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Income Protection Insurance

Income Protection (also known as Permanent Health Insurance or PHI) provides you with a replacement income in the event that you are unable to work due to any accident, illness or disability.

The payment will commence once you have been disabled for a set period of time (known as the ‘deferred period’). These payments will continue until you have recovered and are fit to return to work, or until your chosen retirement age if you are unable to go back to work.

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PROTECTING YOUR INCOME PROTECTS A LOT MORE THAN YOUR INCOME!

Statistics show that a 30 year old person is more likely to be off work due to an illness or injury for a long period, than to die before the age of 65.

HOW MUCH OF YOUR INCOME CAN YOU REPLACE?

It must be earned income so you cannot include rental income or dividends for example.

The maximum that you can cover yourself for is 75% of your income less any social welfare entitlements (currently circa €10,000 per annum). Note that State Illness Benefit is not paid to self-employed people.

WHAT ARE THE RELEVANT DEFERRED PERIODS?

The ‘deferred period’ is the time between when you are injured and when the policy will commence payment. You must be unable to work for a minimum of the deferred period before the benefit will become payable.

WHAT IS THE DIFFERENCE BETWEEN A GUARANTEED AND A REVIEWABLE PLAN?

A reviewable plan means that the premium is fixed only for a certain initial period. This means that the premium can be reviewed regularly by the provider after the plan has been put in place. The terms for implementing the review will be determined by the terms and conditions of the plan.

A guaranteed plan means that the premium payable will be guaranteed not to change throughout the term of the plan.

WHAT IF MY SALARY INCREASES OR DECREASES?

Typically most life companies have an automatic benefit on these type of policies which allows you to increase the cover on your policy by 20% of the original cover every three years without having to provide evidence of health. In addition you can also select the Indexation Option on your policy.

IS THERE TAX RELIEF ON PREMIUMS?

There is tax relief available but it depends whether the policy has been set up by an individual or a company.

INCOME PROTECTION OR SERIOUS ILLNESS COVER?

Serious illness cover pays a lump sum to you if you are diagnosed with any of the specified illnesses named in the plan. This lump sum can be used to pay off large loans, pay medical bills etc.

Income Protection provides you with a replacement income in the event that you are unable to work due to any accident or illness. With this policy you are covered until you can return to work or until retirement age if you unable to return to work.

WHY CHOOSE US?

Having successfully obtained over €1billion of cost effective mortgage protection cover for thousands of clients, we can get your cover in place quickly and easily and at the lowest price. Moreover you can do your application online , over the phone or by mail.

Our team of experienced and friendly financial advisers will not only make sure to get your cover in place as quickly as it suits you but will also hold your hand throughout the whole process and deal with all relevant third parties.