INCOME INSURANCE FOR PROFESSIONALS
The biggest asset of the professional is the ability to work
The risk for a professional to lose his ability to perform his specific job is visible, but with the appropriate precautionary steps it can be addressed.
PROFESCO Professional Ability Insurance provides the solution, as it can secure this great asset of a professional that is, his ability to work in the job he already had before any unfortunate event.
So far, most of the contracts found in the insurance market oblige the insured to prove permanent and / or total incapacity to exercise ANY WORK in order to be compensated.
For example, if a dentist loses his hand and can no longer work as a dentist, he may not be reimbursed by his insurance company, arguing that he can practice any other profession that does not require the use of both hands.
What is the target audience of PROFESCO (Professional Cover)?
1. Doctors (Surgeons, Dentists, Pediatricians, Orthopedists)
2. Freelancers (Lawyers, Accountants, Architects, Engineers, Journalists, Advertisers, Hairdressers, Graphic Designers)
3. Artists (Painters, Musicians, Composers, Singers, Actors, Spectacle Artists)
4. Athletes (Football Players, Basketball Players, Tennis Players)
5. Business Executives CEOs, Financial Managers, Personnel Managers
The difference of PROFESCO (PROFESSIONAL COVER)
The Solution is brought by Profesco Insurance. Its big difference is that it covers the insured in case of inability to exercise the profession he had declared before being insured.
That is, the contract defines as Permanent Total Disability the accident and / or illness that will make the insured incapable of exercising in the future the specific profession or occupation that he had declared at the beginning of his Insurance Contract.
In this way, PROFESCO provides a standard of living for professionals when an unpredicted event divests them of their income.
Who is PROFESCO for?
This contract is addressed mainly to professionals who may lose most of their annual income as a result of an accident or illness, which will make them unable to exercise permanently or temporarily the specific profession they practiced before the event (i.e. the singer will no longer be able to sing, the surgeon will not be able to operate, the lawyer will no longer be able to plead a case or even attend court, etc.).
The “golden” advantages of Professional Cover (PROFESCO)
1. It is an Autonomous insurance policy: Professional Cover is issued as an Insurance Fund with autonomous status.
02. Freedom to choose the Insured amount: The Insured has the free choice to choose this insured amount, i.e. how much he will insure his professional ability to practice the profession he practices.
3. Clear terms: The Insurance Company provides clear terms without “small” print and sub-notes
4. Payment of premiums in monthly instalments: Premiums can be paid in monthly interest-free instalments
5. Provided by leading unions in Lloyd’s of London: It is offered with the strength and reliability of Lloyds Of London.
6. Distributed by a company with experienced Insurers: Trained, qualified and ready to explain, cover and serve you
The insured amount with which a professional will be compensated in case of loss of his ability to work, is calculated based on the declared income of the Profession he exercises. It is possible to increase the declared amount up to 5 times.
Who offers the insurance policy?
This insurance policy is signed by specific Lloyds of London unions and is channeled to the Cyprus Insurance Market by Insurancelink.
DESCRIPTION OF THE COVERS
Death by accident
It compensates 100% of the insured capital up to € 1,000,000 (with the possibility of a larger amount after the approval of the Insurers).
Permanent Total disability to Work from accident and/ or illness
It compensates 100% of the Insured capital up to € 1,000,000.
Temporary Total disability to work from Accident.
It reimburses 60% of the insured’s weekly income with a maximum amount of €5,000 per week and up to 104 weeks. (The first 28 days are excluded).
Temporary Total disability to work from Illness
It compensates 60% of the weekly income with a maximum amount of €5,000 per week and up to 52 weeks. (The first 28 days are excluded).
Medical expenses from accident
It compensates up to €1,800 after an accident. Prerequisite is the coverage for Temporary Total Disability for an accident described above and the presentation of original receipts and a doctor’s opinion.
Determination of Premiums
To determine the insurance premiums in each case, it is necessary to complete the Application in detail and to sign it by the interested party who is interested to be insured. This application will be underwritten by the Insurers and will determine the final premiums on a case by case basis. It should be noted that the coverage with an annual premium of less than € 200 will not be accepted unless there is a special permission from the Insurer.
As soon as the premiums are set, our Company will deliver you a printed offer, which will be accompanied by an WRITTEN PROPOSAL, which, if you accept the coverage, you will then sign, stating, at the same time, the exact start date of the risk.
The information above may vary from Insurance Company to Insurance Company. Depending on the Insurance plan we will propose, we will give you all the relevant information required by the legislation so you can make your decision. Ask us today for an offer and, we will choose the most suitable package for your needs and budget.