Income Protection
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Income Protection
Income Protection is a of life insurance policy that provides financial support in the event that you are unable to work due to illness or injury. This coverage ensures that you continue to receive a regular income until you are fit to return to work again.
When you have Income Protection, you will receive monthly payments to replace a portion of your lost income. The amount of coverage and the length of time you receive payments can vary depending on the policy you choose. This coverage is designed to help you meet your financial obligations and maintain your standard of living while you are unable to work.
While you may have sick pay from your employer or some savings to rely on, these sources of income may not be sufficient to cover all your expenses. Outlays such as mortgage payments, bills, and everyday expenses like groceries still need to be paid, and Income Protection can provide the necessary financial support to meet these obligations.
It’s important to carefully consider the terms and conditions of an Income Protection policy, including the waiting period before payments begin and the length of time payments will continue. This will ensure that you have the appropriate coverage to meet your specific needs and circumstances.
Having Income Protection can provide peace of mind knowing that you have a financial safety net in place if you are unable to work due to illness or injury. It allows you to focus on your recovery without the added stress of financial worries.
Benefits of Choosing Gallagher
The global strength of Gallagher gives you access to more insurance markets
We provide cost-effective, client-centric, and expertise-driven risk management solutions
We will assign you a dedicated and qualified business advisor with local knowledge to look after your insurance needs
In the unfortunate event of a claim, our in-house Claims Team will work on your behalf
Since 1927, Gallagher has led with integrity, ethics and purpose — the building blocks of The Gallagher Way.
Example:
Ciara is a company director and has a salary of €60,000. The company contributes €1,000 to her pension each month.
Ciara decides to set up an Income Protection policy. As she is self-employed, she is not entitled to the State disability benefit so she can insure the maximum amount of 75% of her earnings – €45,000 + €12,000 to cover her pension.
She chooses a deferred period of 13 weeks as she has enough savings put by to get her though 3 months in the event that she could not work.
In 5 years’ time, unfortunately Ciara was involved in a car accident and can no longer work at her current job. After 13 weeks, her replacement income kicks in. Ciara is now receiving €45,000 per year and €1,000 is being paid to her pension each month. This payment will continue to be paid to her until she returns to work, or she reaches age 65.
Tips:
Check the deferred period on your Income Protection policy.
Make sure the cover amount is high enough to support you if you could no longer work.
Make sure you are not over-insured. Sometimes, especially if there is Inflation Protection built into your plan, or your situation has changed, your cover amount may be significantly higher than your current salary. This effectively means that you could be paying for a benefit you may never be able to claim.
Don’t forget to claim your tax relief.