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Income Protection

  • 25-07-2022 8:44pm
    #1
    mickey15ie
    Registered Users Posts: 329 ✭✭


    Hi All,

    Just wondering what others do in relation to income protection and do both partners have it.

    Im married and we have one young baby, i have income protection through my work. My wife is in the HSE but does not have income protection.

    Is it worth it both of us having income protection or is it overkill?



Comments

  • #2
    KilOit
    Registered Users, Registered Users 2 Posts: 3,000 ✭✭✭KilOit


    HSE also and don't have it, sick pay is decent and the 1% chance I'll be out longer than 6 months every 4 years are slim.

    My wife earns more and has income protection. so you're similar to me but opposite. I have no intention of getting it



  • #3
    KilOit
    Registered Users, Registered Users 2 Posts: 3,000 ✭✭✭KilOit


    Just to add we have a comfortable mortgage and decent savings, our mortgage could be paid on 1 salary easy enough so if you are super tight on mortgage and loans etc then income protection for your wife wouldn't be crazy



  • #4
    mickey15ie
    Registered Users Posts: 329 ✭✭mickey15ie


    Yes we would have a heavy mortgage currently and would be a struggle to pay on one salary with everything else.



  • #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/119386847#Comment_119386847

    Sick pay is only one aspect of it. Put what happens it it is permanent? How would you manage if your partner need home care, you had to pay for childcare and needed to work?

    We all assume it won't happen to us and if it does it won't be that bad. I have had to help three families over the past 30 years where the outcome was not good. One was paralysed from the neck down, the other from the waist and the third was a fatality. Being incapacitated is the one that most people don't give much attention to. Yes you get state aid, but there are always things you'd like to do if you had the extra cash - modifications to your home that are not strictly necessary, equipment, extra child care or home care and so on.

    Making a conscious decision not to be covered for something is fine in the sense that at least you know about the risk, it's the not knowing and not being prepared that is the problem and it comes at the worst time in your life.

    I believe everyone should sit down every so often and go over their affairs and ask themselves what would they do if this or that happens and realistically could they get by with it. Of course friends and family will help out, but sooner or later they have to go back to their own lives.



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