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Income Protection Insurance questions/advice

  • 08-05-2009 8:58am
    #1
    fussyhussey
    Closed Accounts Posts: 15 ✭


    Sorry if this has been addressed, couldn't see anything. Basically with things as they are I am strongly considering getting income protection. I've been reading online and it seems to be geared towards long term illness, however I have a really strong contract in work. My two main reasons are
    1) I work nixers (tax declared) but am now used to that income and would like it protected obviously it counts as self-employment which has no sick plan
    2) I'm hoping I'll be protected against loss of earnings including losing my job or the company going bankrupt.
    3) Technically (depending on 1 and 2) if I could get a policy like that would it mean I would be able to use that to cover mortgage protection?

    Sorry if I'm asking woefully stupid qustions, Is this all just wishful thinking? :D

    Thanks in Advance


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Just wondering what is your profession? I was looking to get income protection for my OH who is a plumber, and found it next to impossible. Even through my own place of work, I wasn't able to get cover for him. The insurance & investment advisor in our branch said that it's very hard to get income protection if you're in a trade. I'm not sure what the situation would be with your nixers, even if they're tax declared I'm not sure if they'd be covered. Best bet is sit down with a financial advisor and see what they recommend.


  • #3
    fussyhussey
    Closed Accounts Posts: 15 ✭fussyhussey


    I'm in glorified admin, permanent contract. My nixer isn't trade based its consultancy based. I plan getting in touch with the financial advisor but was hoping to get some advice before hand. I'm suprised about your OH, most of the advertisements I've seen sing and dance about the security for the 'self employed'. Maybe its more of a risk? :confused:


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    fussyhussey wrote: »
    I'm in glorified admin, permanent contract. My nixer isn't trade based its consultancy based. I plan getting in touch with the financial advisor but was hoping to get some advice before hand. I'm suprised about your OH, most of the advertisements I've seen sing and dance about the security for the 'self employed'. Maybe its more of a risk? :confused:

    I think if you're self employed as in you own a shop or a consultancy business it'd be worthwhile, whereas if you're in a trade apparently there have been a lot of cases of 'permanent bad back' etc, which are difficult to prove or disprove, thus making it more difficult for tradesmen to get income protection. If your nixers aren't trade based, then your situation could be different, I'm definitely not an expert on this though, so couldn't say for sure :(


  • #5
    fussyhussey
    Closed Accounts Posts: 15 ✭fussyhussey


    Thanks for your help though!


  • #6
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    Toots85 wrote: »
    Just wondering what is your profession? I was looking to get income protection for my OH who is a plumber, and found it next to impossible. Even through my own place of work, I wasn't able to get cover for him. The insurance & investment advisor in our branch said that it's very hard to get income protection if you're in a trade.

    It is possible to get Income Protection for a plumber but it will be dearer than, say, an office worker because of the manual nature. It's not because he's self-employed; it's because of the manual activities. Statistically, he has a lot more opportunity to injure himself doing his job than I do sitting at my desk. He's also a lot more likely to strain his back than I am. This is reflected in the rates.

    Many bank advisers will dismiss Income Protection purely because they can't sell it. AIB only sell Hibernian products and Hibernian don't offer Income Protection. Bank of Ireland only sell B of I Life products and they don't offer Income Protection either.


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  • #7
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    fussyhussey wrote: »
    Sorry if this has been addressed, couldn't see anything. Basically with things as they are I am strongly considering getting income protection. I've been reading online and it seems to be geared towards long term illness, however I have a really strong contract in work. My two main reasons are
    1) I work nixers (tax declared) but am now used to that income and would like it protected obviously it counts as self-employment which has no sick plan
    2) I'm hoping I'll be protected against loss of earnings including losing my job or the company going bankrupt.
    3) Technically (depending on 1 and 2) if I could get a policy like that would it mean I would be able to use that to cover mortgage protection?

    Income Protection covers long-term illness or injury and a claim can last for years if you're out of work for years. But it doesn't cover redundancy.

    Mortgage Repayment Protection covers illness, accident or redundancy but a claim will only last a maximum of one year.

    If you declare both occupations at application stage, you can get Income Protection cover for all of your work, including the nixers as long as they are taxed and verifiable.


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