By Alejandra Fernández Carriedo
8 months ago

Understanding Income Protection Insurance

Understanding Income Protection Insurance

As its name suggests, 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 with more details the Short Term Income Protection

What is Income Protection Insurance?

The Association of British Insurers published in 2017 that each year one million people in the UK find themselves unable to work due to a serious illness or injury.

Bettersafe 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 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 or not you have children or other dependants as if you cannot work, probably you won’t be able to pay the bills. The most likely people who need income protection cover are those who are self-employed or employed but they don’t have sick pay.


The key benefits

You can choose your 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?

The cost of a policy will depend on some factors like age, job, the range of illness and injuries covered, your health, among others. Bettersafe invites you to get a free quote.


Further information

If you wish to have more information you can have a look at the insurance documentation and to the IPID.