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income protection and disability allowance

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  • 23-01-2012 8:33pm
    #1
    sonofsteptoe
    Registered Users Posts: 39 ✭


    Hi all, just a query, Does income protection of 350 per week effect the means test for Disability Allowance. and by how much. Awaiting decision
    at the moment, No other income. Thanks in advance.


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    #2
    Browney7
    Registered Users Posts: 3,100 ✭✭✭Browney7


    sonofsteptoe wrote: »
    Hi all, just a query, Does income protection of 350 per week effect the means test for Disability Allowance. and by how much. Awaiting decision
    at the moment, No other income. Thanks in advance.

    I think most IP providers will only provide an income of up to 75% or 66% of your salary so as to give you an incentive to get better and go back to work.

    If you are entitled to the state disability benefit (think class a should get this) the company should have taken this into account when selling policy.

    Eg: 2000 per month salary. Max they will cover if not entitled to state benefit is 1500. If entitled to state benefit they will deduct this from the max theoretical so lets say disability is 800 a month they will pay you upto the remaining 700 depending what level of cover you were paying for.

    Talk to your financial adviser though and he/she shoulda be able to advise better than me


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    #3
    sonofsteptoe
    Registered Users Posts: 39 ✭sonofsteptoe


    Cheers for that Browney7, however I'm now more confused than ever.
    The question I posed was whether the Income Protection I am currently receiving will be taken into consideration by Social Welfare when calculating my DA. Have been on Illness Benifit for the max allowable so have to switch to DA now. Also are you saying that the IP company will reduce my payment if I receive DA? I have a meeting set up in 2 weeks to sort this all out but just looking for some pointers. Thanks for your patience, This crap is all new to me.:confused:


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    #4
    Browney7
    Registered Users Posts: 3,100 ✭✭✭Browney7


    sonofsteptoe wrote: »
    Cheers for that Browney7, however I'm now more confused than ever.
    The question I posed was whether the Income Protection I am currently receiving will be taken into consideration by Social Welfare when calculating my DA. Have been on Illness Benifit for the max allowable so have to switch to DA now. Also are you saying that the IP company will reduce my payment if I receive DA? I have a meeting set up in 2 weeks to sort this all out but just looking for some pointers. Thanks for your patience, This crap is all new to me.:confused:
    I imagine you should be fine regarding getting the DA. Im not a social protection expert unfortunately.

    When you were sold the policy the company/broker should have taken account of whether or not you would be entitled to DA in the unfortunate event of a claim arising and sold you the appropriate level of cover.

    Did you purchase the policy through a broker or bank. I take it there was a 52 week deferred period on the policy. I'd give your insurance company a call. I wouldnt worry too much though. It should all work out


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