Income Protection

Protect your family finances and get peace of mind if you are unable to work due to an accident or illness.

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A monthly payout in those unexpected times

Life can bring unexpected events and we want to help make sure that you are prepared and receive the support that you require in this time of need. With our Income Protection Insurance, you will receive a monthly payment to cover some of your lost earnings to enable you to pay those outstanding bills, continue your family’s current lifestyle and allowing you to focus on your health..

What is income protection insurance?

Income protection insurance is there to ensure that you receive a monthly regular income to help contribute towards your family expenditures should you not be able to work due to an illness or injury. It is an essential cover to have as we are more likely to be off work due to an illness before retirement than pass away.

The benefits of Income Protection Insurance?

There are many benefits to Income Protection Insurance. Income Protection Insurance helps to minimise the impact ill-health can have on your life by providing you with an ongoing financial safety net should you fall ill and are unable to work.

Most occupations will be covered (including those who are self-employed) and policies will payout between 50-70% of your monthly gross income. Should you need to claim, payouts are tax-free and can enable you to continue with your current lifestyle.

Do I need Income Protection Insurance?

Income protection insurance is there to safeguard your monthly salary. You should consider income protection insurance if you are the main income earner and you can’t cover your outgoings should you fall ill or be injured. In particular if you are self-employed and would not be entitled to sick pay or you couldn’t pay all your bills with Government benefits, then income protection will help to ease those worries in such a distressing time.

Executive Income Protection Insurance (Exec IP)

At Business Cover Expert we also like to make sure that businesses are also protected in all circumstances. That is why we are proud to be working with selected providers to offer Executive Income Protection Cover.

Executive Income Protection helps businesses of all sizes against the financial impact of an employee not being able to work due to sickness or injury. The plan would pay a monthly benefit to the business, which will enable the business to pay for the employee’s ongoing extended sick pay in the event of a claim. This will enable the employee to meet their financial commitments as well as ensuring the business has enough funds to cover these payments.

There are a vast range of cover and options to meet both the employers and employees needs. For a free, bespoke no obligation quote speak to our advisors today.

Free no obligation Income Protection Insurance quotes

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Frequently asked questions - Income Protection Insurance

Please drop us a message if you have any queries. Here are the most commonly asked questions about Income Protection Insurance.

What is the difference between Executive Income Protection and Income Protection?

Income Protection is a policy that can be taken out by the individual to provide a monthly payment should the individual be unable to work due to illness or injury. This payment is to cover their outgoings to ensure that they are able to continue their lifestyle whilst not being able to work. Executive Income Protection is there to help protect the business and provide the business with the funding that can be passed on to their employees should the employee be unable to work without negatively impacting the businesses finances unexpectedly.

What should I consider as my annual salary?

As well as your fixed annual income, the providers will also want to know about any regular dividends, bonuses, commission and benefits in kind you receive. You must make sure to include these additional incomes when taking into account your annual salary.

Does Income Protection insurance take into account my monthly bonuses?

Yes, when considering what your monthly income is you should take into account any regular bonuses, commission, dividends or benefits in kind you receive. If this varies from month to month it may be useful to take an average of the last 12 months.

Can Income Protection Cover include my dividends?

Yes, as long as your dividend payments are clearly work related, the frequency is in an established pattern and are paid from annual profits net of tax, you should include these into to your annual income.

I am self-employed can I get Income Protection Insurance?

Yes. Income protection cover is particularly important if you are self-employed as you are not entitled to statutory sick pay from an employer. Although those that are self-employed can claim Universal Credit it can take weeks before you receive the first payment. The amount you receive will be based on your previous year’s self-assessment therefore it best to take an average when choosing the monthly amount to receive should you claim. If you are unsure what this amount should be, speak to our experts

Are the Income Protection payments tax free?

Yes, any claims paid from Income Protection policies will not be subject to either income tax or capital gains tax. This is based on the current legislation and HM Revenue and Customs practice.

How much of my income can I claim?

Most providers will pay 50%-70% of your monthly annual income depending on your circumstances and lifestyle. Our advisors will be able to guide you and provide a bespoke, free no obligation quote.

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