Do you have income protection?

masterboy123

I am contemplating whether to obtain income protection, as it will be an additional €80 per month on top of the mortgage, bills, etc.

Age: Mid-30s.

Occupation: Doctor, HSE. Yearly fxed contracts.

Family: Three members.

Income protection = if you're working and get ill, would you still be eligible for some form of payment apart from the state funds?

Jim2007

Income protection is just a generic term like car, bread, bus etc.... You need to actual define what you mean in terms of whether you are a an employee, self-employed and so on... and of course what is actually covered and for what period.

newmember2

https://www.boards.ie/discussion/2058342092/do-you-have-income-protection

I thought you had to have it once you had a mortgage debt.

NIMAN

https://www.boards.ie/discussion/comment/121909341#Comment_121909341

No, only life assurance is compulsory once you have a mortgage.

Alexus25

https://www.boards.ie/discussion/2058342092/do-you-have-income-protection

I'm contemplating on getting it, also in my 30s, it's more in the case I became ill. I'm still mulling it over. But recommend you check the reviews of the service provider in the mean time

Geuze

https://www.boards.ie/discussion/comment/121909341#Comment_121909341

No, that is a mortgage protection policy, which pays out on death.

Income protection provides a repleacement income if you can't work.

Geuze

@masterboy123

If you work for the HSE, check is there any sort of IP scheme through work.

It is typically associated with a trade union.

I am in a IP scheme associated with my employer, staff pay 0.85% of income, and get tax relief on that.

AndrewJRenko

Check with your union, they probably have an option with one of the providers.

coylemj

https://www.boards.ie/discussion/2058342092/do-you-have-income-protection

What possible value can you place on a poll conducted among a bunch of anonymous people on the internet? You have no idea of the circumstances of the people who respond - half of them could be retired/unemployed/left the workforce/living in Uzbekistan.

masterboy123

https://www.boards.ie/discussion/comment/121909546#Comment_121909546

I am with HSE.

Alexus25

https://www.boards.ie/discussion/comment/121909535#Comment_121909535

Such a valid point

Alexus25

https://www.boards.ie/discussion/comment/121909559#Comment_121909559

And...clench

masterboy123

https://www.boards.ie/discussion/comment/121909289#Comment_121909289

It's only for the poll purposes.

Income protection here = if you're working and get ill, would you still be eligible for some form of payment apart from the state funds.

masterboy123

https://www.boards.ie/discussion/comment/121909363#Comment_121909363

That's mortgage protection, which we have.

NIMAN

https://www.boards.ie/discussion/comment/121909597#Comment_121909597

Yes, mortgage protection is basically a life policy. When I did it, it was called a decreasing term life insurance policy. Not sure if they call it the same thing now.

I was only pointing out what insurance is compulsory, and which isn't (income protection).

masterboy123

So far it's a close call on this poll.

Buddy Bubs

I'd say cornmarket reps are knocking around your hospital, talk to some trusted colleagues and see what the craic is with them....whether random people on boards have income protection or not should have no bearing on whether you should get it

Waste of money if you never get sick and can't work, invaluable if you do

Just check the terms and conditions

Income protection is a very good idea for those who want a bit more security in life, but needs to be started when young and healthy. i think I might have been persuaded by my father when I was young if it had existed then. I ended up very sick.

Henry Ford III

OP is employed on a contract basis. Yes PHI is a good idea.

Get proper advice.

masterboy123

https://www.boards.ie/discussion/comment/121913414#Comment_121913414

Thanks.