The best way to find out if your income is insurable is to speak to one of our advisers. They will be able to give you a free and no obligation quote for the policy that best suits your needs.
Is my income insurable?
Is my income insurable? In order to be insurable, you must have a regular income. This means that your salary is fixed and predictable – for example if you work full-time Monday through Friday, in a permanent position and receive a paycheck every two weeks.
If you are self-employed or have an irregular income (for example, if you work on commission or get paid per project), then unfortunately your income will not be insurable under Irish law.
How much will it cost me?
The cost of the policy depends on your salary, age and health profile. If you are in a higher income bracket you’ll pay less than someone who earns a lower salary. The same goes for age: older people will have to pay more for their income protection insurance policies.
Your premiums may be affected by certain factors such as the nature of your work or if there is any special risk associated with it (for example, construction workers would typically face higher premiums due to the dangers involved).
What is the process?
The process of insuring your income is simple and straightforward. You will be asked a few questions about your circumstances and then you will be asked to provide some information about your employer, like their company name and contact details. You will also be asked to complete a health questionnaire. The application service providers we recommend are experts in their field, so they can help guide you through this process if necessary.
Once all the relevant information has been gathered and reviewed by an expert, who will process it within 24 hours, they will send you an email with their decision on whether or not they think that it’s possible for them to insure your income. If they have decided that it is possible for them to insure your income then congratulations! Your application has been accepted by one of our recommended providers!
What does IPP cover?
The insurance covers you if you are unable to work because of illness or injury, such as cancer, heart attack or stroke. The cover can be extended to include other serious illnesses that may occur during the term of your plan.
It also provides cover if you are temporarily unable to work for a period of time due to an accident or sickness, which means that in some cases it will pay out despite the fact that there is no permanent disability caused by the injury. Depending on what level of cover you have chosen and how long this period is expected to last (see below), IPP could provide payments ranging from €100 per week up until age 52 – after which point benefits start reducing at a rate of 1% per month until age 80 when they cease altogether – subject always however
to conditions detailed below.
What is not covered by IPP?
- If you are self-employed, you must have been in business for at least three years.
- If you are a director of a company, you must have been a director for at least three years.
- Income protection is not available if your employer employs 10 or fewer people and the annual gross income is less than €500,000 per year.
Will I get back all my money if I never use the policy?
You will get back all of your money if you never use the policy. If you do use it, it’s possible that you won’t get back the full amount. It all depends on whether or not the insurer has to pay out on a claim, and how much they have to pay out on each claim.
The more claims are paid throughout a policy year (or other period), the less money will be returned to you at renewal time. For example if your policy is for three years, and during that time there are no claims made by other people using your car then when it comes time for renewal at year four (or again after another three years) then any premiums paid in year four would have been partially refunded by way of a partial payment from those who had paid premiums in previous years but who did not make any claims during their first three years with us!
takeaway: We are here to help when it comes to income protection.
With an income protection plan, you can protect your monthly income and ensure that you have a regular source of money while you are unable to work.
We are here to help when it comes to income protection. We offer a wide range of cover options, so whether you’re looking for a basic or more comprehensive cover, we have something for everyone. We can also help people understand how much cover they need by comparing their current earnings with potential future earnings if they were unable to work due to illness or injury.
Conclusion
If you have any questions about income protection or how it works, please contact us. We are here to help.
