Irish Life Income Protection

Irish Life Income Protection pays you a regular income if you can’t work because of an injury or illness while you are employed.

About Irish Life Income Protection

Irish Life Income Protection is an insurance policy that gives you an ongoing source of income if you become ill and can’t work until you’re able to return to your job. 

You could need time off your job to recover from your illness or injury, but without your income, you may only have sick pay, illness benefit, or savings to rely upon.

Your mortgage, bills and weekly food shop will still need to be paid. Irish Life Income Protection can give your family stability when you’re unwell.

Income Protection

Benefits of Irish Life Income Protection

  • Cover up to 75% of your total yearly earnings, less any benefits from the state or other income protection plans; or €250,000 a year
  • While a claim is ongoing you won’t have to pay premiums at the same time as you’re making a claim.
  • Check details of your cover online through Irish Life online services.
  • Medcare: If you have been diagnosed with a medical condition, you can avail of an independent review of your diagnosis and treatment plan.
  • Medcare service is also available to your immediate family.
  • NurseCare is a helpline service provided by Intana Assist which gives you 24/7 access to experienced nursing professionals as well as a dedicated Women’s Health Centre
  • If you need to make a claim a dedicated claims assessor will help you through the process.
  • Avail of three counselling sessions provided by the Clanwilliam Institute, at no extra cost, if you need to make an illness claim.

Start Your Irish Life Income Protection

Contact us to start

Our qualified financial advisors will talk to you about your current financial situation and your future financial plans.

We’ll provide you with a number of income protection options from different providers.

Your Income Protection Is Setup

Once we’ve answered all your questions and you’ve chosen your income protection product, we’ll start the process of opening your Irish Life income protection policy.

You may be asked to complete a medical screening before your policy can be put in place.

Your Greenway qualified financial advisor is here to help you every step of the way.

Your Income Protection Is Running

If you need to make a claim, we are here to help guide you through the process.

We’re here to answer your questions and provide advice. Your financial advisor will contact you once a year to see how you are and if you have any questions.

What is income protection?

Income Protection is an insurance policy that gives you an ongoing source of income if you become ill and can’t work, until you’re able to return to your job.

You could need time off your job to recover from your illness or injury, but without your income, you may only have sick pay, illness benefit, or savings to rely upon.

Your mortgage, bills and weekly food shop will still need to be paid. Income Protection can give your family stability when you’re unwell.

Why is Income Protection different from other insurance?

When you have a mortgage, you need mortgage protection, which clears your loan if you die, but doesn’t pay anything if you’re ill & can’t make your mortgage payments. You can get Life Insurance, which pays your family a lump sum if you die, but again doesn’t pay anything if you become ill.

You may also have a Serious Illness policy. This will pay a partial or full lump sum if you suffer an illness or injury covered by the policy. The illnesses & injuries covered by these policies are usually quite severe, and the definitions are strict. You’ll only be paid once, and with most policies you can’t make multiple claims.

Income protection however pays out on any illness, injury or disability that prevents you from working. (pre-existing conditions may be excluded). With Income protection, you can make multiple claims over the lifetime of your policy.  

How does income protection work?

While you’re healthy, you pay a premium every month.

If you are unfortunate to fall ill or become injured and are unable to work during the term of your plan, you can then make a claim and receive a monthly income until you’re fit to return to work or you reach the end of the plan.

Every income protection provider has a minimum number of deferred weeks in their terms and conditions.

This means you cannot start an income protection policy and start claiming straight away. Deferred periods range from 4 – 52 weeks. The longer your deferred period the cheaper your policy will be.

You will also have the option to apply indexation to your income protection policy. This allows for your income protection policy benefit to increase each year in line with inflation. Be aware when indexation is applied to a policy it means your premium will also increase.

While you’re getting your monthly income, you don’t pay any premiums. When your illness ends and you return to work, you start paying premiums again.

How do I make a claim

To make an income protection claim you will have to do the following:

  1. Fill in a claim form. (We can get this for you).
  2. You must get your doctor to fill in a medical certificate, which we will provide you with. (your doctor may charge a fee for this).
  3. You must provide evidence of earnings immediately before your illness or injury.
  4. You must provide evidence of other insurance, pensions and state benefits.
  5. You will have to have a medical examination or assessment that your insurer will pay for. (This may be in person or over the phone).
  6. Once all steps are completed your insurers medical officer will decide on the claim been successful.

If you need any help with making a claim to your insurer we are here to help you.

 

What do i need to know about income protection

You may need income protection if you:

  • Are self-employed and would have no source of income if you couldn’t work due to illness or disability.
  • Have little or no sick pay from your employer.
  • Have dependents who rely on your income
  • Have no other source of income.
  • Do not have sufficient benefits to replace your lost income to cover your expenses while ill.

Before you take out income protection, you should check if you are entitled to other benefits:

  • Social welfare illness benefit: a weekly payment you may get from the State.
  • If you are self-employed it is important to know illness benefit is not available to you.
  • The maximum personal rate of illness benefit is €208 per week. 
  • Would this amount cover your expenses?
  • Social welfare disability benefit: a weekly payment you may get from the State.
  • It is not available if you are self-employed.
  • Sick pay: your employer pays all or part of your wages for a time. This will depend on the terms of your employment which should be shown in your employment contract and staff handbook.
Income Protection Tax Relief
  • You can get tax relief on your income protection premium at your marginal (highest) rate of tax, up to a yearly limit of 10% of your total income.
  • This can make your premium more affordable, but remember your benefit will be taxable if you make a claim.
  • If you have an individual policy, your insurance company will give you a statement showing the premiums paid.
  • To claim your tax relief you need to include this information with your tax return.
  • If you are a member of a group scheme, your employer usually takes your premium from your salary before tax.
  • In this instance, you would not qualify for tax relief.
About Greenway Income Protection

At Greenway, we bring together our knowledge, experience and efficiency to our customers. We’ll help you find the right path or products, and even better, you’ll know why, and how to use it.

Our financial advice is tailored to each individual needs and situation. Our goal is to help our customers reach financial independence and better their lifestyles.

Most importantly, your policy or plan should fit your life, and your financial advisor should fit into your lifestyle.

We build long term relationships with our customers. As your life circumstances change we will be there to advise you about changing and adjusting your policies.

illness protection providers

Greenway Financial Advisors Limited is regulated by the Central Bank of Ireland. Registered No. C168372

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