Income Protection

D Moloney Financial

Personal Income Protection

Income Protection is designed to provide the benefit of a regular income to you, should you be unable to work for a period of time due to an accident or illness.

This can help safeguard your lifestyle and can help you get back on your feet. This will help you keep on top of those important bills such as mortgage repayments, car loans, rent and more.

How does it work?

Income protection can cover up to 75% of your earnings, less any State Illness Benefit, and gives you a replacement income until you are medically able to return to work or you reach a chosen retirement age, whichever comes first.

It is different to health insurance – it’s insurance for daily living. When illness or injury leaves you unable to work, income protection gives you financial security.

D Moloney Financial

Income Protection Costs

How much will it cost?

The cost of an Income Protection cover policy will depend on a number of different factors, these include:

  • The amount of income you wish to protect
  • The chosen waiting period also referred to as deferred period normally 4, 8, 13 or 26 weeks
  • Your smoking status – smokers pay a higher rate for cover
  • Your age & the nature of your occupation
  • Your current state of health
  • When you want the plan to finish – any age between 55 and 70 years can be chosen.