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INSURANCE

Income protection insurance of AG

IN PRACTICE

A guaranteed income

Take out income protection cover as an add-on to your insurance-based self-employed pension plan. In addition to building up a pension, you benefit from tailored protection against loss of income due to an illness or accident.

YOUR BENEFITS

Financial peace of mind

Ensure your quality of life and that of your family in a simple and cost-effective way. You can tailor the cover to your situation and, subject to certain conditions, deduct the premiums as a business expense.

MORE INFORMATION

Make an appointment

Do you want to receive tailored advice on pensions and insurance? Contact your personal advisor or call the Easy Banking Centre on 02 433 43 34 to schedule a video call.

Insurance that gives you peace of mind

As a self-employed person, you could find yourself without income from one day to the next if you suddenly become unable to work due to an illness or accident. The money you get from your mutual health insurer – to which you’re entitled from the eighth day of being unable to work – is often not enough to maintain your standard of living.

So additional protection may be useful. You can arrange this without taking out another policy, simply by adding cover to your chosen pension plan, such as:

  • the PLCI, which is a branch 21 personal pension plan for self-employed individuals, whether or not they’re running a company
  • the CPTI, which is a branch 21 pension plan for self-employed individuals who don’t run a company
  • the EIP, which is a branch 21 or 23 insurance-based company pension plan for self-employed people who run companies

Benefits of supplementary income protection

By adding this optional cover to your pension plan, you and your family are financially protected if you’re unable to work due to illness or accident.

Choose between two formulas

You can choose to receive a monthly income (“income” option) while you’re unable to work, to have your pension premiums paid for (“premium” option), or a combination of both.

Fully customised

Do you want to be covered only in the event of illness, or also if you suffer an accident? Do you want to be covered only if you’re totally unable to work, or only partially? Get the protection that suits you best.

For self-employed people running a company

Your company pays the premiums for the add-on cover included in your PLCI or EIP plan. It can deduct them entirely as business expenses (see “Taxation”).

For self-employed people not running a company

If, as a self-employed individual, you take out income protection cover as part of your PLCI, INAMI agreement or CPTI, you can deduct the premiums in full as business expenses in your tax return.

It’s your choice

Additional income if you’re unable to work

With the “income” option, you receive a monthly replacement income in addition to the statutory benefit paid by your mutual health insurer. Cover starts from the end of the qualifying period or the minimum waiting period you selected. Thanks to this supplementary income, you maintain a comfortable standard of living.

Reimbursement of pension premiums

If you choose the “premium” option, AG will reimburse you, while you’re unable to work, for premiums paid into your insurance-based pension plan. This includes premiums for your add-on cover, as well as taxes. You can thus continue to save for your pension while remaining well insured.

Replacement income tailored to your needs

Qualifying period

For the replacement income, you can choose a qualifying period of 1, 2, 3, 6 or 12 months, depending on your personal financial reserves. During this period, no income is paid.

Minimum waiting period of 30 or 60 days

You can opt to receive an income from the first day you’re unable to work, or after a minimum waiting period of 30 or 60 days. During this period, no income is paid. After that, you’ll receive payments for the entire period during which you’re unable to work.

Several types of income

Level income

You can opt for a constant level of income throughout the period during which you’re unable to work.

 

Rising income 

The second option involves income that increases each year by 2% or 3% during the period when you’re unable to work.

 

Rising income for the entire term of the policy

Finally, you can opt for an income that increases each year by 2% or 3% for the entire term of your policy. This option is not possible via the CPTI.

More information

More information

  • Both the monthly income and the reimbursement of premiums are proportional to the degree to which you’re unable to work.
  • The income protection premium cannot exceed 70% of the total premium of your insurance-based pension plan.
  • When your insurance-based pension plan ends, the supplementary income protection cover also ends automatically.

Taxation

  • The replacement income is taxable.
  • A tax of 9.25% applies to premium payments relating to the income protection cover.
  • The premiums are deductible as business expenses.

Income protection: what’s covered

Main risks covered

  • inability to work following an accident or illness recognised by a doctor.

Main exclusions

  • inability to work due to a pre-existing condition

  • inability to work due to excessive consumption of alcohol, medication, narcotics etc.

  • inability to work resulting from a bet, challenge or recklessness to which the policyholder has exposed themselves without good reason

The above list of covered risks and exclusions is not exhaustive.

  • You will find the exact scope of the supplementary income protection cover in the standard terms and conditions of insurance-based pension plans, accessible via the links below. For a personalised proposal, please contact your personal advisor or the Easy Banking Centre on 02 433 43 34.

Want to know more?

Any concerns?

If you have a complaint, you can contact us at BNP Paribas Fortis SA, Complaints Department JQABD, Montagne du Parc 3, 1000 Brussels, tel. 02 228 72 18, gestiondesplaintes@bnpparibasfortis.com

or via www.bnpparibasfortis.be > Suggestions or complaints > online complaint form.

If you’re not happy with the proposed solution, you can send your complaint by post to the Insurance Ombudsman, Square de Meeûs 35, 1000 Brussels, BCE: 884.072.054, tel: 02 547 58 71, info@ombudsman-insurance.be  - www.ombudsman-insurance.be.

Want to receive information or tailored advice?Make an online appointment

Recommended for you

  • Death benefit

    Ensure your family’s standard of living with supplementary death benefit cover taken out as part of your insurance-based pension plan. You can opt for a minimum lump sum or an additional lump sum in the event of death.

    Find out more

  • EIP

    Are you a self-employed person who runs a company? Supplement your PLCI personal pension plan with an EIP company pension plan. Your company pays the premiums for you.

    Find out more

  • CPTI

    Are you a self-employed person who doesn’t run a company? Set up a CPTI pension plan to build up a supplementary pension pot while enjoying tax benefits.

    Find out more

  • Guaranteed Income cover

    Do you want to protect yourself against the financial consequences of being unable to work due to illness or accident, independently of your pension plan? Get cover for yourself and your family with our Guaranteed Income cover.

    Find out more

Legal information

Supplementary income protection cover is an optional add-on and runs for the term of the insurance policy to which it is added. 

The PLCI supplementary pension plan for self-employed individuals is a Belgian-law branch 21 life insurance policy from AG, distributed by BNP Paribas Fortis. The policy is taken out for an agreed period.

The CPTI pension plan for self-employed individuals is a Belgian-law branch 21 insurance-based pension plan from AG, distributed by BNP Paribas Fortis.

The EIP company pension plan is a Belgian-law branch 21 or 23 insurance product from AG, distributed by BNP Paribas Fortis. The policy is taken out for an agreed period.

AG Insurance SA/nv – 53 Boulevard Emile Jacqmain, B-1000 Brussels – RPM/RPR Brussels – VAT BE 0404.494.849 – www.aginsurance.be - info@aginsurance.be. Accredited insurance company licenced under code number 0079, under the supervision of the National Bank of Belgium, 14 Boulevard de Berlaimont, B-1000 Brussels.

Intermediary: BNP Paribas Fortis SA/nv – 3 Montagne du Parc, B-1000 Brussels – RPM/RPR Brussels – VAT BE 0403.199.702, registered with the FSMA, 12-14 Rue du Congrès, B-1000 Brussels, under code number 025879 and acting as a contractually appointed insurance agent on behalf of AG Insurance SA/nv. BNP Paribas Fortis SA/nv holds a stake of more than 10% in AG Insurance SA/nv.

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