Income Protection Insurance is a cover designed to ensure you will continue to receive an income if you are unable to work due to a disability or illness. We will explain to you in more detail the Short Term Income Protection.
What is Income Protection Insurance?
British Insurers published in 2017 each year one million people in UK find themselves unable to work due to serious illness. We all operate in an economic environment that is susceptible to inflation and price rise. Continuing with the above example, though the family is guaranteed a specified amount as monthly payouts in case of an unfortunate event, the same amount of money will not be enough to meet future financial
The better safe has designed a comprehensive Short Term Income Protection policy to protect our customers should they suffer the loss of income through unemployment, or an accident or illness. Such significant events are stressful and unsettling, so we have focused on designing a product that offers choice, flexibility, and support if you have to make a claim. It ensures you continue receiving regular incomes until you can return to work:
- It replaces part of your income protection in an unfortunate situation when you cannot work because you became ill or disabled.
- It pays out until you can start working again, until you retired, die, or until the end of the policy term.
- It covers most illnesses that leave you unable to work.
- You can claim as many times as you need.
Do I need an Income Protection cover?
Following the numbers that the ABI (The Association of British Insurers) published in 2017, it is recommendable to insure yourself with income protection insurance.
It doesn’t matter whether you have children or other dependents. If you cannot work, probably you won’t be able to pay the bills. The most likely who need income protection are those who are self-employed or employed but they don’t have sick pay.
The key benefits
You can choose income protection cover: accident, sickness, and unemployment. Or you can select accident and sickness only, or unemployment only.
- Choose cover up to £2,000 per month.
- Range of waiting periods from zero days up to 120 days.
- Switch your cover from a previous provider with no extra charge.
- Easy to pay monthly premiums.
- Claims payments made directly to you.
- Helpline service offering support for personal legal advice, tax advice, and counseling.
How much does income protection cover cost?
Cost of the policy will depend on some factors like age, job, range of illness and injuries covered, health, others. Better safe invites you to get a free quote.
Accident cover provides Income protection Insurance against household, workplace, or transport accidents that stop you from being able to work. You may already be in line for worker’s compensation through your employer, but – as our recent blog notes –
The cover will remain in place until the Policy Anniversary before your 65th birthday. This may be dependent on your chosen waiting and benefit periods. Your waiting period applies from the Date of Disablement before Benefits start to accrue. You would also elect your Benefit Period (subject to eligibility). This is the length of time we will pay you a Benefit once we have accepted your claim.