DHKN Life & Wealth
income protection, PROTECTION
What is Income Protection?
If you were unable to work and your earnings ceased, would you be able to survive on the current State Disability Benefit of approximately €188.00 per week? If you are Self Employed or a Proprietary Director, you may not even be entitled to the State Disability Benefit!
An Income Protection policy provides an income should you be unable to work at your own occupation or any other occupation which you are suited to or trained for, due to sickness or disability lasting longer than the deferred period under the contract. The benefit is normally payable until you are fit to return to work or the ceasing age of the policy, which is normally written to retirement age 60 or 65.
Income Protection offers you financial security for yourself and your family if you are unfortunate enough to be out of work because of an illness or accident and suffer a loss of earnings as a result. In the current economic climate there is no doubt that many people now realize their most significant asset is their income.
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Attention all men Income Protection is set to become significantly more expensive.
What is changing?
From December 21, 2012, the use of gender in calculating insurance premiums across Europe will be abolished. This is a result of a European Court of Justice ruling.
What are the implications?
This means that when the unisex rates become available on December 21, 2012, Income Protection is set to become significantly more expensive for men.