Personal Income Protection Cover Explained
Accidents and sickness can strike when you least expect. In case you were to stop working because of injury or illness, then your life could possibly get unnecessarily stressful. But with income protection cover, you will be covered temporarily if you’re not able to work as a result of illness or injury until such a time when you can return to work – see aorinsurances.ie for details.
Good income protection insurance cover pays you a monthly income to help replace a significant amount of your lost earnings. This means you don’t have to worry about maintaining your daily living expenses whether it is on a medium-term or long-term basis. For added convenience, we normally pay-out after a certain predetermined amount of time as preferred by the client when taking-out the policy. The time period could be between four and 52 weeks but usually- the longer the deferred period the lower the premiums.
How Income Protection Cover Works
When you take out the income protection cover, you will receive a monthly payout in case you are involved in an accident or are sick and cannot perform the tasks of your normal job during your recovery period. To receive the payout, you also need not be involved in any type of gainful employment or even self-employment.
To support your claim you will need to present both your medical and financial evidences. And in case you continue receiving your regular income, any ill-health retirement income, social-welfare benefits and other income protection benefits, we will deduct them from your claim. Since we offer flexible income protection products, we may provide an alternative definition of disability but only in the case of some occupations.
Income Protection Cover at a Glance
Guaranteed premium – you are assured your premium rate will not rise once you subscribe to this cover.
Discount available for non-smokers.
Covers up to 75 per cent of your earnings.
20% or 40% tax relief on your premiums.
Flexible cover options ranging from as little as €12,000 p.a to as much as €250,000 p.a.
Freedom to determine the end age of your cover i.e. 55, 60 or at 65.
Income protection allows you to seek the services of Best Doctors Second Medical Opinion without being required to make any payments – this is an exclusive service, only available for our customers.
Access to Overseas Treatment Plan for those covered under personal income protection (at additional monthly premium). This plan offers unique, additional benefits.
Terms and Conditions
The details provided above are just a short summary of the product. Consult your Financial Broker for more details. Access to this product is subject to terms, conditions and eligibility criteria.