Through illness or injury, your income's protected with our Income Protection Cover
When your income is important, it's worth protecting.
Most households these days rely on one or two incomes to get the family through the month. Imagine what would happen if your income were interrupted?
Financial worries brought about by illness or injury can have long term and far reaching implications - what happens if you can't pay the mortgage for example?
Income Protection Insurance can help make sure that even serious illness or injury doesn't impact on your family's lifestyle - leaving you one less thing to worry about.
BPS Personal can talk you through the options and advise on the most suitable Income Protection Policy from our panel of well known providers for your individual circumstances.
Call 028 3833 8000 to arrange a meeting with your personal advisor and get a no obligation Income Protection quote, or email us and we'll get right back to you.
Use the links below to discover more about our Income Protection Cover and you will soon find out why so many others are signing up.
What is Income Protection Cover for?
Income Protection Cover offers real peace of mind at a time when you may be otherwise preoccupied by health concerns.
The real benefit is that with any financial pressures lifted, you will have the time and space to recover without worrying about the financial consequences of not being at work.
You will be free to use the money as you need to, whether for immediate expenses, such as covering your mortgage and bills or putting food on the table.
What does Income Protection do?
Income Protection replaces your income if you are unable to work through illness or injury.
Through the terms of your policy, your insurer will pay you a tax free (under current legislation tax year 2015/2016) monthly income to replace loss of earnings if you are unable to work due to ill health or injury. Typically this can be up to 65% of your regular gross earnings.
Income Protection polices can be complex however. So it's worth getting expert advice and answers to some specific questions. For example, you should ask about the definition of incapacity on which the plan would pay out: will the plan pay out if you are too sick to do your own occupation? Or will it only pay out if you are unable to feed, wash or care for yourself due to incapacity - there is a massive difference!
We aim to, wherever possible, recommend a policy which contains an own occupation definition of incapacity, so providing the most robust level of cover.
How does Income Protection Insurance work?
In consultation with you, and taking into account your current health, we'll assess your protection needs and advise on the most appropriate level of cover for you.
To enable the insurer to medically underwrite your application you will need to answer questions on the application form about your medical history and lifestyle. This is important to ensure the policy is both cost effective and will pay out if and when needed.
You'll then pay the monthly premium to your insurer for the life of the policy.
If you are unable to work for medical reasons, the policy pays out until you are able to start working again; or until you retire, die, or the end of the policy term - whichever is sooner.
Income protection insurance has no cash in value at any time. It's important that you continue to pay your premiums otherwise your policy will end and you will not be covered. In the majority of cases, premiums are not payable while you are receiving a benefit from these policies.
How are Income Protection policies underwritten?
When you decide to take out Income Protection, you will need to provide information to assess and help medically underwrite your application.
This means you'll need to provide information about your medical history, current health and lifestyle. So the insurer will ask you about:
- Your age
- Whether you smoke or have previously smoked
- Health (your current health, your weight, your family medical history)
- Job (some occupations carry a higher risk than others and may mean you have to pay more each month)
- Hobbies (some hobbies, such as diving, pot holing, and flying, carry additional risk and may increase the cost of your cover)
Each element combines to create a cost for the level of cover you need.
So it's important that you provide full and accurate information. Not only will this ensure your premiums are priced accordingly, but that any valid claim is paid fully and quickly.
Do I need Income Protection?
If your lifestyle is funded by your income then it makes sense to consider protecting it - what is the alternative?
If your inability to work, due to health reasons, would result in financial hardship or a significant decline in your lifestyle then income protection insurance should be a serious consideration.
Income Protection can be invaluable if you have a mortgage or regular rent payment, for example, meaning you don't have to worry about losing your home while you are having treatment or are recovering. It can also simply protect your lifestyle, meaning you have some financial stability through what can otherwise be an unsettling time.
What are my options?
Ask us - we make getting Income Protection quick and easy because we ask the right questions, research your options and present a suitable, cost-effective solution.
Our experienced protection insurance professionals provide advice you can trust and rely on - it's what we've built our reputation on.
We do not charge fees for our advice and policies can start from under £10 per month.
Call 028 3833 8000 to arrange a meeting with your personal advisor and get a no obligation Income Protection Insurance quote, or email us and we'll get right back to you.