Often referred to as ‘Permanent Health Insurance’ or ‘PHI’ it is an insurance policy that protects your income or part of it, in the event of risks ‘pre-defined’ under the terms of the policy, such as disability, injury, accident or ill health. Generally you receive up to 75% of your normal income less any social welfare benefits on a monthly basis from your incapacitation until you are either ready to resume employment or your pension kicks in, whichever is the sooner.
• Acceptance is assessed through a proposal form.
• The initial premium can change during the lifetime of the policy.
• The amount of total benefit payable is defined at the start of the policy but can be increased, subject to the terms of the policy.
Other benefits
– Hospital benefit
– Overseas benefit
– Change of Occupation
– Premium Protection
– Indexation ( can be linked to the Consumer Price Index )
– Benefits / Assistance while returning to work
The eligibility to payments commences after a deferred period, for example after 13 / 26 or even 52 weeks and the cover continues until retirement age 60/65, but can be subject to medical review. For those who wish to obtain income protection cover from DAY ONE please contact this office directly to give you the details.
Main use / Advantage
Income Protection offers protection against income loss and is especially suitable for self-employed persons or for employees whose employers do not offer ‘income protection’ to employees for long-term illness or disability.
This policy offers full tax relief on the premiums paid at your marginal rate. However, any benefit paid is subject to income tax in the normal way. Email consultation@moneydoctor.ie or call Dublin 278 5555 for further details.
Providence Finance Services Limited trading as Money Doctor is regulated by the Central Bank of Ireland