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Income Protection

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Income protection provides you with a regular income, which is paid out if you cannot work due to medium or long-term illness or injury. It is designed to supplement some of your earned income if, due to illness or injury, you cannot earn an income yourself.

Income protection is available to those in full-time employment or the self-employed. It protects you if you are out of work for long periods due to illness or disability; it does not cover you in the event of being made redundant. To qualify for income protection cover you must typically work at least 16 hours per week. Some occupations are not covered for income protection and if you have a significant medical condition you may not be able to get income protection cover.

 

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In order to ensure you have a financial incentive to return to work, income protection cover is usually limited to 75% of your pre-illness earnings, less the single person’s Social Welfare Disability Benefit. You cannot insure 100% of your earned income and high earning restrictions may also applywhich typically ranges from 8 to 52 weeks. The cover normally pays out this benefit after the deferred period while you continue to meet the conditions of payment, until the earlier of:

• The date the insurer determines you are fit to return to work; in some cases the insurer may be willing to continue paying a partial benefit for a period if you return to work part time.
• The date you return to work.
• The benefit termination age of the cover, which is usually 60 or 65. This can be earlier in some cases but can be no later than your planned retirement date.
You should talk to your Financial Broker about income protection cover and whether it is something you should consider.

What would happen if i was out of work with illness for a long period?

Your income is your most valuable asset, governing how you and your family live. How would your standard of living be affected if you were in an accident or illness was to strike you and you were unable to work for a long period of time?

You could face a large drop in income if you are off work for a prolonged period due to sickness or disability. This drop in income could in turn place significant pressure on your ability to continue meeting your day to day expenses and overheads, such as mortgage and other loan repayments.

If you are an employee and pay PRSI the social welfare Illness Benefit or Invalidity Pension may replace part of the lost income. However, the benefits are low and if you are self-employed you are not covered for these benefits at all.

By taking out income protection cover you can ensure that if you are out of work because of illness or disability your financial wellbeing is protected

 

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