Specified Illness/Income Protection
With Medical advances, people are more likely to survive serious illnesses. But this means that more people are likely to take prolonged periods off work for treatment and recovery. This has a huge impact on their income and as a result can hinder recovery.
It’s estimated that €50,000 would last 17 months, based on monthly outgoings of €3,000.
There are two distinctly different protection plans to safeguard against financial loss as a result of illness or injury!
Specified Illness
- Pays a pre-selected amount, 14 days after the diagnosis of one of a number of specific illnesses
- Will allow you to replace income, pay bills or make necessary home alterations
- Cancer and Heart related illnesses add up to 80% of claims
- Irish Life paid out Specified Illness claims valued €192,000, every working day in 2015
- Would allow you the time and space to recover, without financial distractions.
Income Protection
- You are entitled to have a plan which would replace 75% of your income
- Premium is based on age, occupation, salary and deferred period before claim paid
- Premium is allowed against Income Tax
- Claim would pay income until recovery or retirement, i.e. protecting your income for the rest of your working life
- Partial payments allowed to encourage return to part time or alternative employment