Your questions answered
If you require any further information or have other questions that are not listed below you can chat to one of our representatives live online. Click on the ‘Chat Now’ tab on the bottom of the screen to begin a live chat.
How much cover?
The maximum amount of cover you can have is 75% of your earnings less any social welfare entitlement*. This is subject to certain limits.
Can everyone get Income Protection?
You must be in full-time paid work as a self-employed person, or as an employee or company director to qualify for Income Protection and to receive benefits in the event of a claim.
If I am sick or injured, how soon with I receive this Income?
This is dependent on your deferred period. The deferred period is the length of time between when you are ill/injured and when your claim starts to pay. The deferred period’s available are 4, 8, 13, 26 & 52 weeks. Not all companies offer these periods, with the norm being 13, 26 & 52 weeks.
Its worth noting that the premium will be higher for a shorter deferred period.
What type of Cover?
You can choose to set your policy up as either a Guaranteed Plan or a Reviewable Plan. A Guaranteed Plan means that the cost of your policy will remain the same throughout the term of the plan. With the Reviewable Plan, the insurance provider reserves the right to review the premium charged. There are differences in cost for both. Both are explained in full on the site and should help you decide what cover is best for you.
Which deferred period should I choose?
There are various deferred periods available from our providers;13 weeks, 26 weeks & 52 weeks. The monthly cost of your policy will largely depend on the deferred period. Consider how long you would be able to survive without income, before needing this cover to kick in. How long will your savings last?
Will my occupation affect the premium?
In short – Yes! Not everyone will qualify for Income Protection. Occupations are graded by class. From Class 1, example GP to Class 4, example Carpenter. Some occupations are also declined. If you cannot find your occupation at quotation stage, email us at [email protected] with full details of your occupation and we will let you know what class your occupation would be.
Will my premium increase?
That depends on two things. Firstly, if you choose indexation, then your premiums (and benefits) will increase each year to keep your benefits in line with inflation. Secondly, if you choose the Reviewable Plan, then the provider can review the cost of your plan, typically every 5 years
Can I claim tax relief on the premiums?
Yes. The premiums you pay attract tax relief at your marginal rate up to a ceiling of 10% of total income. Note also that the benefit payments are income, so they are liable to PAYE taxation.
How do I claim tax relief?
When your policy starts, you will receive your policy documentation. Within this documentation is a Revenue Approval Certificate which outlines how much you pay for this cover. You just need to send this certificate to the revenue commissioners and they will adjust your tax credits.
What if I need the cover in a hurry?
If you need the cover in a hurry, we suggest that you scan and email the declaration and any other questionnaires that have been requested. This will speed up any decision from the insurance company. Please also post the declarations to us, we would suggest you use swift post to ensure next day delivery. When returning your application you should mark your application “Urgent”. You can also Contact us to discuss.
How do I apply?
- Firstly you need to obtain a quotation online – click Get a Quote.
- Enter your details and click “Get me a Quote”
- You will be offered the lowest quote available to you. If you are happy with the quotation, click “Proceed”.
- Leave the rest to us!
I am replacing an existing policy, when should I cancel this?
You should not cancel your existing policy, until your new policy is in force. Please note if you are replacing an existing policy, either completely or partially, you must make sure that this new policy meets your needs and that you are aware of the financial consequences of replacing your existing policy.
What if I need help with the application form?
You can email us at [email protected] or call us on 01-9017760 from 9am until 5.30pm Monday to Friday. You can also contact us via our Live Chat option at the bottom of the screen. We will be happy to help in any way we can.
How will I know what stage my application is at?
We will email you within 24 hours of receiving your application and regularly afterwards to keep you up to date on where your application is at. You can also contact us at any time for an update on your application.
How long before I am on cover?
Income Protection typically takes a little longer to process than life cover or mortgage protection. But it will depend on your application form. Existing health conditions may delay the process, for example if you have had a back injury, the insurance company may contact your doctor for further details.
Will I need to do a medical?
Maybe! More often than not, the insurance provider will not require you to attend a medical, but in some instances they will. As income protection will cover you if you are out of work due to an accident, an illness or injury, the underwriting process is more strict and comprehensive.
What is an “Exclusion”?
If you have a pre existing condition, for example a neck injury, the provider may decide to offer you cover, but to exclude any claims arising from this condition.
How often can I claim?
There is no limit to the amount of times you can claim on your income protection plan.
When will I receive my Policy Documents?
Once the policy is accepted by the Insurance Company, you can confirm to us when you want the policy to start. Once received we will post the original documents. This typically takes 2-3 days. We can also email a scanned copy of the documents to you if required.
What if I change my mind?
When you receive your policy documents, you are entitled to a 30 day cooling off period. This allows you to cancel your policy and you will receive a full refund of any premiums paid.
How can Low.ie offer such low quotations?
Low.ie is unique as we are the only provider that cuts the rate of commission payable and uses it to reduce your premiums over the full term of the policy.
Is the discount only for year 1?
No! Unlike other discount brokers, the premium that we quote you is discounted throughout the term of your policy. This can amount to thousands of euro in savings over the course of your policy.
Can I cancel my policy?
Yes. You can cancel your policy at any time. If you stop paying premiums, you policy will lapse and your cover will cease. There is no cash value at the end of this plan.