You’ve paid your premiums, you’re all set up, and now you’re ready to file a claim on your income protection insurance and get back to work. But before you do that, there’s something you need to know: the rules of income protection insurance (IPI) in Ireland are more complicated than they seem. In this article, we’ll break down everything you need to know about IPI so that when it comes time for you or someone else in your family to file a claim, it will be easy as pie!
What is income protection insurance?
You probably know what income protection insurance Ireland is, but do you really?
If you work for an employer and earn an income through your job, then the chances are that your employer has a policy in place that pays out when you are unable to work due to illness or injury. This type of insurance is known as “income protection”. It can be taken out on an individual basis or as part of a family policy (which could include yourself, your partner and any children).
How much cover do you need?
There are a number of factors that will determine how much cover you need. Firstly, it’s important to consider how much income is required to cover your bills and other financial commitments.
Secondly, it’s important to consider how much income is required in order for you and/or your family members not to lose their homes or become homeless as a result of losing their main source of income.
When can you claim?
You can claim for income protection insurance if you are unable to work due to illness or injury. In addition, if you have a temporary sickness and cannot work as a result of this sickness, then it is also possible that an income protection claim could be made.
In order to qualify for an income protection claim under these circumstances, it must be shown that:
- Your employer has been informed about your injury or illness;
- The employer has provided proof in writing of their knowledge and acceptance thereof; and
- You have not returned within 6 months after recovering from the initial condition
Types of income protection insurance
Income protection insurance is a type of long-term insurance that helps you to replace your income if you’re unable to work due to illness or injury. There are three main types of income protection policies:
- Short-term cover – This pays out a lump sum if you’re unable to work for up to 12 months. It’s often used by people who want to take time out from their career, such as mothers returning from maternity leave or people caring for elderly relatives.
- Long-term cover – This pays out monthly payments until your retirement age (usually 65), or until death if this occurs before then. It can also be combined with critical illness cover so that if you suffer from one of the specified conditions covered by the policy (e.g., cancer) then both benefits will be paid together rather than separately..
How much does it cost?
How much does it cost?
The cost of income protection depends on your age, income and how much cover you want. For example, if you’re aged 35 and earn €60,000 per year with a spouse who doesn’t work and two children under the age of 18 at home then the average monthly premium will be approximately €1,000 (this figure is based on an average annual claim rate). If you wanted less coverage that would reduce your monthly payment but if you wanted more coverage then it would increase your monthly payment.
It’s a good idea to get some form of income protection.
It’s important to have enough cover. The amount you need depends on your situation and what type of insurance you choose, but it’s usually somewhere between 70% and 90% of your income. You should also consider how much your family needs if you were to become ill or injured.
You should shop around for the best deal based on factors like price, level of cover and any other added extras that might make a difference to how much money they pay out each month (for example: disability benefits).
Conclusion
We hope this article has helped you understand the basics of income protection insurance in Ireland. It’s a complex product that can have a big impact on your life, so it’s important to do your research before deciding whether or not it’s right for you.
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