If you’re searching for a way to protect your income in the event of an illness or injury, then you should consider an income protection policy. Income protection plans are designed with the specific needs of individuals in mind, and they can be customized to fit your individual circumstances as well as any preexisting medical conditions. In this article, we will take a look at eight different types of income protection policies that are currently available on the Irish market so that you can find one that best suits your needs.
A Policy That Is Specifically Designed for Retired Persons
- You must be over 65 years of age.
- You must have been retired for at least two years.
- You cannot be working or self-employed in any capacity, including as a consultant or advisor (but you can work as an advisor to the insurer).
If you meet these requirements, then this policy is likely worth looking into! It has higher premiums than most other policies but also offers more protection and peace of mind for those who need it most.
A Policy That Allows for Members to Have Flexibility in Two Ways
When it comes to flexibility, most policies allow members to choose their own doctor, hospital and pharmacy. However, some policies are more flexible than others in this regard. If you have been out of work for an extended period of time, it’s important that you find a policy that will allow for wide-ranging choices in these areas so that your health is not compromised by having to visit only one or two doctors or hospitals during your recovery period.
A Policy That Provides Financial Assistance for Members Who Experience Postponements in Their Marriage or Honeymoon
Another great feature of this policy is that it covers additional expenses incurred due to postponements. In other words, if you have a wedding or honeymoon postponed for whatever reason, this policy can help provide financial assistance.
The maximum coverage period for an event (the length of time in which you are able to receive benefits from your income protection policy) is 12 months and can be extended up to 24 months with a waiver premium.
A Policy That Is Designed to Cover Your Household Bills
If you’re looking for an income protection plan that has the flexibility to cover your household bills, then this is the best policy for you. The plan provides temporary financial assistance to members who are ill or injured and can help them return to work as soon as possible. It provides members with a weekly income for up to 24 months and offers several other benefits such as:
- Rental allowance – If your home becomes uninhabitable due to an accident, illness or injury, this benefit will assist you with paying rent on alternative accommodation until your home becomes habitable again.
- Mortgage repayments – This benefit helps pay mortgage repayments during periods of total disability when you are unable to work due to sickness or injury.
A Policy That Has a €10,000 Employment Assistance Benefit
The Employment Assistance Benefit (EAB) is a feature of the policy that can assist you if you are unable to work due to illness or injury. You can receive up to €10,000 per year for this benefit and it can be used to cover living expenses such as rent, mortgage payments and bills. The EAB will pay out over a period of two years so long as your income protection claim has been accepted by L&H Insurance.
This feature is available on all L&H Income Protection policies with the exception of those with a fixed-sum option. It’s important to note that there are no age restrictions when it comes to applying for this benefit – even if you’re 70 years old! However, there are limits on how much time has passed since taking out your policy when applying for an EAB claim; these limits vary depending on which level of cover you have chosen:
- For Level 1 premiums (the most expensive), the maximum amount payable will not exceed 30% of your annual premium paid within 4 months before submitting your application form; or
- For Level 2 premiums (the second most expensive), the maximum amount payable will not exceed 20% of your annual premium paid within 4 months before submitting your application form; or
- For Level 3 premiums (the cheapest), neither figure applies because Level 3 policies do not include an EAB component
A Policy That is Designed to Help Cover Mortgage Payments
This is one of the most popular types of income policies in Ireland. It covers your mortgage repayments for a specified period if you are unable to work due to illness or injury.
If you have a mortgage, this type of policy will help guarantee that your family home is not at risk if something happens to you. The policy will pay out if you are unable to work for a specified period of time and therefore unable to earn money that would be used towards the mortgage payment.
This Short-Term Income Protection Plan Can Last Up to 24 Months
This Short-Term Income Protection Plan is designed to help you get back to work as quickly as possible. It’s flexible, so you can choose the length of time you want it to last.
The plan offers a lump sum benefit that can be used towards things like rent, mortgage or bills while you’re unable to work. This means that you’ll have the financial support necessary while recovering from an illness or injury so that your finances don’t suffer.
This income protection plan offers added benefits that help members cope during an illness.
This income protection plan also offers added benefits that help members cope during an illness. If you’re diagnosed with a long-term illness or disability, the plan will pay your mortgage payments and household bills for up to 12 months. It also covers any additional costs that you may have during that time, such as health insurance premiums and credit card payments.
There are several income protection policies on the market, but these are the ones to consider.
There are several income protection policies on the market, but these are the ones to consider. They’re a good option for people who want to protect their income if they’re unable to work due to injury or illness. They can help you cover your mortgage payments and other bills as well as any other financial commitments you might have.
Conclusion
We hope this article has given you a better understanding of income protection policies and why they are so important. The last thing you want is to be out of work and unable to make ends meet, but knowing that there are options can help alleviate some of your fears. So go ahead and do some research on these plans today!
Hi, I am James Aaron, a professional Data recovery Engineer, working with Quickbooks Data Services as a consultant from the past five years in the USA. I am a specialized and trained Cloud consultant who helps small and medium-sized entrepreneurs. QuickBooks Closes Unexpectedly | QuickBooks Error H202 | QuickBooks Unrecoverable Error | QuickBooks Error 1712 | This Company File Needs to be updated | QuickBooks Restore Failed | QuickBooks Email not working | QuickBooks 2020 end of support
