How is this different to a Critical Illness Policy?
Critical Illness only covers a specified number of illnesses, whereas Income Protection covers any illness, injury, accident that prevents you from working.
Critical illness pays a once off lump sum whereas your Income Protection Policy pays a regular income until you are able to return to work or until the end of the policy term (normally retirement age).
No Tax Relief is available on Critical Illness but you can claim tax relief on Income Protection (up to a maximum of 10% of total salary). The benefit payable under this policy is liable for Income Tax under the PAYE system.
You can only claim once on Critical Illness policy, with Income Protection there is a multiple claim facility so you can claim as many times as is necessary.
How soon can I get access to this income if I am out of work?
The income will be paid after your chosen period of 4/8/13/26/52 weeks.
How do I claim Tax Relief?
You will be required to include an Income Protection Tax Certificate with your returns. This will be included in your policy conditions when issued.
How long will you pay the benefit if I am out of work?
The Income Protection Policy pays a regular income until you are able to return to work or until the end of the policy term (usually retirement age).
How many times can I claim on this policy?
You can submit claims on your Income Protection policy as many times as you require benefit, right up until the end of the policy term.
There is an automatic benefit on this policy which allows you to increase the cover on your policy by 20% of the original cover every 3 years without having to provide evidence of health. You can also select the Indexation Option on your policy whereby your benefit and premium will increase annually.
All of these options help ensure that as your salary increases each year, so will your level of cover. Alternatively, if these options are not selected you can contact us re increasing the benefit as your salary changes. This type of increase will be subject to evidence of health.
Note: The maximum that can be provided is 75% of your Salary less the State Illness Benefit of €9,776 for single Employed people. Self-employed people are not eligible for the State Illness Benefit.