If an illness or injury stops you working, you need time to get better, but you’ll still need to be able to support yourself and your family financially.
You might get sick pay from your employer or have some savings in the bank to fall back on. However, given that the average household spending for an Irish family is around €3,600 a month*(including mortgage repayments), you might not be able to cover everything.
Outlays such as your mortgage, bills and weekly food shop will still need to be paid.
On top of these, there’s the cost of things that are important to you – like your children’s clubs and hobbies, your pets, eating out or keeping up your digital TV subscriptions.
Whether it’s a mental illness or a physical one, whether it’s a life-changing injury or not, if you are unable to do your job, income protection will help to support you and your family.
There’s no limit to how many times you can claim. So, if you are unfortunate enough to be out of work for not only one period, but several, during your term of cover, you will be supported each time or if one severe illness means you can never work again, income protection can support you until the end of the plan.
Get the rehabilitation you need to get better.
Income Protection is more than just a monthly income, some services include:
Cover that fits around your life:
Income protection lets you choose the cover you want today and change it when things in your life change.
It means you can increase your cover if certain big events happen, so if you get a pay rise or a bigger mortgage, you can increase your level of protection too (subject to certain limits). It means you can choose the cover that’s right for you and feel confident you’re not paying for anything you don’t need.
* Source: CSO.ie. Household Budget Survey 2015-2016
Not all of the benfits above apply to all income protection policies. Benefits can vary with different providers.
Income Protection Cover is subject to terms and conditions which are contained in a policy document. It is important to note that not all illnesses or injuries are covered under these policies. In order to make a valid claim, policy specific conditions must be met and certain exclusions apply. You should refer to the relevant policy document which is available on request and which will be provided where a policy is requested/proposed.