KBC Guaranteed Income
- Work disability benefit
- For the self-employed (whether registered as a company or not)
- Premiums are deductible as business expenses
- Valid worldwide
What is a guaranteed income?
You don’t have sick days when you’re self-employed. So, the question is what happens if you fall ill or become incapacitated for work after an accident? How do you get through that period without any income?
The solution lies in a guaranteed income. In effect, this ensures that you receive a benefit to support you financially while you’re unfit for work. Even if you already receive financial assistance from your health insurance fund, it’ll give you more time to recover. You continue to receive the benefit for as long as you’re incapacitated for work.
What does your guaranteed income look like?
A guaranteed income is not the same for every self-employed person. What your insurance looks like depends on your company form – sole trader or company – and your personal preference.
Deferment period
This is the period when you are incapacitated for work but not receiving any benefits. If you have enough money in reserve to get by for several months, you can then decide how long you can manage without benefits (1, 3, 6 or 12 months). The longer the deferment period, the lower the premium.
Indexation
Want benefits and premiums that keep pace with inflation or prefer to pay a fixed amount? You can choose between having your benefits and premiums indexed or kept the same.
Duration
Your guaranteed income insurance runs until you reach statutory retirement age. You can, of course, cancel your policy before then. In that case, we’ll end your insurance one month after you cancel at the earliest and by no later than the premium due date.
Deferment period
This is the period when you are incapacitated for work but not receiving any benefits. If you have enough money in reserve to get by for several months, you can then decide how long you can manage without benefits (1, 3, 6 or 12 months). The longer the deferment period, the lower the premium.
Indexation
Want benefits and premiums that keep pace with inflation or prefer to pay a fixed amount? You can choose between having your benefits and premiums indexed or kept the same.
Duration
Your guaranteed income insurance runs until you reach statutory retirement age. You can, of course, cancel your policy before then. In that case, we’ll end your insurance one month after you cancel at the earliest and by no later than the premium due date.
Think about the conditions that are best for your situation and be sure to discuss them with your insurance agent.
Covered
- Incapacity for work or physical disability due to an insured illness or accident
- Any mental condition specified in the list of cover
- Your guaranteed income worldwide
Not covered
Incapacity for work due, for example, to:
- An existing illness or previous accident
- Attempted suicide
- Intent
- Excessive alcohol or drug use
A complete list of cover provided and exclusions can be obtained on request from your agent.
Learn more about your guaranteed income.
While you're unable to work, you’re ‘exempted’ from paying your premium. This is arranged in one of two ways:
- You pay your premium, but KBC refunds it to you
- We'll stop your premium payments
If you start working again after a period of work disability but suffer a relapse within three months, you’ll be paid your benefits right away, regardless of your deferment period. The only condition is that your relapse is caused by the same disorder that had previously rendered you unable to work.
Example:
You have a deferment period of one month, but are unable to work for several months due to back problems caused by an accident. You duly receive benefit payments. If you start working again and have a relapse within three months due to the same back problems, you’ll be paid your benefits right away and won't have to wait a month to receive them.
Your premium counts as a business expense and is tax-deductible, but you still have to pay an insurance tax of 9.25% on it. Your benefits are taxed as replacement income or as a pension.
The tax treatment of your benefits and premium will depend on your individual circumstances and may change at any time.
Sometimes the financial impact of work disability involves more than just the loss of earned income. It can also include:
- Fixed costs that continue to be incurred
- Loan repayments
- The decline in revenues and profits during your absence
You can take out insurance at KBC to cover these situations too. Make an appointment with your agent for a customised insurance package.
The ‘right to be forgotten’ means that, in certain cases, the insurer may not take cancers into account when an application is made to take out guaranteed income insurance or to join a guaranteed income insurance plan.
However, one of the conditions is that you correctly mention all the disorders you have suffered or are suffering from in the medical questionnaire.
More information on the conditions for the ‘right to be forgotten’ can be found at www.assuralia.be/recht-om-vergeten-te-worden/verzekering-gewaarborgd-inkomen.
Good to know
- KBC Guaranteed Income is a work disability insurance policy.
- This product is governed by the laws of Belgium.
- The insurance is valid until you reach retirement age. You can cancel the policy every year.
- Your intermediary is the first point of contact for any complaints you may have. If no agreement can be reached, please contact KBC Complaints Management, Brusselsesteenweg 100, 3000 Leuven, complaints@kbc.be, tel. 016 43 25 94 (free of charge) or + 32 78 15 20 45 (charges apply), fax + 32 16 86 30 38. If you cannot find a suitable solution, you can contact the Belgian insurance industry's ombudsman service: Ombudsman van de Verzekeringen, de Meeûssquare 35, 1000 Brussels, info@ombudsman-insurance.be, www.ombudsman-insurance.be.
This does not affect your legal rights.
For a KBC Guaranteed Income quote and to calculate your premium, please contact your Insurance Expert.
KBC Guaranteed Income is a product provided by KBC Insurance NV – Professor Roger Van Overstraetenplein 2 – 3000 Leuven – Belgium
VAT BE 0403.552.563 – RLP Leuven – IBAN BE43 7300 0420 0601 – BIC KREDBEBB
Company licensed by the National Bank of Belgium, de Berlaimontlaan 14, 1000 Brussels, Belgium, for all classes of insurance under code 0014 (Royal Decree of 4 July 1979, Belgian Official Gazette of 14 July 1979).
Member of the KBC group
