Does anyone really need Income Protection Insurance?
The simple answer is yes. Let me ask you another question Do you need an income? If the answer is no to that then stop reading now we are not going to waste your time😊
There are many different types of insurance policies that we are recommended or enforced to take out by law.
We do this to take care of the most valuable items we own, including our car and our home.
If you had a machine continually printing money in the corner of a room would you insure it? Too right you would, you would be foolish not to!
Why then do so many not protect the very source of our wealth or, ironically, the one thing that pays for our treasured possessions and the insurances to cover them – our income.
Unlike your car and home insurance, income protection is not a legal requirement. The reason for this is because, in the eyes of the law, you would be the only person at risk.
What a load of Bull!
What about those who depend on your income, what would you and those you love do if your income was suddenly cut down to illness benefit of €208 a week. I can guarantee you the government won’t do much to put food on the table should you find yourself suddenly unable to work.
Just look at the Government’s response to the pandemic and the implementation of the PUP scheme, which is nothing more than a national, state-operated Income protection policy, to see how reliant we are on regular income.
Without it, most families are unlikely to have made it through the pandemic.
Think about it for a min
What if your own personal pandemic comes in the form of heart attack cancer stroke, or if the stress and anxiety that is so prevalent left you unable to do your job.
If your own pandemic hits you need to have the tools in place to keep some income coming in . The PUP wont last forever nor would we want it to we all want to see the back the feckin Covid and all it brings with it.
Have you enough savings to get you to retirement age if your unable to work? Most people don’t so how do we solve the problem?
Income Protection can solve that problem by paying you up to 75 percent of your salary if you’re unable to do your job because of ANY sickness, disability or injury.
INCOME PROTECTION IS THE ONE POLICY EVERY WORKING PERSON SHOULD HAVE
It is highly likely if your paying into a pension scheme at work you have this product built in but there are many who don’t have it . If you are like me and have no company benefits you will have to put your hand in your pocket. If your self-employed you get nothing absolutely nada!
Of course when your sick you just want to get well and don’t want to have be worrying about money. Worrying about money is one of our biggest stressors and when your ill you have enough stress on your plate.
So how does Income Protection work?
First off it a living benefit
What does that mean? Well first off you don’t need to die to make use of it
Secondly You’ll be able to continue to put food on the table, keep the lights on and enjoy those things that make life worth living, that would otherwise have to be sacrificed without the correct cover.
Thirdly it will continue to pay you until you recover and go back to work, it will pay you until you reach retirement at which stage you can take your pension benefits. It insures you will have a constant stream of regular income
ANNNNDDDD YOU CAN CLAIM TAX RELIEF ON IT AT YOUR OWN RATE OF TAX!
Sorry was I shouting?
Income Protection has a waiting time called the deferral period. This period states how long you have to be out of work before your insurance kicks in. The deferral period is one of 4, 8, 13, 26, or 52 weeks. The shorter options are more expensive. You can choose the period at the outset.
As soon as you know you will need to claim get your claim in .
Once your claim is accepted you will be paid by eft to your bank account.
But wait what about Serious illness cover won’t that do the same job? Nope let’s think of car insurance
Third party fire and theft =Serious illness policy
Fully comp = Income protection
That’s a vary basic example but you get the idea.
Price wise which is cheaper well you cant compare as you are not comparing like with like .
What illnesses does Income Protection cover?
All of them.
What illnesses does Serious illness cover?
Some of them
Over to you now
Our Motto less Bull more Value