, you’ll be able to make your own informed decisions in your own time.

By the same token, we want to help you find income protection insurance cover at the right price. One that doesn’t cut corners, but which could be the life line you need.

Payment Protection Insurance is Optional

Please be aware that there are other providers of payment protection insurance, as well as other products that could protect you against loss of income.

For impartial information about insurance, please visit www.moneyadviceservice.co.uk

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Do you need income protection insurance?

Income protection insurance would be vital to you if:

  • You are self-employed and would not be able to pay the bills if you were unable to work. It would ensure that you would be able to pay your bills if you were ill or injured.


  • You are the sole income provider and would not be able to pay the bills if you were unable to work. As the sole source of income, choosing income protection insurance is the right way to protect yourself and your family financially. Find the right policy for you, to ensure you can pay the bills and monthly outgoings if you suffered an accident or sickness that meant you could not work.

Income protection insurance is important to you if:

  • You are self-employed, and you don’t have a large amount of savings that you are happy to dip into. Consider taking out an accident and illness policy for maximum protection.


  • You are the sole income provider and your employer offers sick pay. Check what level of sick pay you would get from your employer before making a final decision about income protection insurance. Few companies offer long term sick pay beyond the Statutory Sick Pay, so it is important to have all the information in advance.


  • You live in a joint income household but are unsure if your partner would be able to cover the financial responsibilities. If your partner’s salary couldn’t cover the bills, then it would be worthwhile considering an income protection insurance policy.

How does an income protection insurance policy help when you need to claim?

You stop working due to an accident or illness, and stop earning an income.

You inform us, and we will guide you through the claims process with the insurer.

You will start to receive your monthly payout.

The monthly payout will continue for as long as your insurance policy covers.

What are your policy options?

Short-Term or Long-Term Protection
There are two types of accident and sickness insurance plans.
Short-term plans usually range from 6 months to 2 years. Long-term plans will pay out until you are well enough to go back to work, whether that’s 1 year or 10 years.
Deferred Period
A deferred period, or excess period, refers to the duration of time between stopping working, and when your insurance policy will start to pay out.
This can range from just a couple of days, up to a whole year. The standard length of time for most long-term insurance policies is 4 weeks.
Indexation helps to protect your policy against inflation. Your monthly payments will increase each year, to reflect any increases in costs according to the Retail Prices Index (RPI).
Policy Cease Age
Your insurance policy cease age is how old you will be when the policy will end. This is normally the age you will retire at but could be older.
Maximum Pay-Out Period
This refers to the longest length of time that you can make a continuous claim on your income protection insurance. For short-term policies this could be from anything between 6 months to a couple of years. There are not usually restrictions with a long-term policy. You will receive payments until you are either able to return to work, or you reach your policy cease age.

What affects the costs of your policy ?

Monthly Payout

The higher your monthly payout amount, the higher your policy premium.

Deferred Period

The longer the length of time before your policy pays out, the cheaper your premium.

Medical History

Previous illnesses or injuries may increase policy premiums or be excluded from your cover.

Policy Cease Age

The longer the policy runs, the higher the premium will be.


The older you are, the premium is likely to be higher.

The costs of your insurance depend on various factors.
The more you want to insure for each month, will subsequently increase your premium, as well as the length of the policy and your deferred period.
Your age can also play a role. The older you are, you are seen as more likely to make a claim and so your policy premium will reflect this.
It is important to declare any previous medical conditions or illnesses. Certain disorders may not be covered by your income insurance and others may mean you incur a higher premium.
You will also be asked about your smoking status. Smokers are deemed higher risk resulting in a higher cost for your insurance.

What our clients are saying

Black Lion insurance were great in helping me get through the countless jargon and pitfalls when it comes to setting up insurance. I was thankfully recommended to them by a colleague and they made the process seamless ensuring I have the most appropriate policy for me.

I’m an IT contractor and I wasn’t sure if I was eligible for this cover, however, to my delight, not only could I have the cover, but I could pay it through my Ltd company. I was covered within an hour of getting in contact. Very prompt and informative service!
Sanjay P

Polite and very clear when explaining my product of interest. Happy to answer any questions and recap on areas that I wanted to ensure I understood clearly before committing. Didn’t feel pressured or rushed at any point and the chap was very pleasant.
Donna Rudd

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About Us

We are a dedicated team of financial advisers, with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.

The guidance and/or information contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK

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Black Lion Insurance & Black Lion Wealth are a Trading Style of PRG Protect Ltd

PRG Protect Ltd: Registered in England & Wales, No. 08286239.  Registered Office: 51 The Parade, Cardiff, South Glamorgan, Wales, CF24 3AB