Motorcyclist income protection cover

How does the policy work?

• You select how much benefit you need and for how long.
• Cover can be up to a maximum of 50% of your gross earnings if you are employed, or 50% of the net profit from your business if you are self employed.
• Benefits are tax-free.

There are a range of options to make sure that you get the policy that's right for you from the providers that we feature.

• Own Occupation Cover
• Options to have increasing benefits to keep pace with inflation
• 2, 3, 5, years or cover and up to retirement
• Guaranteed or Reviewable premiums

Check the Glossary below if you are not sure about any of the terms above.

BMF Members	BMF Affiliate Members

Glossary

Income replacement policies (PHI) might appear similar but they can vary considerably, and it is essential to get the right cover for you which certainly does not mean simply getting the cheapest policy. There are a few key issues which are essential to selecting the right policy and these are laid out below.

If you already have a policy we can provide the benchmarks to make sure that you have the right level of cover.

Own Occupation?

This is a very important starting point. There are two types of policy as far as occupation is concerned. Own Occupation policies cover you against being unable to do your job. Any Occupation policies provide cover if you can't do any job. As you would imagine Any Occupation policies are cheaper, but could be completely inappropriate for people doing work that requires skill and experience.

Guaranteed or Reviewable?

This concerns the amount of premium you pay for a policy. If you select premiums which are Guaranteed it means that the premium will not increase unless you choose to increase the amount of cover that you have, and the Insurer guarantees that it won't increase. If you select Reviewable then the Insurer can increase (or they would say potentially decrease) the premium that you pay at their discretion, so if there is a bad year for claims, for example, then the Insurer might well increase the premiums should they choose.

Level or Increasing Benefit?

Basically you can either make your cover inflation proof or not. Whilst it is cheaper to select Level term this means that if you make a claim your benefit will stay at the same amount over time. The amount of benefit that a policy holder might receive at the beginning of a claim could of course be worth considerably less over time if it does not keep pace with inflation. Selecting Increasing means that the cover is inflation proof.

Waiting Period

This is the time before the benefit becomes payable in the event of a claim. This can be either: 4, 8, 13, 26, or 52 weeks. Choosing a longer waiting period reduced the cost of the premium, although there might not be a huge difference between 26 and 52 weeks.

NRD

This is your Normal Retirement Age up to which you can receive cover and, if selected, benefits, which is now up to age 70.

Medical Underwriting

Your application will include questions about your medical history, earnings and occupation and other personal circumstances. At the insurance companies expense they may ask for further medical information to support your application.

Moto-Cross

Participating in organised moto-cross events does not exclude cover possibilities, although depending on your occupation a longer deferral period might be required.

These policies are available on a direct offer basis. You will not receive advice or a recommendation from us. We may ask some questions to determine the criteria of the policy that we will provide details on. You will then need to make your own choice about how to proceed. If you have any concerns about the suitability of this type of Insurance for your particular needs we suggest.

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