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Income protection deferred period

  • 10-01-2019 6:59pm
    #1
    hanaimai
    Registered Users Posts: 207 ✭✭


    I have full pay for sick leave for 13 weeks, followed by half pay for another 13 weeks. I am currently looking at income protection plans and wondering whether I should go for a deferred period of 13 weeks or 26 weeks? After 13 weeks I will still have half pay from my employer which I understand will be subtracted from the amount the insurer pays out anyway? But obviously if I go for a 26 week period I will have 13 weeks of only half pay (before it bumps up to 75% pay). Any thoughts?


Comments

  • #2
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    There is usually a very large difference in the premium, the longer the deferred period the cheaper it is. Would you have savings to cover the half pay for 13 weeks?


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    You can effect cover to give you exactly what you need i.e. €XYZ d13 and then €abc d26.

    No point in paying for the lot d13, as it wouldn't pay out if you have sick pay.

    p.s. Does your employer have a group scheme of any sort?


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