How To Get A Quote For Income Protection In Ireland

0
18

Income Protection Ireland is designed to help you meet your financial commitments if you can’t work due to illness or injury. It might be that you need disability payments for a period of time, or maybe you’re unable to work altogether and will need long-term support. Whatever your situation, our specialist advisors will ensure that we fully understand how long it’s likely to take before you reach full recovery. After this we can give an accurate quotation so that if the worst happens and something prevents you from working again, or limits what work you can do; then at least there will be some money coming in each month towards paying bills and other expenses until things improve again

Income protection is designed to help you meet your financial commitments if you can’t work due to illness or injury.

Income protection is designed to help you meet your financial commitments if you can’t work due to illness or injury.

If your employer offers income protection, it might be included in your workplace pension scheme. If not, you can get income protection from an employer, a bank, a credit union or from an independent broker.

It’s important to check the terms of any income protection policy before buying one.

How much will I get?

There are two ways you can claim for income protection:

  • Percentage of Income Claim. This is a percentage of your income that’s paid out by the insurer if you’re unable to work due to injury, illness or disability. It’s usually between 60-90% of your gross earnings for a period of 24 weeks and up to 30 years.
  • Fixed Sum Claim. This is an agreed fixed payment amount that’s paid out by the insurer if you’re unable to work due to injury, illness or disability. The amount will often be lower than with a percentage based claim and can be paid over shorter periods (for example 12 months).

How long will the payments continue?

It is important to know the length of time that you are covered for as this may affect your decision on which provider to go with. Some providers offer a level of cover with no maximum age limit, while others may only cover you up until a certain age.

If you have any dependants, it’s also worth checking whether they will be covered by the same policy and if there will be an increase in premium for them. The length of time that you are covered for can be increased by paying additional premiums.

How much am I covered for?

The amount of cover you need will depend on your income.

You can choose the amount of cover you require, but the cost will be calculated based on this selection. You can choose to pay monthly, quarterly or annually and if you choose to do so by direct debit. As a general rule, the more cover you buy, the cheaper it will be per month (and per year).

What if I want to increase my cover in the future?

If you make a claim on your policy, it’s not necessary to increase your cover. If you wish to change the level of cover or adjust the benefit period, you can do this at any time.

  • Add to an existing policy

You can increase your income protection insurance by adding another benefit period onto your existing policy. This means that should you make a claim on one benefit period during this time, another full 12 months’ cover will be provided automatically without having to submit an additional application form or pay any extra premiums.

  • Get a new income protection policy altogether

If you want to increase the amount of cover offered by way of a higher monthly payment and/or longer benefit period then this option may be more suitable for you as there are no restrictions with regards how often claims can be made against a particular plan. In addition, policies are available for up to age 65 so if there’s still some time left until retirement then now might be an opportune moment!

Can I claim for an income protection policy in other ways?

If you cannot apply for an Income Protection Ireland policy through your employer, you can apply for one with a private insurer or with the government. You may also be able to claim under a trade union scheme.

What happens if I change jobs?

If you change jobs within the same company, or even to a different division of that company, then you can still claim under your old policy. This is also true if your job title or working hours change.

However, if you leave employment altogether and go into self-employment as an independent contractor or start work with another employer (as an employee), then there are some things to be aware of:

  • If the new employer has their own occupational health insurance scheme in place and offers income protection cover as part of it, then this will replace any existing income protection in place under another plan provided by the previous employer.
  • If there is no occupational health scheme in place and there are no provisions for an alternative income protection policy with the new employer either, there may not be much that can be done other than putting forward medical evidence showing they’re not fit enough to return to work (if they ever were). This might mean having surgery before being able to return home from hospital!
  • If however both parties agree that it would make sense for them both financially (as well as physically) then transferring policies could be possible but only if certain criteria are met first such as having been actively employed by both companies for at least twelve consecutive months prior to applying for cover .

Get a quote today and find out how we could help you should the worst happen.

If you are looking for a quote, get in touch today by contacting us via our contact form or by phone. We’ll be happy to help.

Conclusion

If you’re looking for a way to ensure that you can continue to support your family if something happens to your income, we can help. Get a quote today and find out how we could help you should the worst happen.

LEAVE A REPLY

Please enter your comment!
Please enter your name here