Last Updated on 16th June 2022 by Jeffrey Camerda

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.

Good income protection insurance 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 summary above is just a short insight into the product. Consult your Financial Broker for more details. Access to this product is subject to terms, conditions and eligibility criteria.

Income Protection Insurance

Certified Financial Planner at Camarda Wealth Advisory Group | 800-262-1083 | Website

Dr. Jeffery Camerda, PhD, is a financial planner who specializes in wealth management and retirement planning.

With a PhD in Economics and Financial Planning, Jeffery represents the highest level of financial planning expertise and achievement in the USA

In addition to preparing you for a career in financial planning, a PhD in economics and finance also prepares you for academic pursuits, such as becoming a university professor in teaching or doing research.

Here at the Wealth Builder, our financial advisory company was founded in 2007 and services all across the USA with over 16 years of expertise.

In order to provide the finest advice and services, we pay close attention to the specific financial circumstances and requirements of each client.

In order to guarantee that our clients don't get a sales pitch for insurance or investments, as well as a lack of conflict of interest from a prospective commission-bearing corporations, Jeffery focuses on fee-based services. Financial planning for wealth managers, financial well-being workshops, and personal financial planning packages are all part of the company's offering.

Jeffrey Camarda, PhD, CFA, EA is also the founder of the Family Wealth Education Institute, is a member of the Financial Planning Association and serves as the Chairman of Camarda Wealth Advisory Group

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Jeffery Camarada PhD CFP
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