After the pandemic, many people across Ireland have become more aware of the importance of their income, and what it would mean if they were suddenly, for whatever reason, unable to work for a period of time.
It is extremely common for people to miss a day or two of work, here and there, for a variety of reasons.
However, what many people ponder is what would happen if they were suddenly unable to work for a longer period due to illness or injury?
While people explore potential answers to this question, and look at methods of keeping their incomes secure for themselves and their families, they will likely come across income protection insurance as a method of safeguarding their salaries.
This type of insurance gives people peace of mind, as well as a protecting them against the many problems associated with being unable to work, by ensuring a regular salary to pay their bills.
What is income protection insurance?
Income protection insurance is essentially a type of life insurance and is offered by a range of insurance providers in Ireland.
It basically provides people with a salary each month if they are sick or injured, and unable to do their job. And this lasts until they can work again.
Those in receipt of these payments, paid by the insurance companies, can use the money to pay their mortgage and other bills, or even cover expenses they might have related to medical treatment.
Essentially, it doesn’t matter how the money is used – once insured, those with income protection insurance have the freedom to spend the money how they see fit until they are fit enough to go back to work.
The insurance works like any other kind of insurance; a premium is paid every month or every year, giving people peace of mind if something unfortunate were to happen.
These premiums are not paid when monthly payments are made by the insurance company, but when someone has the ability to return to work, they will begin to start the payments once again.
