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 best 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 the best value 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
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
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.
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.
Policy Cease Age
Maximum Pay-Out Period
What affects the costs of your policy ?
Policy Cease Age
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.
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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 advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.