Income Protection Insurance
If you should become seriously ill or injured, income protection insurance will ensure you will still receive income. It is designed to cover your earnings should you not be able to attend work.
Income protection insurance will cover up to 75% of your earnings. The coverage will be dependent on the policy you choose and your circumstances.
Benefits of income insurance
- Guaranteed Income – Income insurances guarantees you will still receive income should you become ill or injured
- Security – Income insurance offers security and safety to you and your family should you become ill or injured
- Protected Savings – Many people if they become ill and cannot work have to use their savings to survive. With income protection, your income remains secure so you can continue saving as opposed to using your savings
- No State benefit – If you are self-employed you are not entitled to state illness benefits. Income protection will ensure you keep receiving income
- Employee – If you’re an employee you may be entitled to state benefit but this is usually under €200week. Many workers could not afford to live on this. Income insurance will maintain your quality of life
What instances can I claim income protection?
You may claim income insurance when any injury, accident, illness or disability prevents you from working. It does not protect against redundancy
What does income protection cover?
Income insurance is designed to ensure the quality of your life stays the same should you stop working due to illness or injury. Coverage includes:
- Monthly expenses - Mortgage, rent and loan payments
- Living expenses – Utilities, food costs, home repair and motor costs
- General Costs - School fees, holidays, health and fitness clubs, holidays
If I become ill/injured, when will I start receiving income protection?
If you are unable to attend work due to illness or injury, income protection will begin once your claim is accepted. In order for your claim to be accepted we will need proof of your illness or injury from your medical practitioner. JD Moneysave ltd trading as Moneysave is regulated by the Central Bank of Ireland