Ensure financial stability through life's uncertainties

Life is full of unexpected challenges, and your ability to earn an income is one of your most valuable assets. Income protection insurance is designed to safeguard your financial well-being if you are unable to work due to illness or injury. This insurance provides a safety net, ensuring that you can maintain your standard of living and meet your financial commitments during difficult times.

What would you do if you suddenly lost your income? For many, the immediate reaction is to dip into savings—if they have any. But how long would that last? When savings run dry, would you borrow from family or friends? Relying on credit cards could leave you spiraling quickly into debt. None of these options provide a sustainable safety net, and in the face of mounting bills, the pressure can be overwhelming. This is where income protection steps in, ensuring that if the unexpected happens, you can maintain your financial stability without resorting to desperate measures. Why risk it?

Protect your income and secure your finances

Income protection insurance offers a regular income if you are incapacitated and unable to work due to health issues. Typically covering up to 70% of your gross income, this insurance helps cover essential living expenses such as mortgage or rent, utility bills, groceries, and other day-to-day costs.

Policies can be customised to suit your needs, with options for short-term coverage, which lasts a few years, or long-term coverage, which can extend until retirement age. The benefits are usually tax-free, providing additional financial relief. By investing in income protection insurance, you can focus on your recovery without the added stress of financial instability, ensuring peace of mind for you and your loved ones.

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Benefits of income protection insurance

Financial security

Income protection insurance provides you with a regular income if you are unable to work due to illness or injury, ensuring you can meet your financial obligations and maintain your standard of living.

Tax-free payouts

The benefits you receive are typically tax-free, providing you with more financial support when you need it most.

Coverage of essential expenses

This insurance helps cover essential living expenses such as mortgage or rent, utility bills, groceries, and other day-to-day costs, reducing the financial burden during periods of illness or injury.

Flexibility in spending

You have complete control over how you spend the money. Use the benefits to cover any expenses that are most pressing or important to you, whether it's household bills, medical costs, or even leisure activities that aid in your recovery.

Customisable policies

Policies can be tailored to suit your specific needs, including choosing the amount of coverage, the waiting period before benefits begin, and the length of the benefit period. This flexibility allows you to create a plan that aligns with your financial goals and circumstances.

Long-term coverage options

Income protection insurance can provide long-term coverage, extending until your retirement age if needed. This ensures ongoing financial support throughout your working life if you are unable to return to work.

Rehabilitation support

Many policies offer additional support services, such as rehabilitation programs, counselling, and advice to help you recover and return to work as soon as possible.

Peace of mind

Knowing that you have a financial safety net allows you to focus on your recovery without the added stress of financial instability. This peace of mind can significantly contribute to a quicker and more effective recovery.

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How income protection insurance works

Income protection insurance is designed to provide financial stability if you are unable to work due to illness or injury. Here’s a step-by-step breakdown of how it works:

Choosing a policy

When you take out an income protection policy, you select the coverage amount, typically up to 70% of your gross income. You also choose a waiting period, which is the time before the benefit payments start, ranging from 4 to 52 weeks. Additionally, you decide the benefit period, which can be for a fixed term or until you reach retirement age.

Paying premiums

To keep your policy active, you make regular premium payments. The cost of premiums depends on factors such as your age, occupation, health status, and the level of coverage you choose.
Then, if you're later unable to work due to a qualifying illness or injury...

Filing a claim

You can file a claim with your insurance provider. You will need to provide medical evidence and other documentation to support your claim.

Receiving benefits

Once your claim is approved and the waiting period has passed, you start receiving regular income payments. These payments continue until you can return to work or until the end of the benefit period specified in your policy. The benefits are usually tax-free, and you have the flexibility to spend the money as needed to cover essential living expenses and other costs.
Income protection insurance ensures you have a financial safety net, allowing you to focus on recovery without the stress of financial instability.
Choose a policy
Pay the premiums
File a claim
Receive your benefits

Finding the right income protection policy

At Best Value Cover, we understand that choosing the right income protection insurance policy can be a complex and daunting task. That’s why we’re here to help.

When you reach out to us, we’ll connect you with one of our expert partners whose dedicated team of income protection insurance specialists is committed to finding the best policy tailored to your unique needs and circumstances.

They will take the time to understand your financial situation, health status, and personal preferences. They will then guide you through the various options available, explaining the benefits and features of each policy in clear, straightforward terms.

With access to a wide range of insurance providers, our partners can compare different plans to ensure you get the most comprehensive coverage at the best possible price. Let Best Value Cover simplify the process and connect you with the right people to give you peace of mind, knowing you have the right protection in place.

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Questions to ask when taking out an income protection policy

By asking the questions below, you can make a more informed decision and select an income protection policy that best meets your needs and circumstances.

What percentage of my income will the policy cover?

Understand the exact portion of your income that will be replaced by the policy, typically up to 70%.

How long is the waiting period?

Determine how long you will need to wait before the benefits start being paid out. Waiting periods can range from 4 to 52 weeks.

What is the benefit period?

Find out how long the policy will pay benefits, whether it’s for a set number of years or until you reach retirement age.

Are the benefits tax-free?

Confirm that the payouts are tax-free to maximise your financial support during your period of inability to work.

How are premiums calculated?

Ask how your age, occupation, health status, and lifestyle factors affect the cost of your premiums..

Does the policy cover pre-existing conditions?

Understand how pre-existing medical conditions might impact your coverage and premiums.

Can I adjust the coverage amount, waiting period, and benefit period?

Check if you have the flexibility to customize these aspects to better suit your personal and financial situation.

Are there any exclusions or limitations?

Be aware of any specific circumstances or conditions that are not covered by the policy.

What support services are included?

Inquire about additional services such as rehabilitation programs, counselling, or career advice that might be included in the policy.

How do I file a claim?

Learn about the process for filing a claim, including the required documentation and the typical time frame for approval and payment.

What happens if I change jobs or careers?

Understand how a change in your employment status might affect your coverage and whether you need to notify the insurer.

What happens if I return to work part-time?

Find out if the policy provides partial benefits if you are able to return to work on a part-time basis during your recovery.

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