Sick Pay Insurance
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Sick Pay Insurance
Black Lion Insurance provides qualified advice on a wide range of sick pay insurance options. We work with a comprehensive range of UK insurers and we’re not tied to any one provider. This enables us to recommend suitable products for your needs and lifestyle based on the information you provide.
What is sick pay insurance?
Simply put, sick pay insurance is a type of personal income protection plan. It covers up to 70% of your gross income and can, if necessary, pay out right up until you retire. Most payments are made monthly.
How does it work? Is it complicated?
It is not complicated, and Black Lion can assist you with everything if you’re unsure. We’ll help set up the policy and assist with any future claims.
You’ll need to consider the level of cover you need (how much you insure yourself for), the length of cover required and a likely deferred period (the time from your claim to the first payment.) There are also various premium types, but our qualified consultants can advise you on these.
Additionally, factors such as your age, whether you smoke, your general health and lifestyle, and your family history will be taken into consideration.
Also, you may not get cover for existing conditions, or for an illness you’ve had before.
Black Lion Insurance has a team of dedicated, insurance consultants with a working knowledge of the many different types of insurance policy designed to help protect your income. We will take the time to understand your circumstances to ensure that we can select the most suitable policies to meet your needs and budget.
Could sick pay insurance support YOU in your hour of need?
Whether you’re employed, self-employed, or a contractor, you rely on your ability to go to work every day to earn your living. You may receive full sick pay from your employer for a period of set amount of time. However, after this period you should consider if the benefits provided by the state would be sufficient to pay your mortgage, bills or any other regular financial commitments.
You should also consider any savings that you may have and whether you would want to use these to fund a period where sickness prevents you from working.
Talk to one of the team at Black Lion Insurance, sick pay cover could be more affordable than you think. With the right policy in place you can have the peace of mind that should you be unable to work do to illness or injury, your regular monthly commitments will be covered, allowing you to recover in your own time.
In our experience, sick pay insurance isn’t something that most of us want to think about. Nobody plans to get ill, for example.
What’s more, there are probably other things that you may rather spend your money on, aren’t there?
However, the reality is that if you are suddenly unable to work due to an accident or a debilitating illness, sick pay insurance could be invaluable. In the event of a claim, it can provide you with a replacement to your normal monthly income until you recover or the policy’s benefit period comes to an end.
For more information and to speak with one of our qualified consultants give Black Lion Insurance a call today.
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Do you need sick pay insurance?
Sick pay 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 best way to protect yourself and your family financially. Find the best 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.
Sick pay 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 a sick pay 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.
Deferred Period
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
Policy Cease Age
Maximum Pay-Out Period
What affects the costs of your policy ?
Monthly Payout
Deferred Period
Medical History
Policy Cease Age
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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About Us
Black Lion Insurance is a dedicated team of insurance consultants 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 income protection, keyman and shareholder protection insurance.
