If you’ve been living in Ireland for a while, you’re probably used to thinking about insurance as something only new arrivals or young families need. But if you’re not covered by health insurance or any other kind of personal finance program, you might want to consider getting some income protection insurance.
What is income protection insurance?
Income protection insurance is a type of insurance that protects you against the risk of losing your income. It is often referred to as “income replacement insurance” or “wage continuation cover”, and it can be a good idea to have if you have dependants or are self-employed.
Income protection insurance is not the same as life assurance (or life cover). While both types of policies pay out in the event of death, income protection only pays out if you become unable to work due to illness or injury.
How does income protection work?
Income protection insurance is a type of long-term health insurance that provides you with a monthly income if you are unable to work due to illness or injury. The main benefit of this type of cover will be paid out if you become ill or injured, which means that if your employer terminates your contract as a result of their inability to replace the role in question, they would have no obligation to pay any compensation from their own pocket.
Income protection policies can be taken out for various lengths of time; some policies provide cover for up to five years at once while others allow for continuous renewal so long as premiums continue being paid (this is known as “continuous payment”). Some policies also include an option for lump sum payment should an applicant wish not only receive ongoing payments but also receive one large sum at once instead; however this does come with additional costs attached meaning it’s important that consumers research all options before making any decisions about what type of policy best suits their needs
What are the benefits of having income protection insurance in Ireland?
Income protection insurance is a type of financial protection that can help you maintain your lifestyle, save for the future and pay off debts. It can also cover medical expenses, funeral costs and other unforeseen circumstances such as disability.
As an employee, it’s important to note that income protection insurance is not included in your employment contract unless it has been specifically agreed upon by both parties (you and your employer).
Why should you consider getting a quote for income protection insurance?
Income protection insurance is a type of policy that can help you to protect your income in the event that you become unable to work. If you are working and have an accident or illness, then this insurance will pay out a monthly amount to help cover expenses such as mortgage payments, childcare costs or even bills.
It is important to note that income protection policies are not designed for people who have already retired from the workforce – they are designed specifically for those who still have working lives ahead of them (and would therefore benefit financially from being able to maintain their current job).
If you’re looking for financial security, income protection could be the right kind of insurance for you.
Income protection insurance is a type of policy that can help cover the cost of living if you are unable to work. It’s designed to protect against loss of income through illness or injury, which means that if something happens to you, your family would still be able to pay their bills and keep up with their daily expenses.
Income protection policies vary in what they cover and how much money they will pay out per month; however, most policies are based on how much money an individual earns within a given period (usually 12 months). The amount received depends on how long it takes for them to get back into work again after being injured or ill–and what kind of job they’re able to find once they’re ready again.
Conclusion
Income protection insurance Ireland is a great way to protect yourself against financial hardship. If you’re looking for financial security and want to know more about how income protection
