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Income protection for redundancy

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  • 20-12-2011 5:37pm
    #1
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭


    Wondering if there is an insurance policy for income protection with regard to redundancy. All I see on the market is Income protection for accident and illness. I'm aware of the payment protection insurance which pays out for redundancy.


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    #2
    NIMAN
    Registered Users Posts: 33,007 ✭✭✭✭NIMAN


    It would be costly in this climate.


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    #3
    coylemj
    Registered Users Posts: 25,336 ✭✭✭✭coylemj


    Unfortunately by looking for this cover you're implicitly identifying yourself as a bad risk so they probably won't touch you.


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    #4
    3DataModem
    Registered Users Posts: 3,948 ✭✭✭3DataModem


    coylemj wrote: »
    Unfortunately by looking for this cover you're implicitly identifying yourself as a bad risk so they probably won't touch you.

    FYI this is called "self-selection".


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    #5
    RossieGooner
    Registered Users Posts: 105 ✭✭RossieGooner


    handlemaster wrote: »
    Wondering if there is an insurance policy for income protection with regard to redundancy. All I see on the market is Income protection for accident and illness. I'm aware of the payment protection insurance which pays out for redundancy.

    Google INSURETY IRELAND. They do income protection which covers redundancy. I would imagine it very expensive plus the conditions are pretty strict, but at least it can be got.


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    #6
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    RossieGooner wrote: »
    Google INSURETY IRELAND. They do income protection which covers redundancy. I would imagine it very expensive plus the conditions are pretty strict, but at least it can be got.

    Their website states
    5. Unemployment Cover / Business Failure (optional cover)

    Should you become unemployed or lose your business, Sovereign will pay you between €300 and €3,000 a month, for up to a maximum of 12 months. Please note that this option is currently unavailable. Click here for more information
    That's comprehensive insurance protection!


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    #7
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    To be honest their offering seems pretty poor, the income protection will only provide benefit for 1 or 2 years, and you are not entitled to tax relief on your premiums as far as i can see.

    You are better off taking out a normal income protection policy which covers acident/illness/injury, and that would provide a benefit up to your normal retirement age, you are also entitled to tax relief on your premius.

    You could combine this with a payment protection policy which will pay your mortgage, usually for a year, if your sick/made redundant. Contact your lender to see who they use for this service. A word of warning, payment protection is expensive and the terms and conditions are riddled with get out clauses. If your currently concerned about redundancies in your company, its likely that they would not pay a benefit as they will say you had an inkling that it was due to happen.


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