Income Protection (Permanent Health Insurance) Explained
Income Protection is becoming more increasingly popular, as individuals and families wish to protect their income in the event of ill health. As there are a number of providers of Income Protection in the Irish market, it is essential that you obtain advice from AJ Short & Associates to discuss the differences between the various plans in the market place. Some frequently asked questions in relation to Income Protection are as follows:
What exactly does income protection cover?
An income Protection Policy will provide you with an alternative income if you are unable to work due to illness, injury, accident or disability. Minimum State Illness Benefit is paid (currently €188.00 per week for a single person) – would this be enough to pay your mortgage, household bills and maintain your life style?
In the event that you are unable to work, an insurer will pay you an agreed level of benefit/income until you are well enough to go back to work or attain retirement age anywhere usually between age 60 and 70 years of age.