Income Protection Insurance is a special product that provides an alternate income source for those injured at the workplace. It makes so much sense to make provision for not being able to earn a wage through unfortunate circumstances beyond our control - we insure our cars and homes to be prepared for the unexpected, and have life cover in case the worst happens.
But, our income is often taken for granted. The money we earn is the financial lifeblood on which individuals and dependants rely on to be able to have a comfortable lifestyle. Consider the following scenario – you are seriously injured whilst performing your duties in the workplace. Due to the injuries sustained, you are out of work for many months and therefore unable to earn a living to support your lifestyle.
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As life insurance brokers, SimplyInsure.ie understand the Income Protection market. Our financial advisers source the best cover related to your income levels1 and regular outgoings. By comparing income and expenditure levels, we are able to create a policy that provides access to a fund that is enough to meet your financial obligations leaving you concentrate on getting better. If protecting the pay packet you work hard for matters to you, call our team today on 1890 746 759 and request to talk about our Income Protection Insurance.
While you may be entitled to receive disability benefit during your recovery period, this support is purely designed to provide for a basic standard of living. Therefore, sole reliance on State support is not enough to keep on top of all your bills as they fall due and is a situation best avoided given Ireland’s ongoing economic climate.
1. The maximum pay out is 75% on the first €125,000 of salary and 33% on the balance up to €175,000 (minus any benefits received from the Department of Social Protection).