Income Protection
What is Income Protection in Ireland?
Income Protection insurance is a policy which pays you a wage if you lose your job unexpectedly, lose income because of a long-term illness or injury.
Your income protection will help pay your mortgage, loan repayments, and medical bills all the while helping you maintain your life style.
BEWARE OF HIDDEN CONDITIONS in your income protection insurance policy: Know the policy you are getting
If you already have a income protection policy check the following:
| Check are certain illnesses/disabilities NOT covered in your policy |
| Is there a ‘deferred period’* before the policy pays up |
| Know that it does NOT cover redundancy |
| It is NOT the same as private health insurance |
| Does it finish when you reach a certain age |
| Missed payments can lead to lapsed policy |
*deferred period refers to the amount of time that must lapse before payments will start. For some policies it can be up to 24 weeks.
