Have you got your protection the right way around?
What if you were unable to work
What if you were to have an accident or long-term illness that prevents you from earning a living? Your employer may continue to pay you for a period of time but for how long?
That’s where income protection comes in. It gives you an alternative income while you’re unable to work due to illness or injury. It means you can keep on top of the bills that matter; mortgage payments, car loans, food bills, rent and more – allowing you to focus on your recovery when money worries should be the last thing on your mind.
How does Income Protection work?
Watch our short video below on how it works
Transcript
00:00:00 Music playing in background
00:00:06 Text on screen
How Income Protetcion works
00:00:10 Voice over on video
A long-term illness or injury can be life altering.
If you are unable to work then you can’t earn a living and keep on top of the bills that matter.
That’s what Income Protection is for. Income Protection is an insurance policy that can replace up to 75% of your usual income.
When you’re off work due to illness or injury – allowing you to focus on your recovery when money worries should be the last thing on your mind.
At Aviva we’ve made income protection simple.
You pay a monthly premium based on your benefits. If you are unable to work due to illness or injury, we will provide you with a replacement income. Until you return to work, or until your chosen end date.
When taking out your policy, you choose the expiry age that best suits you. This is when your cover will end and you can select any age between 55 and 70. The premiums you pay may be eligible for Tax Relief. This can reduce the cost of your cover by up to 40%, if you pay income tax at the higher rate. You must claim the tax relief from the revenue.
00:01:15 Voice over on video
You choose when you want the payments to start.
On our Personal and Executive Income Protection plans, you can choose from 4, 8, 13, 26 or 52 weeks and 4, 8, 13, 26 weeks on our Wage Protector plan.
For many people, their employer will pay them for a period. It's after that, you need the cover most. It's after that, you need the cover most.
You can choose between Guaranteed Premiums, which means the cost will never go up, even if you make a claim and Reviewable Premiums which guarantee that your premiums will remain constant for the first five years of your plan and will be reviewed every 5 years.
An Aviva Income Protection Plan will continue to cover you if you change jobs, regardless of what your new job entails.
You can claim as many times as you need to. We will immediately restart your benefit if you have a relapse within six months of returning to work.
Whether you are a company or an individual we have a plan to suit you. You just need to be working more than 16 hours a week in paid employment to qualify.
00:02:18 Text on screen and voice over on video
You can select from our range of plans
Executive Income Protection. For Employers who wish to provide income security for key employees.
Individual Income Protection. For the self-employed or those (in employment) who are setting up a policy independently of their employer.
Wage Protector. Designed specifically for workers in riskier jobs who are generally more expensive to insure. It will pay out for a maximum of 24 months per claim.
We can help to relieve the financial burden while you get your life back on track. Get cover today - contact your financial broker for a quote.
You can cover up to 75% of your salary to a maximum benefit amount of €262,500 when you’re off work due to illness or injury – (less any social welfare payments) either until you return to work or your chosen retirement date if you’re not fit to return to work before then.
- You pay a monthly premium based on your occupation and health status
- If you are unable to work due to illness or injury, we will provide you with a replacement income until you return to work, or until your chosen end date
- When taking out your policy, you choose the expiry age that best suits you
- You can select any age between 55 and 70, this is when your cover will end
- Many people will choose an expiry age to coincide with their retirement age
There is no restriction on what you use the income protection benefit for. It’s there to support you financially, however you need it.
The premiums you pay are eligible for Tax Relief. This can reduce the cost of your cover by up to 40%, if you pay income tax at the higher rate. You must claim the tax relief from the revenue.
Customers testimonial
Carol’s story, finding out why income protection is one of the most important insurance policies you can have.
Transcript for video Why Income Protection is important
00:00:05 Ciaran McDonnell Byrne, Adviser, Irish Pensions and Finance Ltd
We at Irish pensions and Finance believe that income protection is one of the most important insurance policies you can have. Listen to Carol’s Story to find out why.
00:00:16 Carole Walton
I took out the income protection as a safety net following the conversation I had with my financial adviser. Three years later, I ended up having a really bad accident and I broke the lower bones in my back. I never thought anything like that would happen to me.
Obviously I was in a lot of pain. Aviva were incredible. They set up physiotherapy for me - the consultations and it was all free, you know, it was wonderful.
I was out of work for about 18 months. It was a very trying time, but the income protection allowed me to go for physio on a regular basis and they really supported me all through that journey.
I went back to work about six months later. I had some serious heart issues and I had to go for heart surgery again, Aviva were very supportive. The income protection was there every month. I never had to worry about it. If I hadn't have had income protection, I wouldn't have been able to pay my mortgage or pay my utility bills. Aviva were on the other end of the phone. Anytime I needed to speak to one of their advisors, they were there.
I've returned to work but it's in a reduced capacity now. Again, Aviva, fully supportive. Had it not been for Kieran, from Irish Pensions and finance and the amazing advice he gave me around income protection. I don't know where I'd be today. I honestly don't know how I would have coped. I would strongly advocate for anybody to seriously consider taking out income protection. It gives you Peace of Mind whilst you recover from whatever injury you've had, it's invaluable.
To find out more about Income Protection contact us at Irish Pensions and Finance at ipf.ie or log on to Aviva.ie.
Listen to why income protection claimant Marc thinks everyone should have it and his story about claiming.
Transcript for video Why Income protection claimant Marc thinks everyone should have it
To follow
You choose when you want the payments to start.
On our Personal and Executive Income Protection plans, you can choose from 4, 8, 13, 26 or 52 weeks and 4, 8, 13, 26 weeks on our Wage Protector plan.
For many people, their employer will pay them for a period of time. It's after that, you need the cover most. For example: if your employer will pay you for a six month period while you are unable to work then you should choose your start date (also known as deferred period) as 26 weeks.
You can
Choose between Guaranteed Premiums, which means the cost will never go up, even if you make a claim and Reviewable Premiums which guarantee that your premiums will remain constant for the first five years of your plan and will be reviewed every 5 years and your premiums may be increased.
An Aviva Income Protection Plan will continue to cover you if you change jobs, regardless of what your new job entails.
You can claim as many times as you need to
- We will immediately restart your benefit if you have a relapse within six months of returning to work
- Whether you are a company or an individual we have a plan to suit you
- You just need to be working more than 16 hours a week in paid employment to qualify
Our range of plans
Executive Income Protection
For Employers & Company Directors who wish to provide income security for key employees.
Personal Income Protection
For the self-employed or those (in employment) who are setting up a policy independently of their employer.
Wage Protector
Designed specifically for workers in riskier jobs who are generally more expensive to insure. It will pay out for a maximum of 24 months per claim.
Why Aviva
At Aviva, we believe Income Protection means more than just helping you with financial protection. That’s why our plans are designed to offer additional help and services to aid you with your recovery.
In 2023, approximately 2,000 claimants were paid on income protection policies, with just over €51 million paid in total.
Source: Aviva Claims Department
Additional benefits exclusive to Aviva
Aviva Care
With your protection policy you have access to the following services through our Aviva Care benefit:
- Digital GP
- Best Doctors Second Medical Opinion
- Family Care Mental Health Support
- Bereavement Support
Expert advice
We can help to relieve the financial burden while you get your life back on track. Get cover today - contact your financial broker for a quote.