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Income Protection Query

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  • 27-05-2011 8:58pm
    #1
    Shane732
    Registered Users Posts: 4,991 ✭✭✭


    I'm currently considering taking out an Income Protection policy - I'm wondering which providers would you guys recommend?

    It appears that the best providers appear to be recognised as being Friends First, Aviva and Irish Life.

    Have any of you guys done any research into the various options out there?

    I've used the Irish Life online calculator and I'm getting a cost of just over €102 per month, which seems to be quite high for a 22 year old male.

    Also are premiums fixed?


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    #2
    bailes
    Registered Users Posts: 52 ✭✭bailes


    Shane732,

    This whole area of Income protection is quite confusing, the major providers are
    1. Friends first
    2. Aviva
    3. New Ireland
    4. Irish Life (Group Schemes)
    The problem is that the premiums vary hugley but more importantly the conditions of cover vary from insurer to insurer, i.e. Deferred period, occupational classes, Claims experience to start with.

    I assume you are aware that the premiums are tax deductible

    This is a market i am very familiar with so if i can help just p.m me


  • Options
    #3
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    Why do you think you need income protection and what events are you interested in buying protection from - redundancy and/or long term illness?

    If you are in employment, what is your employer's policy on long term illness?

    A lot of these policies have restrictions on cover so you would be well advised to read the small print before purchasing any product. This type of policy has gotten some well-deserved bad press recently in the UK, may people who from the start were ineligible to claim a penny such as students were sold income protection when taking out loans.


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    #4
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    coylemj wrote: »
    This type of policy has gotten some well-deserved bad press recently in the UK, may people who from the start were ineligible to claim a penny such as students were sold income protection when taking out loans.
    What you are referring to is Payment Protection Insurance (PPI) Income Protection (PHI) is a totally different beast altogether. PPI's policies are marketed by general insurance companies such as Genworth and maybe underwriten by another company altogether such as Combined Insurance Company of Ireland and covers a loan for the duration of that loan, where as PHI policies are marked and underwriten by a life office and covers a percentage up to 75% of income inc social welfare benfits for illness and accidents up to age 60/65 usually.


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