Income Protection
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.
It will pay you a weekly benefit* after a deferred period.**
What type of disability is covered?
Your plan will protect your income against:
- Any illness
- Any injury
- Any disability
- Any accident
which results in you being unable to work for longer than your deferred
period. While we do not cover normal pregnancy situations, we do cover
any disability caused by pregnancy, however, in such circumstances your
deferred period commences from the date your pregnancy ends.
Maximum Benefit*
The maximum benefit allowed on an Income Protection plan is calculated
as 75% of the first €82,000 of your earnings plus 33% of the balance of
your salary subject to a maximum of €3,155 per week. (Subject to a
maximum of 75% of your net relevant earnings less total state benefits).
Deferred Period**
The Income Protection plan will provide you with an alternate source of
income. This income is a weekly benefit payable after a deferred period of
either 13, 26 or 52 weeks. The deferred period is the length of time
between when the illness is first diagnosed and when you start receiving an income benefit.
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Additional Benefits
Hospital Cash benefit
Under the plan, you can receive an income benefit any time during the
deferred period if you spend more than 7 days in hospital. The amount
you receive will be equal to 1/7th of your weekly benefit for each day spent
in hospital starting on the eighth complete day and payable up until the earliest of:
- Your last day spent in hospital
- The 91st day spent in hospital
- The date the deferred period ends
- The date you die
- The date your policy ends
Changing Occupations
We will continue to cover you if you change jobs, regardless of what your new
job entails. If you are made redundant, your plan will continue while you are
looking for another job, however, you cannot claim benefit while unemployed.
Premium Protection
You do not have to continue paying premiums while receiving an income
benefit. Instead we will pay your premiums for you and when your claim
finishes you will restart paying premiums.
Guaranteed Increase Option
Our Guaranteed Increase option allows you to increase your income
benefit by 20% of your original income benefit without having to provide
new evidence of health. This offer will be made to you every 3 years up to
a maximum of 100% of your original income benefit. However, if you
decline this option twice, we will not offer it to you again.
Overseas Benefit
If you claim income benefit while you are outside the European Union, we
will pay your income for 13 weeks in a 52 week period or 39 weeks in
total. If you return to Ireland or the European Union within this time, we
will continue to pay your income benefit.
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Optional Benefits
Indexation
You can index your income benefit by 3% each year. This feature applies
before, during and after any claim you make, and ensures that as your
salary increases each year, so too will your replacement income. Your
premiums will also increase by 3% each year.
Escalation
You can alternatively select escalation. This feature means that your
income benefit will escalate in payment by either 3% or 5% p.a. from the
anniversary of the expiry of the deferred period. Your premiums remain
level under this option.
Premium Types
Guaranteed Premiums
The guaranteed premium option will ensure that your premium will not
change during the tenn of the plan if your chosen benefits remain the same.
This allows you to know in advance how much your premiums will be over
the term of the plan.
Reviewable premiums
The reviewable premium option will guarantee your premiums stay constant
for the first 5 years of the plan. We will review the premium every 5 years
thereafter. In the review we will take into account claims experience over
the preceding years and changes in economic conditions. We will also
take into account any medical breakthroughs and Ihe discovery of any
new diseases. If it is necessary to change the premium, we will offer you
the choice of an increase in premium or a reduction in benefits.
Taxation
Tax Relief on Premiums
You will receive tax relief on all premiums you pay (up to a maximum of
10% of your total salary) at your marginal rate of tax.
Tax on Income benefit
You will receive your income benefit net of income tax under PAYE.
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Income Benefits on Returning to Work
Proportionate Benefit
We will pay you a reduced income benefit if you return to work to a
different job. This benefit applies if your new salary is less than your old
salary. Your reduced benefit will be your full benefit multiplied by the
percentage Fall in your salary.
Rehabilitation Benefit
We will pay you a reduced benefit if you return to your normal Job on a
reduced basis, sucli as part-time. The benefit is calculated in the same
way as for proportionate benefit.
Relapse Benefit
We will immediately restart paying your income benefit if you have a
relapse within 6 months of returning to work.
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Life Insurance
