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Experiences claiming income protection

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  • 29-10-2020 12:59pm
    #1
    Claire897
    Registered Users Posts: 3 ✭


    Hi everyone,

    Myself and my husband are looking at taking out income protection, however we are concerned that it is something insurance companies rarely pay out in practice. I'd love to hear some of your experiences with this. Thanks!
    Tagged:


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    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,286 Mod ✭✭✭✭Jim2007


    I've had a few clients in the past receive payouts for lost of income. The thing to keep in mind is that lost of income is not the generic term will all tend to use. It's very specific to the insurance contact and you have to match up exactly with the criteria in order to have a successful claim.


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    #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    I've had a few experiences of claims and all were very reasonably handled


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    #4
    Claire897
    Registered Users Posts: 3 ✭Claire897


    Thank you


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    #5
    Cork Lass
    Registered Users Posts: 6,855 ✭✭✭Cork Lass


    Jim2007 wrote: »
    I've had a few clients in the past receive payouts for lost of income. The thing to keep in mind is that lost of income is not the generic term will all tend to use. It's very specific to the insurance contact and you have to match up exactly with the criteria in order to have a successful claim.

    Can I ask you a question about this please. I have income protection and availed of it when I was on long term sick leave a few years ago. I was very happy with how it was dealt with and they even paid a very large sum towards my rehabilitation. Thing is I am physically struggling now and am not sure how much longer I will be able to work. I work in an office but my situation is that sitting/standing are very difficult for me. My doctor is of the opinion that I would qualify for invalidity but I’m wondering if my income protection will top that up until I reach retirement - approx 6 years? Any advice would be appreciated.


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    #6
    Dempo1
    Registered Users Posts: 26,978 ✭✭✭✭Dempo1


    Claire897 wrote: »
    Hi everyone,

    Myself and my husband are looking at taking out income protection, however we are concerned that it is something insurance companies rarely pay out in practice. I'd love to hear some of your experiences with this. Thanks!

    Just saw this, I had experience of this a few years ago. It is a costly add on but you need to weigh out the need for it based on your monthly outgoings. The amount actually paid is only a percentage of salary and its worth pointing out that if god forbid a job was lost and a claim for SW was necessary, the means test takes the income protection into consideration.

    The payment is normally for 12 calender months only (it was in my case). Also monthly paperwork has to be completed prior to monthly payment, it was a pain but I did recieve it for 12 months.

    It's really a personal choice but factor in the premium cost, I believe like life assurance you need to be covered for a defined period before payout, how it might affect any SW means testing etc and what percentage of your salary or what maximum monthly payment would be.

    Is maith an scáthán súil charad.




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    #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Cork Lass wrote: »
    Can I ask you a question about this please. I have income protection and availed of it when I was on long term sick leave a few years ago. I was very happy with how it was dealt with and they even paid a very large sum towards my rehabilitation. Thing is I am physically struggling now and am not sure how much longer I will be able to work. I work in an office but my situation is that sitting/standing are very difficult for me. My doctor is of the opinion that I would qualify for invalidity but I’m wondering if my income protection will top that up until I reach retirement - approx 6 years? Any advice would be appreciated.

    That's really a question for the insurer.


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