Income Protection

Income Protection is a form of disability or sickness insurance that can help prevent financial worries should you no longer be able to earn an income.

It is a very simple plan, that is becoming increasingly popular in order to protect lifestyles in today’s world. You pay a monthly premium, based on factors such as occupation, health etc that will ensure that you receive a regular income if you are unfortunate enough to be out of work. There are no restrictions on the types of illness, injury, accident or disability that are covered.

  • Increased Benefits: some insurers will allow you to increase your income protection benefit by 20% of your original amount without having to provide new evidence of health
  • Occupational change: some insurers will continue to cover you if you change jobs, regardless of what your new job entails. If you are made redundant your plan will continue while you are looking for another job. This means that although you will not be eligible to claim if unemployed, you will not need to reapply for cover when you are in employment again
  • Tax Relief: you are entitled to claim tax relief on premiums paid on an income protection plan at your marginal rate (to a maximum of 10% of total salary)
  • Hospital Cash: a payment is generally provided if you spend more than a certain number of days in hospital.
  • Automatic Premium Protection: customer’s premiums can be paid by the insurer on their behalf if they are in receipt of a claim
  • Relapse Benefit: insurers will restart paying your claim if you have a relapse within 6 months of returning to work, there are generally no waiting periods in these cases

These plans can also generally be tailored to your own circumstances for example some customers may choose:

  • Guaranteed premiums which means that the premiums will not change during the term of your plan if your chosen benefits remain the same
  • Reviewable premiums which means that your premiums will remain constant for the first 5 years and will be reviewed every 5 years thereafter. Your premiums may rise in cost as a result of this review
  • Deferred period, customers can choose after what period of time they wish the cover to commence. The options generally are
    - 13 weeks
    - 26 weeks
    - 52 weeks
    The cost of the plan will be affected by the Deferred period chosen
  • This product does not cover redundancy or unemployment

Important information

This product covers against accident and sickness but does not cover unemployment or redundancy.

Danske Bank has selected Irish Life as its preferred provider for Income Protection business after an extensive tender process of Life assurance providers. Irish Life is the largest provider of protection products in Ireland and has been providing these products for 70 years.

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