Unexpected things can happen in life. How would you and your family manage if you were ill or injured and you were unable to work and earn your regular income.

You employer may offer sick pay for only a limited time and state benefits are not generous and may not be sufficient to cover your expenses. If you are self employed, you may not even have the option of relying on sick pay or state benefits.

Income protection insurance offers financial protection if you are unable to work as a result of illness, or after and accident or injury, until you are able to return to work.

Aspect Life, based in Naas Co. Kildare, can advise you and find income protection insurance for you if you wish to insure your income. We offer personalised advice on financial planning and income protection insurance.

Get an Income Protection quote today!

Table of Content

What is income protection insurance?

Depending on your diagnosis and the prognosis or severity of your condition, serious illness insurance will pay a cash lump sum on diagnosis of one of your insurer’s list of serious illnesses.

Insurers vary in the illnesses that they cover, but all will offer protection in the event of the three most common serious illnesses. cancer, heart attack, and stroke.

You may use this lump sum to pay for any medical expenses you may incur, as well as additional expenses that arise as a result of your illness. You may also choose to use the lump sum to pay for any regular outgoings such as mortgage payments, debts, or expenses such as bills etc. while you are ill.

How much of my income can I insure?

Income protection insurance allows you to insure up to 75% of your income and your income protection premium payments are eligible for income tax relief at your marginal rate of income tax so your premiums may be reduced by up to 40%.

Contact Aspect Life Today

Please call one of our friendly team in our Naas office for a chat. We can offer straightforward solutions to your needs and worries.

Call (045) 397 460

How does income protection insurance work?

Income protection insurance offers a monthly benefit that replaces your monthly income if you were unable to work because of illness, injury, or disability.

When you purchase an income protection policy, you will choose a proportion of your regular salary to insure, up to 75% of your salary. You will also need to choose a deferred period.

What is a Deferred period?

All income protection policies have a deferred period. This is a time period from 4 to 52 weeks which must elapse before you can receive your monthly income protection benefit.

Choosing a longer deferred period will reduce the premium you pay for income protection insurance but it is important to take your personal circumstances into account so that have adequate protection in place.

How to choose a deferred period

You may choose a longer deferred period if you have a sick pay entitlement from your employer, for example. In this case, you may choose your income protection benefit to start only after you have received your sick pay entitlement.

If you are self employed or your employer does not offer generous benefits, you may wish to choose a shorter deferred period so that your income protection payment is paid more quickly.

How long will I receive a payment for?

This depends on the term you choose when purchasing your income protection plan. You may choose a term that will offer protection until your mortgage is repaid or until you reach retirement age, for example.

If you are ill or injured and unable to return to work, you could potentially receive income protection payments as a monthly benefit for the remainder of the term of your income protection policy.

Get a quote today!

Income protection and your health

If you have a pre-existing illness or health condition this may affect the premium you pay for income protection insurance.

The treatment of pre-existing conditions varies by insurer, but you will generally be asked about your health when purchasing income protection insurance. You may be asked to provide a medical report from your GP, or you may be asked to attend an insurer medical.

Can I get income protection insurance if I have a health issue?

If your pre-existing condition means that you are considered a higher risk to a potential income protection insurer, you may be asked to pay a higher premium or face exclusions in cover or be declined for income protection cover.

Do not put off getting a quote for income protection insurance due to pre-existing health issues, a good broker such as Aspect Life can often get you cover and it may be more affordable than you expect.

Job risk and income protection

Insurers classify occupations according to the risk they present of you making a claim on your income protection policy and your job class may affect the premium you pay for cover.

Class 1 occupations are generally office based such as accountant or IT consultant.

Class 2 occupations may involve light risk or driving, for example sales rep or hairdresser.

Class 3 occupations may involve some physical or health risk, for example nurse or mechanic.

Class 4 occupations involve manual labour such as a builder or plumber.

Be aware that there are variations between insurers in how they classify different occupations so it is worth shopping around or using an experienced broker, such as Aspect Life, to find affordable income protection insurance.

Wage protector

Some occupations are deemed too inherently risky to cover such as paramedic or prison officer.

You may be able to purchase a wage protector policy if your job class means that you are unable to purchase full income protection. Aviva provides wage protector insurance.

Contact Aspect Life Today

Your trust is our top priority. We are committed to working on your behalf, providing the best possible value and ensuring your financial future is secure.

Call (045) 397 460

Who offers income protection insurance?

There are a number of insurers in Ireland who offer income protection insurance.

Benefits of income protection insurance

Income protection offers invaluable financial security and peace of mind. Here are some of its benefits:

Income protection insurance offers financial protection as a regular monthly income which can replace your salary if you are unable to work.

You can insure up to 75% of your salary which will allow you to meet your financial commitments even if you are unable to earn your salary.

Income protection insurance allows you peace of mind that your essential outgoings will continue to be paid and you and your family will be able to pay for medical bills, education, and other essentials if you are unable to work.

Income protection premiums are generally fixed for the term of the policy, unless you change your cover or choose an inflation protection option.

All of the income protection insurers offer various types of support and rehabilitation to enable you to return to work following your illness or injury.

As well as these supports you may, depending on your insurer, receive an ongoing proportional benefit if you return to work part time or on a reduced salary. You may also receive a transitional benefit following your return to work with some insurers.

You may choose to increase your income protection cover amount as the term of the policy goes on to allow for the effects of inflation over time.

Choosing indexation may mean that you pay a slightly higher premium as time goes on to reflect the higher level of cover.

Choosing a conversion option means that you can, depending on your insurer, extend the term of your income protection insurance policy or increase the cover amount over time without providing new medical evidence.

A conversion option can initially result in a slightly higher premium but will mean that, should your salary and/or outgoings increase such as receiving a pay rise or starting a family, you will be able to reflect this with increased income protection cover. If you do not choose this option initially, it may mean that you need to purchase a new income protection policy when you are older and income protection protection is more expensive.

Many income protection insurers offer additional benefits, such as Aviva’s Best Doctors second opinion service, or Royal London’s Helping Hand benefits.

Access to online GP consultations, health specialists or a medical second opinion, rehabilitation, or counselling and bereavement supports can be a helpful additional benefit alongside your income protection policy.

Your income protection premium is subject to income tax relief at your marginal rate of income tax up to a yearly limit of 10% of your total income.

This means that there are tax advantages to insuring your income, although any benefit you receive is subject to tax.

Get an Income Protection quote today!

Contact us today

Income protection offers invaluable financial protection by providing a monthly benefit if you are unable to work due to illness, disability, or injury. Although it can be difficult to find affordable income protection due to your age, health, or job, Aspect Life can help you.

Aspect Life offers a no fee, no obligation service to find you the best income protection insurance policy for your needs.

We partner with trusted insurers and our experienced advisors look at your options with you and find you affordable cover for you.

Call us today or call in to our office in Naas, and our friendly and approachable staff will offer a personalised service and make getting income protection insurance fast and easy.

Why Choose Aspect Life?

Best Cover For Less

Fast & Easy Process

Expert Friendly Staff

Personalised Financial Advice

Prefer To Talk?

Please call one of our friendly team in our Naas office for a chat or drop in. We can offer straightforward solutions to your needs and worries.

Opening hours:
Monday – Thursday 10am – 7pm
Friday 10am – 5pm

Call: (045) 397 460