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Financial planning is a necessary evil, and in fairness, it usually delivers dividends and makes sense to do, but I completely understand why people would put it off.  It’s just not sexy.  It takes time & consideration and invariably means you’ll end up spending money on something that you may or may not get to use.  If a new client didn’t want to go through the fact finding and planning stage with me and said “I just want to make sure that things would be ok financially for my family if something happens to me – just sign me up for something.” I would ideally like them to take a mix of some life assurance cover and income protection cover, but if only one was an option and they’d walk off to get dreadful advice from a bank if I didn’t comply with them, I’d advise them to take out Income Protection Cover.

Why Income Protection Matters:

The simple answer:  Your income pays for everything.  Every single thing that we plan out, generally relies on a constant stream of new money coming in, and for the vast majority of people, this new stream of money comes from their earned income.  You work and you then get new money.  This newly earned money pays for every single thing that you do.  Even your life insurance premiums.  Without this new money, everything stops.

Understanding Income Protection Cover:

An Income Protection plan will provide you with up to 75% of your gross annual income if you are unable to carry out the duties of your job due to any accident, illness, disability or injury.  So, if something medical happens to you and that means you can’t work, the insurance company will pay you a weekly or monthly benefit amount until you can get back to work, reach retirement age or die – whichever happens first.  With it, you still have an income, so everything gets paid.  Without it, you have no income, so nothing gets paid.  It’s that simple.

The simple answer:  Your income pays for everything.

Key Benefits of Income Protection Cover:

• What’s covered: There is no specific list of illnesses covered with an income protection plan.  Anything medical that stops you from being able to do your own job is covered.
• Own job: You just have to be unable to carry out the duties of your own job.  They won’t tell you to go off and do a lower paid job that is within your abilities.
• Tax Benefits: In Ireland, income protection premiums are eligible for tax relief at your marginal rate, effectively making it 40% cheaper.
• Tailored Coverage: We can help you customise your policy to meet with your own needs & budget.
• Return to Work Support: Many policies offer rehabilitation and return-to-work programs to help you get back on your feet.  You also get access to some amazingly useful addons like Aviva Care, which even provides you with free GP visits.  If you use these added benefits, your policy could end up being free!

Choosing the Right Income Protection Provider:

Several life insurance companies offer income protection plans in Ireland. Here are some key players you can consider:

1. Aviva Life & Pensions Ireland: Aviva offers comprehensive income protection plans with various coverage options to suit your needs.  They have decades of claims history for income protection plans.

2. Royal London Ireland: Known for its strong financial stability, Royal London provides competitive income protection solutions plus some added benefits.

3. New Ireland Life Assurance Company: New Ireland offers flexible income protection plans that can be tailored to your specific requirements.

4. Irish Life: Irish Life provides a range of income protection products with valuable features and benefits.

5. Zurich Ireland: Zurich offers income protection plans designed to provide financial security when you need it the most.

Why Choose a Qualified Adviser from Family Cover:

We’ve been doing this for decades.  We have organised countless income protection plans for clients and we have also helped clients claim from their policy when they needed it.  None of them really thought they’d get sufficiently sick that they’d be unable to work.

1. Expert Guidance: Our advisers know everything about income protection plans. We will assess your unique situation and provide expert, personalised advice.

2. Tailored Solutions: We understand that one size does not fit all. Our advisers will work closely with you to tailor an income protection plan that perfectly aligns with your needs and budget.

3. Access to Top Providers: We have partnerships with leading insurance companies, including Aviva, Royal London, New Ireland, Irish Life, and Zurich. This ensures you have access to the widest range of options.

4. Simplified Process: Our advisers will walk you through the entire process, from assessing your needs to completing the application, making it hassle-free for you.

Conclusion:

You have a lot of choice with which income protection plan to pick.  Choice is great, but can also be confusing.  Don’t be confused, just Contact a Family Cover Adviser today to schedule an appointment with one of our knowledgeable advisers who can help you create a plan that suits your needs perfectly. Don’t wait… your financial security is too important to postpone. Reach out to us and take the first step toward securing your future today.