Income Protection

An Income Protection policy provides you with a replacement income, in the event you are unable to work due to an accident, sickness or disability, paying you up to 75% of your monthly income.

Income Protection Overview

Income Protection – Also known as income Insurance provides you with a replacement source of income if you can’t work due to an illness or injury after a certain period of time. You can take out an income protection policy if you are in full-time work or self-employed and earn a wage.

It protects you only in these circumstances – it will not be paid if you are unemployed. You must keep up your payments to stay covered. You cannot include rental income or dividends.

Why SafeNET Financial?

  • Maximize Savings: If you haven’t had a recent review on your policy, you could unknowingly be paying too much on your insurance policy. Speak with one of our agents for a free review, and we could save you money today.
  • Quality Cover: Two people are covered under the one policy. But only pays out on one death. For example “Joint Life, First death” will pay out when the first person dies, and nothing when the second person dies.
  • Explaining your cover: If you are unsure about any part of the policy in question, Our fully qualified Insurance advisors will guide you through every step of the way.

What does Income Protection include?

  • Guaranteed premium option available meaning the cost will never go up, even if you make a claim.
  • Pays up to 75% of your income, allowing you to financially support your loved ones when you are out of work.
  • During your deferred period, Income Protection pays a replacement daily income if you are in a hospital for more than seven days.
  • You can still maintain your Income Protection even if you move job, anywhere in the EU.
  • The cover can be increased every 3 years, by up to 20% of your original cover level, without further medical questions.

Income Protection would suit you if:

  • You are 18-54 years old and in full-time employment or are self-employed.
  • You want to protect some of your income until you are 65 in case you cannot work because of illness or injury.
  • Want a product that pays you a regular income if you cannot work because of an illness or injury, after a certain amount of time (deferred period).
  • Want the option to top up your cover at a later date.
  • Want your cover to continue, no matter how many claims you make.
  • Want to take advantage of potential income tax relief.

How many times can I claim on my Income Protection?

You can submit a claim on your Income protection policy as many times as you require income because you are out of work due to illness or injury, right up to the very end of the policy term.

What are the deferred periods?

The deferred periods for Income Protection are 4, 8, 13, 26 and 52 weeks. If you choose a 4 week deferred period, your income protection policy will start to pay out once you have been unable to work for 4 weeks due to injury or illness.

How does my job affect my Income Protection

In regards to an Income Protection quote, your job is a deciding factor, as some occupations will not be covered due to the type of work. See below a list of classes and which class you might fall in to.

  • Class 1 – Office type environment for 75% or more of your day.
  • Class 2 – Doctor/Retail/Catering/Waiting Staff/Chef/Medical Practitioner/Salesperson
  • Class 3 – Education/Nurse/Surgeon/Dentist/Carer/Social Worker/Teacher

Please note that these are subject to change depending on the Income Protection provider.

Why would I need Income Protection if I’m young and healthy?

If you’re currently 35 years old, there’s a one in six chance you’ll be out of work for 6 months in your career. Would your bills be covered? Could you pay your mortgage or rent for those six months?

It isn’t just illness you need to keep in mind, accidents can happen – in the form of traffic accidents or slipping and putting your back out. You need to have something in place just in case your wages were to stop.

Why would I need Income Protection if I’m young and healthy?

If you’re currently 35 years old, there’s a one in six chance you’ll be out of work for 6 months in your career. Would your bills be covered? Could you pay your mortgage or rent for those six months?

It isn’t just illness you need to keep in mind, accidents can happen – in the form of traffic accidents or slipping and putting your back out. You need to have something in place just in case your wages were to stop.

What’s next?

Request a review with us online by clicking the button below, or call us on 0578601248 for a free independent market review.

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Call our Qualified Financial Advisors who will aid you in completing a full Life Insurance, Pension or Mortgage Review. 

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Click below to schedule an appointment. Our Qualified Advisors will review your policy and advise you if you are overpaying or if your current policy is suitable and sustainable into the future.

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