What is this and why do I need it?
Income protection insurance works by replacing lost income when you’re unable to work. If you can’t return to your job due to an illness or accident, you should be able to rely upon the benefit while you’re out of action to help you do the following:
- Maintain your standard of living
- Pay off your mortgage
- Pay off your credit card and other debts
- Buy groceries and other everyday items
- Pay your kids’ school fees
- Help cover the cost of your recovery
Income protection is particularly useful if your job is your main or sole means of supporting yourself or if you have a family or own a business.
The majority of insurance claims lead to a lump-sum payout where you receive the entire claim benefit all at once, minus tax. Income protection is different in that it provides an ongoing weekly or monthly benefit following an injury or illness that scales to your pre-claim income.
Income protection policies have a “waiting period” attached. This is the minimum amount of time you have to be out of work to start receiving benefits, usually between a month and three months.
Typically, you will receive 75-85% of your income for the duration of the policy or until you can work again, though you can always choose to receive less if you want to keep your premiums down. In addition, you can usually claim any premiums you pay for insurance against loss of income as tax-deductible.
What can Beesure provide?
Beesure can guide you in the right direction, in regards to which products are most suitable as well as the level of cover you may require.
Why is Beesure the right choice?
Beesure always ensuring you are getting competitive prices.
Frequently Asked Questions
Does income protection pay you for maternity leave or if you have to take early maternity on medical grounds?
Unfortunately, and in short, no. Income Protection is designed to cover you for a loss in income due to illness or injury. Pregnancy/Childbirth is not usually covered under this, unfortunately.
Speak to one our team for a free no obligation initial consultation.
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Beesure Limited is authorised and regulated by the Financial Conduct Authority no. 832417.
Beesure Limited is a company registered in England and Wales. Company number: 10551333.
Registered office address: Ground Floor, Rowan House, Hazell Drive, Newport, NP10 8FY.