Income Protection
What is Income Protection?
Income Protection offers you financial security for yourself and your family if you are unfortunate enough to be out of work because of an illness or accident and suffer a loss of earnings as a result. It will cover you for a replacment income of up to 75% of your salary.
What type of disability is covered?
Your plan will protect your income against:
- Any illness
- Any injury
- Any disability or
- Any accident resulting in you being unable to work for longer than your deferred period.
Deferred Period/Waiting Time
The Income Protection plan will provide you with an alternate source of income. This income is a weekly benefit payable after a deferred period of either 8, 13, 26 or 52 weeks. The deferred period is the length of time between when you were last at work due to the illness and when you start receiving an income benefit.
Below is a breakdown and total amount of claims paid out in 2008 by one insurer under Income Protection.
Ref. Irish Life Claims 2008
