Royal London Income Protection
Royal London Income Protection pays you a regular income if you can’t work because of an injury or illness while you are employed.
About Royal London Income Protection
Even if you make a claim and then go back to work, you’re still covered in case you ever need it again.
Benefits of Royal London Income Protection
Choose your Deferred Periods – Royal London income protection offers the widest choice of Deferred Periods ranging from four to 52 weeks.
Split Deferred Benefit – For even more flexibility, Royal London is the only company that allows you two Deferred Periods within a single policy.
Escalation in Claim – If you are claiming your Income Protection benefit for more than one year, the benefit will increase by 3% each year that your claim continues, to help keep pace with inflation.
Continuation Option – You shouldn’t have to lose the benefits of your policy if you get a new job or become self-employed. So, in this instance, you can apply to replace your Personal Royal London Income Protection policy with a new Executive Income Protection policy (or vice versa) without having to show new medical evidence.
Terminal Illness Benefit – Royal London Income Protection payments start immediately at the date of diagnosis.*
Back-to-work Benefit – Income Protection from Royal London provides you with market-leading financial support for your first three months back at full-time work following a claim of more than one year.
Indexation Option – This option increases your cover by 3% each year in return for a 3.5% increase in your premiums each year.**
Helping Hand – gives one-to-one personal support from your own dedicated nurse from RedArc who can help you and your family cope with the devastating effects that illness or bereavement can have.
**This option is available up until you turn 70. To choose this option you must have started your policy before your 65th birthday.
Start Your Royal London 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 Royal London 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:
- Fill in a claim form. (We can get this for you).
- 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).
- You must provide evidence of earnings immediately before your illness or injury.
- You must provide evidence of other insurance, pensions and state benefits.
- 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).
- 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.
Personal Income Protection
The purpose of Personal Income Protection Cover is to provide a regular income if you are unable to work due to illness or injury for a certain period of time and you suffer a loss of earnings as a result.
Executive Income Protection
The purpose of Executive Income Protection Cover is to enable you to provide your employees with a regular income if they are unable to work due to illness or injury for a certain period of time and suffer a loss of earnings as a result.
Helping Hand gives one-to-one personal support from your own dedicated nurse from RedArc who can help you and your family cope with the devastating effects that illness or bereavement can have.
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.
Greenway Financial Advisors Limited is regulated by the Central Bank of Ireland. Registered No. C168372