Income protection insurance is a type of policy that provides temporary benefits in the event of illness or injury. It can also be used to cover short-term financial hardships, such as paying for medical expenses or replacing lost income. There are many types of income protection policies available, but all have one thing in common: they pay out if you don’t have any other form of coverage at the time they’re triggered by an accident or illness.
What is income protection insurance?
You may have heard of income protection insurance before, but what is it?
Income protection insurance is a type of life insurance that pays out a regular income if you are unable to work for an extended period of time. It can help you to maintain your standard of living and pay for things like mortgage, rent, food and bills.
How much income protection do you need?
How much income protection do you need?
Income Protection Insurance Calculator Ireland is a simple tool that can be used to determine how much coverage you need. It uses the same formula as most other insurance calculators, and it’s easy to use. If you have any questions about the calculator or your circumstances in general, please contact us.
Income protection insurance calculator in Ireland.
The income protection calculator in Ireland is based on the average income of workers in Ireland. It works best if you have a 50/50 split between you and your employer, and spend 40 hours working per week. The calculator will tell you how much income protection insurance coverage you need.
Why should you have an income protection policy?
Income protection insurance is a type of life insurance that helps you to replace your income if you are unable to work due to illness or injury. It can also help you maintain the lifestyle you are accustomed to, which may be affected by an accident or illness.
You should consider taking out income protection if:
- You’re able-bodied but unable to find work after doing so for some time (e.g., because of an injury)
- Your earnings fall below what they were before the injury/illness occurred
If you’re not sure how much income protection insurance to get, use our calculator.
If you’re not sure how much income protection insurance to get, use our calculator. It’s free, fast and easy. Just enter your personal details and it will tell you how much coverage is right for you.
If something happens that prevents someone from working for six months or more (e.g., an injury), they may be entitled to compensation under Irish law. The maximum amount of compensation payable depends on what type of policy they have in place; however, it could be as high as €2 million per person if that person had been insured with a fully comprehensive policy up until their 30th birthday (that is when they became eligible under Irish law).
Conclusion
We hope you’ve enjoyed our guide to income protection Ireland insurance and the calculator. If you’re still unsure, why not get in touch with us today? We’re here to help and we’ll be happy to answer any questions or queries that may arise.
