What is Income Protection Insurance & Should I Bother?
- 20th April 2021
- 057 9335955
- info@mylifefinancial.ie
- Mon - Fri: 9:00 - 18:00
Life can have its twists and turns.
With Income Protection, you will be prepared if illness or injury prevent you from working for a period longer than 1 month.
How It Works
Income protection can give you a replacement income if you can’t work because of an accident or illness. You can still pay your bills and maintain your family’s lifestyle while you concentrate on getting better. We think of income protection as insurance for daily living. If a long-term illness or injury prevents you from working, our range of protection policies makes sure that you can still afford to look after your family.
Why You Need Income Protection
A long-term illness or injury that prevents you from working can change everything. Things you take for granted, such as paying your bills or for your children’s education, become a struggle. If you are entitled to the State Illness Benefit, you will get just €198 per week (as of 26 March 2018). Will this be enough to cover everything you need?
By taking out Income Protection, you can rest assured that if the unexpected happens, you can still maintain your basic standard of living and focus on the most important thing – your recovery.
- Get a replacement income until you go back to work or retire.
- Make as many claims as you need!
- Claim tax relief on your monthly payments.
- Get access to rehabilitation, consultants, counsellors, career change specialists and more.
Income Protection Frequently Asked Questions
What is income protection insurance?
Income protection insurance, also known as Income continuance or Permanent health insurance, is designed to do just that, Protect your income if yours stops! Income protection insurance is a type of protection which should pay you an income if you are medically unable to work for a minimum period of time due to an accident, illness or injury. Income protection insurance is often confused with Sick pay as being the same thing...it is not….Typically sick pay from an employer is paid for a set period of time, for example, 3 6 or 12 months after which time the benefit stops and you are on your own. Income protection insurance however is designed to continue to provide the income benefit until either, deemed medically able to return to work or your plan reaches the end of its term, you can usually select between 55 to 70 years of age at which point the benefit stops.
What is income protection insurance?
Income protection insurance, also known as Income continuance or Permanent health insurance, is designed to do just that, Protect your income if yours stops! Income protection insurance is a type of protection which should pay you an income if you are medically unable to work for a minimum period of time due to an accident, illness or injury. Income protection insurance is often confused with Sick pay as being the same thing...it is not….Typically sick pay from an employer is paid for a set period of time, for example, 3 6 or 12 months after which time the benefit stops and you are on your own. Income protection insurance however is designed to continue to provide the income benefit until either, deemed medically able to return to work or your plan reaches the end of its term, you can usually select between 55 to 70 years of age at which point the benefit stops.
To discuss protecting your income , just get in touch!
Get in Touch Directly
- 057-9335955
- matt@mylifefinancial.ie
- mylifefinancialireland
- MyLife Financial, Correagh, Mount Temple, Co. Westmeath
