Income Protection Insurance
Income protection insurance is insurance that helps you and your family to have enough income in the event that you are unable to work for yourself. And income protection insurance is not available if you seek cover after a situation arises.
Income Protection Insurance provides coverage to replace part of your lost income if you are unable to work due to medium to long-term illness, injury or disability. It can also be called 'permanent health insurance' (PHI) - but it's not the same as private health insurance. Income protection insurance does not cover redundancy. You must generally be in full-time paid employment or self-employed to receive income protection insurance coverage.
The criteria for obtaining income protection insurance is high, so obtaining it may be difficult and/or very expensive depending on your occupation and personal health. Many insurers will have a list of occupations that are excluded from their income protection policies.
How does Income Protection Insurance work?
If you are unable to work due to illness, injury or disability, most income protection policies will provide a benefit if you do not have a second job. If you are able to continue working in a secondary job despite your illness, injury or disability, you cannot claim on an income protection policy in your primary job.
You can only get the benefit after being unable to work at your job (and not working at another job) for a certain period of time. This is called 'deferred period'. When you take out the policy, you can choose the deferred period that suits you best, usually four weeks, 13 weeks, 26 weeks or 52 weeks. If you choose a four-week deferral period, which means you cannot work for four weeks before Income Protection Insurance (Income Protection Insurance) protection payments start, it will cost more than if you chose 13, 26 or 52 weeks. Some policies may not have a deferred period. Before you decide on a deferred period, check whether your employer offers sick pay and, if so, how much and for how long.
Do you need income protection insurance?
You may need income protection if:
- Are self-employed and have no source of income unless you are unable to work due to illness or disability
- Get low or poor wages from your employer
- No ill health pension cover
- Have dependents who depend on your income
- No other source of income
- There are insufficient benefits to replace your lost income and/or cover your expenses
Before you take out Income Protection, you should check if you are eligible for other benefits, meaning you don't need Income Protection Insurance:
- Social Welfare Sickness Benefit: You will receive a weekly payment from Ireland. This is not available if you are self-employed
- Sick pay: Your employer pays all or part of your wages for a period of time
- Ill Retirement Pension: This allows you to take early retirement with pension if you are unable to perform your job regularly. If you are a member of an employer pension scheme, you may be entitled to this type of pension
Income Protection Insurance (Income Protection Insurance) Tips
Some income protection policies only cover you if you become severely disabled and unable to perform paid work. This type of policy gives you very little protection and you need to be severely and permanently disabled before you can claim any benefit. Some policies only pay for permanent total disability, so make sure you know what type of policy you're getting.
How do you get cover?
An insurance broker will look at all the policies on offer and help you choose the one that suits you best. You may have to pay for this advice, so make sure you get the full cost in writing before you agree to enter into a contract with the adviser. Directly from an insurance company
You may be able to buy this cover by joining a group scheme at your workplace. Joining a group scheme will usually help you get cover at a lower cost
If you have an individual policy, you can set the sum insured while taking out the policy. Usually there is a maximum amount that you can insure. The policy terms and conditions will tell you the maximum amount you can claim. This is 66% or 75% of your earnings before you became ill or disabled, plus other earnings while out of work, such as sick pay and singles' social welfare sickness benefit - if you are entitled to it.
If you are insured through a group scheme, you will receive the proportion of your earnings set out in the group policy, less other payments received while out of work. These payments may include sick pay or social welfare disability benefit.
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