If you’re looking for an affordable way to protect your income, income protection ireland may be for you. This type of insurance offers coverage for incomes if the insured becomes unable to work because of illness or injury. In Ireland and other parts of Europe, income protection is used by many people who are self-employed and want protection from illness or injury that prevents them from working.
What is income protection insurance?
Income protection insurance is a type of insurance that will replace your income if you are unable to work due to illness or injury. It’s often called “income replacement”, but it’s not necessarily about replacing your current salary. Instead, it’s about protecting yourself against an unexpected loss in income and providing immediate financial support after an illness or accident prevents you from working.
Many people don’t realise how important this type of cover is until they need it—and then they find themselves without any money coming in until their claim is processed. Income protection can help avoid this situation by helping pay bills while you’re out on sick leave or recovering from an injury at home instead of having all those expenses added onto your bills before getting paid again once you return to work full time again!
Why consider income protection insurance?
Income protection insurance can help you with the costs of being unable to work due to illness or injury. If you have a disability, income protection insurance will pay your regular income for as long as you need it, so that your bills are paid and all other expenses are covered.
How does income protection work?
Income protection insurance provides a monthly income if you are unable to work due to illness or injury. It is a long-term policy that lasts up to age 65, and it’s designed for people who can no longer work because of an accident or illness.
You pay a monthly premium for the policy and can get tax relief on your premiums if you qualify for certain government benefits such as:
- Universal Social Charge (USC) credit
- Family Income Supplement (FIS)
Income protection vs. health insurance
There are two types of insurance: health and income protection. Health insurance is for medical expenses, while income protection coverage can be provided to you if you become unable to work due to illness or injury.
Income Protection Insurance is not like health insurance in that it’s designed to cover your living expenses if you’re unable to work due to illness or injury while earning at least the lower rate of weekly earnings required by law (regardless of whether that amount was paid out). The difference between them is that with Income Protection Insurance, there’s no need for doctors’ visits or hospital stays; instead, payments made under this type of policy will be based on how much money has been set aside as reserves within an account managed by the insurer—the same kind used for savings accounts like those offered through banks but without any interest earned on those funds until such time as they’re needed later down the road when someone needs help paying off bills from last year’s holiday trip abroad!
If you have any questions, get in touch with us.
If you have any questions, get in touch with us. We can help!
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